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Version: 1.0

BTCSWP

BTCSWP is a Hyperliquid market based on the excess BTC funding stream. It lets traders price, trade, and hedge BTC funding directly instead of carrying a basis basket or negotiating OTC funding exposure.

BTCSWP is not BTC spot exposure and it is not a claim on BTC. Its underlying is the spread between live core Hyperliquid BTC perpetual funding and a dynamic expected-funding baseline.

excess funding = f - K

Where:

  • f is live core Hyperliquid BTC perpetual funding.
  • K is the dynamic expected-funding baseline.
  • vol_mult_l = L = 15 is the embedded BTCSWP multiplier.

Long BTCSWP exposure is designed for traders who expect realized BTC funding to run above K. Short BTCSWP exposure is designed for traders who expect realized BTC funding to compress toward or below K.

Market Metadata​

ParameterValue
Marketyex:BTCSWP
InstrumentBTCSWP-USDYP
VenueHyperliquid HIP-3, Nunchi YEX DEX
CollateralUSDYP
Collateral token ID1576
Collateral contract0xb9c737ff4e40f3ab62deff08d54a6114
Oracle updater0x2a1285253678490B28e81988C41147651fB420C3
Reference assetCore Hyperliquid BTC
Priced market context{ dex: "yex", assetName: "yex:BTCSWP", assetIndex: 2 }
Baseline price75,000
Initial fixed leg0.0000029 hourly fraction
Expected-funding profileK2, 7-day EMA
K2 EMA beta0.005935 per hour
K2 EMA time constant7 days (168 hours)
vol_mult_l15
Base scale1,000,000
Per-update oracle clamp+/-1% of previous BTCSWP oracle price
Open interest cap$10,000,000

Open BTCSWP on Hyperliquid testnet.

How BTCSWP Works​

BTCSWP packages core Hyperliquid BTC funding into a cumulative excess-funding index. The oracle uses core Hyperliquid mainnet BTC funding as the floating leg, even when the priced BTCSWP market context is on a HIP-3 builder DEX. It must not use yex:BTCSWP.funding as the BTC funding input.

During each hour, the oracle nowcasts pending BTC funding so the wire price moves smoothly. At the hourly boundary, it ingests realized core BTC funding, updates the K2 expected-funding baseline, and true-ups the cumulative index.

The current launch configuration:

  • Historical BTC funding comes from core Hyperliquid mainnet fundingHistory.
  • Current BTC funding comes from core Hyperliquid mainnet metaAndAssetCtxs.
  • BTCSWP market data comes from metaAndAssetCtxs for dex = "yex" and asset yex:BTCSWP.
  • Expected funding uses the 7-day K2 EMA profile.
  • Wire price moves are clamped at +/-1% against the previous BTCSWP oracle price.
  • Wire prices are rounded to 6 decimal places.

Because BTCSWP is a synthetic index market, MarkPx is designed to track OraclePx closely.

Hedge Ratio​

BTCSWP embeds L = 15, so approximately 1 / 15 = 6.67% BTCSWP notional is needed to hedge the funding exposure of an equivalent BTC perp notional.

For example, $1,000,000 of BTC perp funding exposure maps to roughly $66,700 of BTCSWP notional.

BTCSWP hedge notional = BTC perp notional / 15

See Hedge Calculator for examples and sizing formulas.

Public Feed API​

BTCSWP publishes a public read-only feed for latest ticks and streaming updates:

  • Latest tick: https://cfi-api-production.up.railway.app/api/latest
  • Stream: https://cfi-api-production.up.railway.app/api/stream
  • Health: https://cfi-api-production.up.railway.app/healthz

Use oracle_px as the headline BTCSWP index price. See the Feed API reference for endpoint details and streaming examples.

Risks​

Funding is regime-dependent and can spike. BTCSWP is an index market, not BTC spot exposure, so its behavior can diverge from BTC spot or BTC perp price returns.

Use conservative leverage, understand liquidation behavior, and validate live market settings in the UI and onchain configuration before trading.