Pair market · Hyperliquid perpetuals
xyz:NATGAS / xyz:SP500
- Long xyz:NATGAS
- Short xyz:SP500
- Opened together, margined separately
Opens both legs on EzPairs: long xyz:NATGAS, short xyz:SP500.
- Ratio, xyz:NATGAS ÷ xyz:SP500
- 0.000370958at the most recent shared daily close
- Correlation of daily returns
- -0.0490 overlapping daily closes
- Volatility ratio, base over quote
- 3.01x90 overlapping daily closes
xyz:NATGAS / xyz:SP500 is a synthetic pair on EzPairs: a long position in the xyz:NATGAS 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. Over the 90 days to 30 July 2026, the daily simple returns of the two legs had a Pearson correlation of -0.04. That is a description of the window measured and carries no claim about what either leg does next.
How the two legs moved together
Pearson correlation of daily simple returns, over the closes actually shared by both legs.
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.
. A description of the window measured, carrying no claim about what either leg does next.
Venue figures for each leg
From the committed market manifest, . A snapshot, not a live quote.
| Leg | Mark price | 24h volume | Open interest | Leverage cap |
|---|---|---|---|---|
| xyz:NATGASBase — the long leg | 2.722 | $19.0M | $6.5M | 10x |
| xyz:SP500Quote — the short leg | 7,337.20 | $760.0M | $486.0M | 50x |
This pair's depth is taken as the thinner of the two legs — $19.0M of 24-hour volume and $6.5M of open interest. No exchange quotes the pair itself, so there is no pair-level volume to report and the thinner leg is the honest proxy for how much size it can absorb.
Every pair containing these markets
Each hub lists all the pairs EzPairs publishes with that market on one leg.
Pairs sharing a leg with this one
Each is measured over its own shared history, so their windows differ from this page's.
Open xyz:NATGAS/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.