Borsa

HYPEDOM

HYPEDOM — Borsa's HIP-3 geometric relative-value index perp: HYPE dominance vs a 10-asset large-cap basket.

HYPEDOM is the first market on Borsa's HIP-3 exchange: a geometric relative-value index perp that prices HYPE's outperformance against an equal-weight basket of ten large-cap assets. It is a pure dominance measure — if everything moves together, the index doesn't move.

HYPEDOM is a pure on-chain construction: a deterministic function of Hyperliquid oracle prices. Anyone can recompute the identical value, and the whole basket is replicable with Hyperliquid perps.

Market specifications

ParameterValue
Type
Geometric relative-value index perp
Base / underlying
HYPE vs 10-asset basket
Oracle inputs
HYPE + BTC, ETH, SOL, BNB, XRP, LINK, TRX, LTC, DOGE, AVAX
Price source
Hyperliquid /metaAndAssetCtxs oraclePx
External dependency
None — Hyperliquid oracle only
Weights
Equal, 1/10 per basket asset
Anchor
Reference prices, 1Y window, index ≈ 1.0 at launch
Relay tick / signing
3000 ms / multisig

Oracle formula

The oracle is a geometric, reference-normalised index. For basket assets i = 1..n (n = 10), with equal weights w_i = 1/n:

log⁡basket(t)=∑i=1nwi⋅ln⁡ ⁣(Pi(t)Piref)\log\mathrm{basket}(t) = \sum_{i=1}^{n} w_i \cdot \ln\!\left(\frac{P_i(t)}{P_i^{\mathrm{ref}}}\right)
basket(t)=e log⁡basket(t)\mathrm{basket}(t) = e^{\,\log\mathrm{basket}(t)}
index(t)=HYPE(t) / HYPErefbasket(t)\mathrm{index}(t) = \frac{\mathrm{HYPE}(t)\,/\,\mathrm{HYPE}^{\mathrm{ref}}}{\mathrm{basket}(t)}

All P_i(t) and HYPE(t) are the oraclePx field for that asset from one Hyperliquid /metaAndAssetCtxs snapshot on mainnet. P_ref are the reference prices fixed at config time (the anchor). Because weights are equal, basket(t) is the geometric mean of the 10 basket assets' ratios-to-reference.

Equivalent closed form:

index(t)=HYPE(t)HYPEref⋅∏i=1n(Pi(t)Piref)−1/10\mathrm{index}(t) = \frac{\mathrm{HYPE}(t)}{\mathrm{HYPE}^{\mathrm{ref}}} \cdot \prod_{i=1}^{n} \left(\frac{P_i(t)}{P_i^{\mathrm{ref}}}\right)^{-1/10}

Core properties

  • +1% on HYPE → +1% on index.
  • +1% on one basket asset → −0.10% (= −1/n) on index.
  • +1% on all basket assets, HYPE flat → index falls ~1%.
  • Everything +1% together → index unchanged. It is a pure relative-value / dominance measure: HYPE outperformance vs an equal-weight large-cap basket.

The anchor

Without normalisation, raw HYPE / Π P_i^(1/n) lands at an arbitrary magnitude. The anchor fixes a clean, comparable starting level — the same idea as the S&P 500 divisor:

  • Each asset's Hyperliquid oracle price was snapshotted at config time (1-year reference window) → P_ref.
  • P_ref values are stored in the market config and never change after deploy.
  • Dividing every live price by its own reference makes each ratio ≈ 1.0 at anchor time, so the index ≈ 1.0 at launch regardless of basket composition.

Reference prices (the anchor set):

AssetP_ref
HYPE
25.45
BTC
87631
ETH
2971.9
SOL
124.63
BNB
863.85
XRP
1.8416
LINK
12.212
TRX
0.28452
LTC
76.812
DOGE
0.1174
AVAX
12.312

At the anchor, basket = exp(0) = 1.0 and HYPE/HYPE_ref = 1.0, so index = 1.000 by construction.

Index sensitivity

Analytic sensitivity Δln(index)/Δln(P_j) is exactly +1.00 for HYPE and −1/10 = −0.10 for every basket asset.

AssetAnalytic dln-sensRole
HYPE
+1.00
base (numerator)
BTC, ETH, SOL, BNB, XRP, LINK, TRX, LTC, DOGE, AVAX
−0.10 each
basket 1/10 (denominator)

Because HYPEDOM strips out broad-market beta, it is nearly uncorrelated with BTC/ETH/SOL (historical correlation ≈ 0) while remaining strongly correlated with HYPE itself (≈ 0.8).

Replication and hedging

One HYPEDOM index unit is replicated on Hyperliquid as LONG 1 HYPE-notional + SHORT 1/10 notional of each of the 10 basket assets (all available as HL perps). That makes the market fully arbitrageable:

  • Market rich (M > O): sell HYPEDOM at the market price, hedge by replicating +1 index unit. Locks in (M − O); realised as the market reverts to oracle or via funding while rich.
  • Market cheap (M < O): buy HYPEDOM, hedge by replicating −1 index unit (SHORT 1 HYPE-notional, LONG 1/10 each basket asset). Locks in (O − M).
  • Inventory hedge: a book that ends up long index units can be neutralised the same way and kept flat to the oracle, paying/earning only net funding.

Net carry on a hedged book = funding on the HYPE leg − (1/10)·Σ funding on the basket legs. All 11 funding rates come from the same /metaAndAssetCtxs payload.

Expressing views with HYPEDOM

  • Long HYPEDOM vs short HYPE — isolates the short-basket leg: short an equal-weight large-cap basket with HYPE risk stripped out. Use when HYPE should outperform alts with no outright HYPE delta.
  • Long HYPE vs short HYPEDOM — the mirror: long the basket, HYPE-neutral. Expresses "alts beat HYPE".
  • Intra-basket dispersion — each basket asset enters at exactly −1/10, so single-name views can be overlaid: long HYPEDOM but bullish SOL → add a SOL long to offset the −0.10 SOL leg.
  • Funding spread — quote HYPEDOM and harvest the funding basis between the index perp and its replicating legs.

Risk notes

  • HYPEDOM is roughly as volatile as HYPE itself in log-return terms; sizing should treat it like a single-asset perp, not a diversified index.
  • The index has no external oracle dependency, but it inherits any behavior of Hyperliquid's own oracle prices for the 11 inputs.
  • Reference prices are immutable after deploy; the index level is only meaningful relative to its own anchor (≈ 1.0 at launch).

See also

HYPEDOM · Docs | Borsa