Pair market · Hyperliquid perpetuals
xyz:BRENTOIL / BTC Pair Trading
- Long xyz:BRENTOIL
- Short BTC
- Opened together, margined separately
Opens both legs on EzPairs: long xyz:BRENTOIL, short BTC. The reverse direction is a different position and is offered below.
- Ratio, xyz:BRENTOIL ÷ BTC
- 0.00132031at the most recent shared daily close
- Correlation of daily returns
- -0.2090 overlapping daily closes
- Volatility ratio, base over quote
- 1.43x90 overlapping daily closes
- Shared daily history
- 147closesoverlapping closes available when computed
xyz:BRENTOIL / BTC is a synthetic pair on EzPairs: a long position in the xyz:BRENTOIL perpetual held against a short position in the BTC perpetual, both settled on Hyperliquid. No exchange quotes this pair directly, so every figure on this page is derived from the two legs' own daily closes rather than from a pair-level feed. The base leg is commodity-referenced and the quote leg is crypto. Over the 90 days to 29 July 2026, the daily simple returns of the two legs had a Pearson correlation of -0.20. That is a description of the window measured and carries no claim about what either leg does next.
Market snapshot
Venue figures for each leg, from the committed market manifest rather than a live feed. This is a snapshot, — not a current quote, and not updated by this page after it is built.
| Leg | Mark price | 24h volume | Open interest | Venue leverage cap |
|---|---|---|---|---|
| xyz:BRENTOILBase — the long leg | 87.617 | $244.2M | $167.4M | 20x |
| BTCQuote — the short leg | 63,825.00 | $2.36B | $2.14B | 40x |
No exchange quotes xyz:BRENTOIL / BTC directly, so there is no pair-level volume anywhere. EzPairs proxies the pair's tradeable size by the thinner of the two legs, which puts it at $244.2M of 24-hour volume and $167.4M of open interest in this snapshot. That is a proxy this site defines, not a figure reported by the venue.
Shared history behind these figures
147 overlapping daily closes shared by xyz:BRENTOIL and BTC were available when these figures were computed, the earliest dated 4 March 2026. That is shorter than the longest windows this dataset asks for, so the 365-day figure below is computed over 147 days, not over the length the label asks for. They are labelled with the window that was actually used.
Earliest shared daily candle: . xyz:BRENTOIL was listed . BTC was listed .
Correlation
Pearson correlation of the two legs' daily simple returns, over the last N overlapping daily closes. .
| Measure | Value | Window used |
|---|---|---|
| Correlation of daily returns (30d) | -0.31 | 30 daily closes |
| Correlation of daily returns (90d) | -0.20 | 90 daily closes |
| Correlation of daily returns (365d)requested as 365 days; only 147 overlapping closes exist | -0.47 | 147 daily closes |
Each track runs from −1 to +1 with a tick at zero, and is the same number as the figure beside it. Where nothing was measured there is no track.
Across the 89 daily returns those 90 closes produce, the two legs showed almost no linear relationship — a figure this close to zero says the linear relationship in this window was negligible, not that one leg is insulated from the other.
Ratio and where it sat in its own history
The ratio is xyz:BRENTOIL's close divided by BTC's at the most recent shared daily candle. The rows beneath it place that single observation inside the distribution of the ratio over each window. .
| Measure | Value | Window used |
|---|---|---|
| Ratio, xyz:BRENTOIL close divided by BTC closemost recent shared daily close | 0.00132031 | — |
| Position of that ratio in its 30-day distribution | +0.46 | 30 daily closes |
| Position of that ratio in its 90-day distribution | +0.15 | 90 daily closes |
| Position of that ratio in its 365-day distributionrequested as 365 days; only 147 overlapping closes exist | -0.13 | 147 daily closes |
At the most recent shared close the ratio sat close to its mean over the 90-day window. This is a description of where one observation fell inside a measured distribution. It is not a signal, it does not imply the ratio will move toward or away from that mean, and no part of this dataset tests whether this ratio mean-reverts.
Volatility of each leg
Population standard deviation of daily returns, multiplied by the square root of 365 to express it on an annual basis. .
| Measure | Value | Window used |
|---|---|---|
| xyz:BRENTOIL annualised realised volatility (30d) | 46.8% | 30 daily closes |
| BTC annualised realised volatility (30d) | 31.3% | 30 daily closes |
| xyz:BRENTOIL annualised realised volatility (90d) | 49.7% | 90 daily closes |
| BTC annualised realised volatility (90d) | 34.7% | 90 daily closes |
| xyz:BRENTOIL annualised realised volatility (365d)requested as 365 days; only 147 overlapping closes exist | 71.6% | 147 daily closes |
| BTC annualised realised volatility (365d)requested as 365 days; only 147 overlapping closes exist | 36.9% | 147 daily closes |
| Volatility ratio, base over quotea 90-day statistic; the field name carries no window suffix | 1.43x | 90 daily closes |
| Beta, base returns regressed on quote returnssame 90-day window as the volatility ratio | -0.28 | 90 daily closes |
Over the 90-day window, xyz:BRENTOIL's annualised realised volatility was measured at 1.43 times BTC's. Equal notional on each leg therefore did not mean equal contribution to the pair's movement in that window: the base leg accounted for more of it.
Regressing xyz:BRENTOIL's daily returns on BTC's over the same 90-day window gives a slope of -0.28. Beta and the volatility ratio answer different questions — the ratio compares how much each leg moved, the slope describes how much of the base leg's movement lined up with the quote leg's. Both describe the window measured.
Funding differential between the legs
-3.87% annualised
This is a point-in-time reading of the difference between the two legs' hourly funding rates, expressed on an annual basis. Funding on a Hyperliquid perpetual is charged hourly and the rate is reset each hour, so this is neither an amount paid nor received over any period, nor a projection of one. It describes the two rates at the instant they were read.
Unlike every other figure on this page it has no observation window, because it is not computed from the candle series at all — it is one reading of two hourly rates.
What this pair is
One leg is a crypto perpetual and the other references a physical commodity. They share no issuer, no settlement venue for the underlying and no trading calendar, so whatever relationship the measured windows show between them comes from common macroeconomic drivers rather than from any structural link.
xyz:BRENTOIL
Long legA crude oil market on the xyz builder dex referencing the Brent benchmark, the second of the venue's two crude listings.
It references a seaborne crude benchmark rather than the US inland one CL names, so a pair between the two is a spread between grades and delivery points rather than a bet on oil. 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.
- Against each of the 4 crypto legs it carries a full 90-day figure with, its correlation of daily returns was negative over the 90 daily closes to 29 July 2026, ranging from -0.27 to -0.15. That describes those windows; it is not a property of the markets and not a forecast.
- Of the 3 commodity-referenced markets on this site carrying a full 90-day figure against BTC, its correlation of daily returns with BTC sat closest to zero, at -0.20 over the 90 daily closes to 29 July 2026. A figure near zero says the linear relationship in that window was weak — not that the two markets are unrelated.
BTC
Short legBitcoin, listed on the main Hyperliquid dex and first in the EzPairs quote-priority list — the committed constant that decides which leg of a pair becomes the quote.
Because it heads that list it is the quote leg wherever it appears, which makes it the denominator of the ratio and of the volatility comparison on those pages rather than the thing being measured. It trades continuously, so both legs of a crypto/crypto pair are open at the same times and neither carries a session gap the other does not.
- In the venue snapshot taken 30 July 2026, it was the largest of the 177 markets on the main Hyperliquid dex by 24-hour notional volume, at $2.36B — and the largest by open interest, at $2.14B.
- It is the quote leg — the short side — in 64 of the 540 pairs in the current market manifest, more than any other market described here. Manifest snapshot taken 30 July 2026.
Comparative statements above are recomputed from the committed market manifest and the published statistics dataset each time this page is built, and each carries the snapshot or the window it was derived from. Where a figure could not be measured, the comparison is omitted rather than estimated.
Mechanics and constraints
What holding this pair involves, structurally. This describes how the instruments work; it is not a suggestion to hold them, and nothing below is a claim about outcomes.
- Two positions, not one. A pair is a long xyz:BRENTOIL perpetual and a short BTC perpetual held at the same time. Each is margined and each can be liquidated on its own. Holding both does not net the risk away.
- Two funding streams. Each leg accrues Hyperliquid funding hourly and independently, in opposite directions for a long and a short. The differential above is a reading of the gap between the two rates at one instant, not a running total.
- Different leverage caps. The venue caps xyz:BRENTOIL at 20x and BTC at 40x. They differ, so the two legs are not subject to the same constraint.
- Depth is set by the thinner leg. There is no pair-level order book. Size available on the pair is bounded by whichever leg is thinner, which in this snapshot is $244.2M of 24-hour volume.
- The statistics are backward-looking. Correlation, volatility and the z-score above are computed from closed daily candles over the windows stated. They describe what those windows contained. They are not forecasts, and this site runs no test of whether any relationship here persists.
Related pairs
Other markets on EzPairs that share a leg with this one. Each is measured over its own shared history, so their windows differ from this page's.
Pairs containing xyz:BRENTOIL
Open xyz:BRENTOIL/BTC on EzPairs
Both legs open together from one screen. Which leg is long and which is short is the difference between the two directions, and it is the whole position.