Pair market · Hyperliquid perpetuals
xyz:DRAM / xyz:SP500 Pair Trading
- Long xyz:DRAM
- Short xyz:SP500
- Opened together, margined separately
Opens both legs on EzPairs: long xyz:DRAM, short xyz:SP500. The reverse direction is a different position and is offered below.
- Ratio, xyz:DRAM ÷ xyz:SP500
- 0.00651682at the most recent shared daily close
- Correlation of daily returns
- +0.5986 overlapping daily closes
- Volatility ratio, base over quote
- 8.82x86 overlapping daily closes
- Shared daily history
- 86closesoverlapping closes available when computed
xyz:DRAM / xyz:SP500 is a synthetic pair on EzPairs: a long position in the xyz:DRAM perpetual held against a short position in the xyz:SP500 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 index-referenced. Over the 86 days to 29 July 2026, the daily simple returns of the two legs had a Pearson correlation of +0.59. 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:DRAMBase — the long leg | 44.173 | $573.3M | $69.8M | 20x |
| xyz:SP500Quote — the short leg | 7,337.20 | $760.0M | $486.0M | 50x |
No exchange quotes xyz:DRAM / xyz:SP500 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 $573.3M of 24-hour volume and $69.8M 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
86 overlapping daily closes shared by xyz:DRAM and xyz:SP500 were available when these figures were computed, the earliest dated 4 May 2026. That is shorter than the longest windows this dataset asks for, so the 365-day and 90-day figures below are computed over 86 days, not over the length the label asks for. They are labelled with the window that was actually used.
Earliest shared daily candle: . xyz:DRAM was listed . xyz:SP500 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) | +0.46 | 30 daily closes |
| Correlation of daily returns (90d)requested as 90 days; only 86 overlapping closes exist | +0.59 | 86 daily closes |
| Correlation of daily returns (365d)requested as 365 days; only 86 overlapping closes exist | +0.59 | 86 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 85 daily returns those 86 closes produce, the two legs' returns moved in the same direction more often than not. This describes the window measured; correlation between two markets is not a fixed property and this figure is recomputed from new closes rather than carried forward.
Ratio and where it sat in its own history
The ratio is xyz:DRAM's close divided by xyz:SP500'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:DRAM close divided by xyz:SP500 closemost recent shared daily close | 0.00651682 | — |
| Position of that ratio in its 30-day distribution | -1.76 | 30 daily closes |
| Position of that ratio in its 90-day distributionrequested as 90 days; only 86 overlapping closes exist | -1.41 | 86 daily closes |
| Position of that ratio in its 365-day distributionrequested as 365 days; only 86 overlapping closes exist | -1.41 | 86 daily closes |
At the most recent shared close the ratio sat 1.41 standard deviations below its mean over the 86-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:DRAM annualised realised volatility (30d) | 115.3% | 30 daily closes |
| xyz:SP500 annualised realised volatility (30d) | 9.9% | 30 daily closes |
| xyz:DRAM annualised realised volatility (90d)requested as 90 days; only 86 overlapping closes exist | 117.6% | 86 daily closes |
| xyz:SP500 annualised realised volatility (90d)requested as 90 days; only 86 overlapping closes exist | 13.3% | 86 daily closes |
| xyz:DRAM annualised realised volatility (365d)requested as 365 days; only 86 overlapping closes exist | 117.6% | 86 daily closes |
| xyz:SP500 annualised realised volatility (365d)requested as 365 days; only 86 overlapping closes exist | 13.3% | 86 daily closes |
| Volatility ratio, base over quotea 90-day statistic; the field name carries no window suffix | 8.82x | 86 daily closes |
| Beta, base returns regressed on quote returnssame 90-day window as the volatility ratio | +5.24 | 86 daily closes |
Over the 86-day window, xyz:DRAM's annualised realised volatility was measured at 8.82 times xyz:SP500'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:DRAM's daily returns on xyz:SP500's over the same 86-day window gives a slope of 5.24. 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
+34.90% 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 references an equity index and the other a physical commodity. Neither is a crypto asset, so this pair is one of the few on this site whose measured behaviour says nothing about crypto at all.
xyz:DRAM
Long legA market on the xyz builder dex listed under DRAM, referencing memory-chip pricing rather than a company — the only listing here whose reference is a component price.
Because its reference is a component price rather than the equity of a company that sells it, it moves with the same industry as the memory names here without carrying any single issuer's balance sheet. 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.
- The longest daily history it shares with any published partner is 86 overlapping daily closes — the second-shortest of the 22 markets described on this site — so no figure on a page containing it can cover a longer window than that, whatever the field name asks for. Measured in the dataset computed 29 July 2026.
- It is the second-newest of the 22 markets described on this site, listed 4 May 2026 according to the venue snapshot taken 30 July 2026.
xyz:SP500
Short legA broad US equity index market listed on the xyz builder dex under the ticker SP500, and one of the markets named in the EzPairs quote-priority list.
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 29 July 2026, its annualised realised volatility was measured at 13.1% — 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 29 July 2026, its annualised realised volatility of 13.1% was measured below every one of the 5 crypto legs on this site, the calmest of which was BTC at 34.7%.
- 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.
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:DRAM perpetual and a short xyz:SP500 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:DRAM at 20x and xyz:SP500 at 50x. 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 $573.3M 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:DRAM
Open xyz:DRAM/xyz:SP500 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.