# Hyperliquid open interest, volume and liquidity

> How to interpret Hyperliquid open interest, 24-hour notional volume, impact prices, spreads, mark price and oracle price.

Canonical HTML: [Hyperliquid open interest, volume and liquidity](https://hyperliquidreferralcodes.com/open-interest-volume-liquidity)
Markdown URL: [Hyperliquid open interest, volume and liquidity as Markdown](https://hyperliquidreferralcodes.com/markdown/open-interest-volume-liquidity.md)
Reviewed: 11 Aug 2026 (2026-08-11).

Bottom line: Open interest in the official API is base-asset size; this site multiplies it by mark price for an estimated USD notional. Volume is 24-hour notional. The displayed spread uses official impact prices, not top-of-book L2 quotes.

## Keep the units straight

The metaAndAssetCtxs response returns openInterest in base units. Comparing raw BTC and SOL values is meaningless, so Market Pulse derives USD open interest as base OI multiplied by mark price. It labels this transformation explicitly.

dayNtlVlm is 24-hour notional volume in USD terms. It measures turnover, not capital locked. A market can have large volume relative to OI when positions churn frequently.

Code:

~~~~text
estimated_OI_USD = openInterest_base × markPx
~~~~

## Impact spread is a size-aware proxy

The API’s impactPxs field provides bid and ask impact prices. We compute their distance around the mid price in basis points. The result differs from the visible best bid and ask, so it does not represent a top-of-book spread.

For execution planning, request the L2 book and simulate the actual order size. The impact field is useful for cross-market scanning; a full depth walk is needed for a trade-specific estimate.

## Mark, oracle and mid prices

Oracle price is built from weighted-median external feeds. Mark price uses a robust median of multiple inputs and is used for margining, liquidations, unrealized PnL and trigger orders. Mid price reflects the local book.

A gap between mid, mark and oracle can be informative during fast markets, but each field serves a different purpose. Never substitute a local last trade for the liquidation mark.

## A practical market scan

Start with 24-hour notional volume to identify active products, then inspect estimated OI, funding and impact spread. Sort by the field that matches the decision: volume for activity, OI for outstanding exposure, funding for carry, impact spread for a rough liquidity screen.

Finally confirm the exact contract and venue. Hyperliquid can expose standard perps and separately deployed products; product identity matters for fees and risk.

## Official sources

- [Hyperliquid Docs: Info endpoint](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint): Official source used for the product claims on this page.
- [Hyperliquid Docs: Oracle](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle): Official source used for the product claims on this page.
- [Hyperliquid Docs: Robust price indices](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/robust-price-indices): Official source used for the product claims on this page.

## Related pages

- [Live Hyperliquid markets](https://hyperliquidreferralcodes.com/markets): Related tool or index.
- [Hyperliquid funding rates: hourly payments explained](https://hyperliquidreferralcodes.com/funding-rates): Related guide.
- [Hyperliquid historical data: API, S3 archives and exports](https://hyperliquidreferralcodes.com/hyperliquid-historical-data): Related guide.
- [Hyperliquid market making: fees, API and inventory risk](https://hyperliquidreferralcodes.com/hyperliquid-market-making): Related guide.

## Publication details

- Publisher: Hyperliquid Field Guide.
- Status: Independent and unaffiliated with Hyperliquid Labs and the Hyperliquid Foundation.
- Reviewed: 11 Aug 2026 (2026-08-11).
- Affiliate disclosure: The site operator may earn protocol referral rewards when eligible users trade with code AWD. Hyperliquid controls eligibility, attribution and rewards.
- Contact: research@hyperliquidreferralcodes.com.
- Product terms: Check the linked official documentation and the official Hyperliquid app before you act.