SP500 pairs

Being in that list means it is the quote leg of its pairs rather than the base, so a page containing it measures something else against a broad equity reference. The perpetual itself trades continuously on Hyperliquid, while the market it is named for has defined session hours and closes at weekends. That mismatch is a structural property of the contract, not a defect: price discovery outside those hours happens in the perpetual alone.

• In the venue snapshot taken 30 July 2026, it was the fifth-largest of the 88 markets on the xyz builder dex by 24-hour notional volume, at $760.0M — and the second-largest by open interest, at $486.0M.
• Over the 90 daily closes to 30 July 2026, its annualised realised volatility was measured at 13.4% — the lowest of the 20 markets described on this site that carry a full 90-day measurement. That describes the window measured and is not a claim about what it does next.
• Over the 90 daily closes to 30 July 2026, its annualised realised volatility of 13.4% was measured below every one of the 5 crypto legs on this site, the calmest of which was BTC at 34.3%.
• Its 50x leverage cap is the highest of the 22 markets described on this site — a property of the venue's risk parameters rather than of what the market references. Venue snapshot taken 30 July 2026.