Cardano's perpetuals venue: volume, the price gap to OKX and Hyperliquid, maker markouts and funding.
24-hour traded volume
Strike's mark price vs the same contract on OKX, in basis points (1 bp = 0.01%)
| Market | Gap vs OKX | Gap vs Hyperliquid | Strike funding | OKX funding |
|---|---|---|---|---|
| ADA-USD | +4.4 bps | +15.7 bps | +125.7% | +9.8% |
| XRP-USD | -11.9 bps | -10.5 bps | -24.9% | +0.6% |
| SOL-USD | -9.2 bps | -6.7 bps | -16.1% | +5.7% |
| BTC-USD | +0.1 bps | +3.2 bps | +25.9% | +8.5% |
| ETH-USD | -6.7 bps | -3.7 bps | -6.6% | -0.4% |
Volume (CSV) ↓Price gaps (CSV) ↓
What holding an ADA perpetual cost each day, Strike vs Hyperliquid
Daily average, annualised. Positive means longs pay shorts. Strike builds a steady interest component into its funding, which is why it sits above Hyperliquid most days.
Download the last 30 days (CSV) ↓ Hourly history since 2026-06-14 is part of the paid exports.Spread and maker markout — whether providing liquidity has been paying
| Market | Fills | Spread | Markout 1 min | 5 min | 30 min |
|---|---|---|---|---|---|
| ADA-USD | 2700 | 3.95 bps | 0.46 | -0.1 | -2.86 |
| NIGHT-USD | 1006 | 135.34 bps | 5.04 | 9.86 | 34.5 |
Markout: how far the price moved in a filled maker's favour (positive) or against it (negative) after the fill, including Strike's 0.005% maker rebate. From the banked public trade tape.
The most extreme notable markets
Annualised. A funding rate is what one side of a perpetual pays the other to keep its position open; it says which side is crowded. Rates as measured; no position is recommended.
API access, history exports, custom reports, data licensing and sponsorship. Not limited to Indigo and Liqwid: we add protocols as they build, gain adoption or show momentum on Cardano.
Not financial advice; nothing here is a recommendation to buy, sell or hold anything. The Cardano Record sells data built from this same pipeline; that never decides what airs or how it is reported. Not affiliated with any project covered.