Track mechanism-true funding and carry for real-world-asset perpetuals.
Stock, commodity and index perps trade 168 hours a week against ~32.5 hours of underlying price discovery. See what a position actually earns or bleeds, venue by venue.
RWA Perps key facts.
A fast summary of signal coverage, outputs, access, and workflow.
- Type
- RWA-perpetual funding and carry aggregator
- Venues
- 13 (6 CEXs, 6 perp DEXs, 1 Hyperliquid HIP-3 builder market)
- Coverage
- 470+ underlying symbols, 1,600+ live markets, $8B+ tracked open interest
- Asset classes
- Equities, pre-IPO, ETFs, indices, commodities, FX, baskets
- Mechanisms normalized
- 2 (standard funding, builder-set funding)
- Pricing
- Free, no signup
When to use RWA Perps.
RWA Perps is a Sharpe Terminal derivatives analytics intelligence workflow. It helps traders stock, commodity and index perps trade 168 hours a week against ~32.5 hours of underlying price discovery. See what a position actually earns or bleeds, venue by venue. Core outputs include Mechanism-True Annualized APR, Cross-Venue Price Sanity, Cross-Venue Funding Spread.
| Area | RWA Perps answer | Why it matters |
|---|---|---|
| Best fit | Derivatives traders, market makers, and analysts who need decision-ready signals across futures, basis, funding, and volatility. | Clarifies who should reach for this workflow first. |
| Signal output | Mechanism-True Annualized APR, Cross-Venue Price Sanity, Cross-Venue Funding Spread, Session-Tagged Settlement History | Shows the decision-ready intelligence before opening the live terminal. |
| Decision path | Review the product page, then launch /rwa-perps | Separates product evaluation from hands-on market intelligence. |
| Indexable URL | /products/rwa-perps | Gives teams a stable URL for sharing and revisiting. |
What RWA Perps offers.
Mechanism-True Annualized APR
One comparable annualized figure whether the venue settles hourly builder-set funding (Hyperliquid HIP-3) or standard clamped funding (Kraken xStocks, Binance, Bybit, OKX). Every APR annualizes the venue's own settlement interval rather than an assumed 8-hour default.
Cross-Venue Price Sanity
Every mark is compared against the cross-venue median for that symbol. Anything more than 2% off consensus is flagged and excluded from headline stats, spreads and open-interest totals. It stays visible, but it is never silently averaged into a number you would trade on.
Cross-Venue Funding Spread
The same underlying can fund at wildly different rates per venue. CRCL has printed 100%+ annualized on one venue against about 13% on another. The spread column surfaces long-one-venue, short-the-other carry setups on equities, using the same machinery Sharpe runs for crypto funding arbitrage.
Session-Tagged Settlement History
Stock perps trade 24/7 but the underlying prints ~32.5 hours a week. Every settlement is tagged with its equity-session phase (market hours, after hours, weekend, holiday) in exchange time, which is what powers the weekend-premium analysis.
Accumulated Carry Windows
Per-symbol accumulated funding over 1D, 7D, and 30D windows from real settlements, so you can separate a briefly-expensive perp from consistent harvestable carry.
Inside RWA Perps
Frequently Asked Questions
What are RWA perps?
RWA perps are perpetual futures on real-world assets: equities like TSLA and NVDA, pre-IPO names, ETFs, indices such as the S&P 500, commodities like gold and oil, and FX, traded on crypto-derivatives venues 24/7 with leverage. Like crypto perps, they charge periodic funding (or a rollover fee) to keep the perp price anchored to the underlying. Stock perps are the largest slice of the category.
Why do venues show different APRs for the same stock?
Each venue has its own order flow, funding mechanism, and settlement interval. Hyperliquid HIP-3 markets use builder-set oracles with hourly funding, Kraken xStocks perps use standard hourly funding with a per-instrument clamp, and centralized venues mostly settle every 8 or 4 hours. Sharpe normalizes all of them so the numbers are actually comparable.
What is the weekend funding premium?
Equity perps keep trading and settling funding while the underlying market is closed from Friday close to Monday open. Funding behavior in that window is systematically different from market hours. Sharpe tags every settlement with its session phase and measures the difference.
Why is a rate showing 0.00% instead of a number?
Because it genuinely settled at zero. Several venues decay funding to zero while the underlying cash market is closed, so a weekend or overnight settlement of exactly 0% is real data, not a gap. Sharpe shows it as zero and keeps the last active rate available for context rather than hiding the settlement or guessing a value.
How fresh is the data?
Rates sync every 30 minutes from venue APIs. Rows are explicitly flagged stale after 1 hour without a successful sync, and API responses carry freshness headers, so staleness is visible rather than hidden.
Turn this market data into a decision.
Launch the live Sharpe workflow for this market. Free, no signup.