By Keel Research Team · Updated October 15, 2026
SMH on Hyperliquid is a perpetual contract that tracks the MarketVector US Listed Semiconductor 25 Continuous Index (MVCSMH), a 24/5 version of MarketVector's US-listed semiconductor benchmark. Its live price is below. It trades 24/7, so you can see where traders price the US Semiconductor 25 Index at weekends, when the main US stock markets are closed.
Live numbers for SMH are unavailable right now. The current price, open interest and funding are on the Hyperliquid market page.
Venue facts: last-known snapshot as of Oct 15, 2026, 01:48 UTC. The live read was unavailable; confirm on Hyperliquid before trading.
The index is calculated through overnight, pre-market and post-market sessions on weekdays, and the market references it directly rather than through an ETF. Hyperliquid lists SMH through HIP-3, which lets independent builders add markets to its order book. This one is run by the para builder and settles in USDC.
On weekdays the index is calculated around the clock, and an oracle feeds it to SMH. At weekends the calculation stops, and trading on Hyperliquid sets the price until it restarts. Funding then pulls the perp back toward the index.
Funding is paid every hour between longs and shorts. When SMH trades above its reference price, longs pay shorts; below it, shorts pay longs. The rate for the next payment is in the live numbers above, and it adds up over a hold of several days.
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SMH and the other HIP-3 markets aren’t supported yet. Building, backtesting and running strategies on HIP-3 markets is coming soon. Sign up, and we’ll email you when HIP-3 strategies are supported. Until then you can build and test strategies on Hyperliquid’s crypto perps, such as BTC and ETH. Start free.
The live price of SMH is at the top of this page, with the minute it was recorded. It trades 24/7, so when the main US stock markets are closed it shows where traders price the US Semiconductor 25 Index.
An index fund owns the shares and trades during exchange hours. SMH is a perpetual contract on Hyperliquid: it owns nothing, never expires and trades 24/7. You can use leverage, and you pay or receive funding while you hold it.
Not yet. Keel is a strategy builder for Hyperliquid. Support for HIP-3 markets is coming soon. Sign up, and we'll email you when HIP-3 strategies are supported. Today you can build and test strategies on Hyperliquid's crypto perps.
SMH on the para dex offers up to 10x leverage, read from the venue’s market metadata. This market is isolated-margin only. Margin requirements scale with position size; the live cap and margin tiers are on the Hyperliquid market page.
Funding is computed from the gap between the perpetual price and an oracle reference: when the perp trades above the oracle, longs pay shorts; below, shorts pay longs. Hyperliquid settles funding every hour, on HIP-3 markets as on its core perps, and the rate for the next payment is in the live numbers on this page. The hourly rate is small but adds up over multi-day holds.
Hyperliquid perpetuals trade 24/7. Off-hours (overnight, weekends, holidays), the perp may diverge from the underlying spot price since traditional markets are closed and price discovery happens here. Funding pulls the perp back toward the oracle over time.
Yes. You connect a wallet (e.g. via Hyperliquid’s native UI or a builder app); keys never leave your control. Hyperliquid is a non-custodial exchange.