How to View the Perps Market in the OneKey App

The OneKey App includes a built-in Perps market entry point, allowing users to browse real-time quotes, funding rates, long/short ratios, and other key data for major perpetual contracts — all without leaving the app.

Why It Matters

Perpetual contract (Perps) market data is far more complex than spot price data. Beyond price movement, you need to track funding rates, long/short open interest ratios, and total open interest (OI) — all of which directly affect holding costs and liquidation risk. Through OneKey's unified interface, you can access Perps market data while managing your wallet assets in the same app.

Core Mechanics and Key Concepts

Perps Market Data Structure

• Mark Price: Calculated as a weighted average of prices across multiple exchanges. Used to compute unrealized P&L and trigger liquidation. More stable than the last traded price.
• Index Price: The reference price from the spot market. Funding rates are calculated based on the spread between the mark price and the index price.
• Funding Rate: Settled every 8 hours; longs pay shorts (or vice versa) to anchor the contract price to spot. When the funding rate is positive, longs pay shorts; when negative, shorts pay longs.
• Open Interest (OI): The total notional value of all unsettled contracts in the market. Reflects overall market participation and liquidity depth.
• 24H Volume: Measures market activity. Higher volume generally means better liquidity and tighter spreads.

For more on the mechanics of decentralized Perps, refer to the Hyperliquid official documentation.

Long/Short Ratio and Market Sentiment

The long/short open interest ratio reflects the current overall positioning of market participants. When positions are overwhelmingly long, funding rates tend to rise (longs continuously pay shorts); the opposite applies when positioning skews short. This data can serve as a reference indicator for market sentiment, but does not constitute a trading signal.

User Scenarios

Scenario A: Market Research A user wants to understand the current state of the BTC perpetual market. They open OneKey App → Perps → select BTC-PERP to view real-time price, funding rate, 24H change, and OI data — then assess whether now is a suitable time to enter.

Scenario B: Funding Rate Monitoring A user holding a long position checks the funding rate periodically. When the funding rate rises unusually high, they evaluate whether the holding cost remains justified and decide whether to reduce position size or close early.

Scenario C: Cross-Asset Comparison Viewing funding rates and volatility across ETH-PERP, SOL-PERP, and other pairs simultaneously to identify which market has lower holding costs and better liquidity.

Scenario D: New User Market Familiarization A user interested in Perps but not yet trading uses the OneKey App market interface to observe price volatility patterns and funding rate changes, building intuition before deciding whether to participate.

OneKey App Access

1. Download the OneKey App (available for iOS, Android, and desktop)
2. Complete wallet creation or import
3. Tap the Perps section in the bottom navigation bar
4. Browse all available trading pairs in the market list
5. Tap any pair to enter its detail page and view:
   • Real-time candlestick chart (multiple timeframes supported)
   • Current funding rate and countdown to next settlement
   • Mark price vs. index price comparison
   • 24H volume and open interest
   • Long/short ratio (available for select markets)
6. To access the trading interface, tap the trade button on the detail page

Market data is for reference only and does not constitute investment advice. All trading decisions and associated risks are borne entirely by the user.

Risks and Considerations

• Data latency: On-chain data is subject to block times. During extreme market conditions, there may be second-level delays. Always treat the platform's actual transaction price as authoritative.
• Funding rate direction can change at any time: A current positive funding rate does not imply it will remain positive. Review it regularly if holding high-leverage positions.
• Sudden OI drops warrant caution: A sharp short-term decline in OI typically signals a large-scale liquidation event and may coincide with violent price swings.
• Market data ≠ trading advice: Indicators help users understand market conditions, but market direction cannot be predicted. Do not make trading decisions based on any single metric.
• On-chain transactions are irreversible: Transactions submitted through OneKey to on-chain Perps platforms such as Hyperliquid cannot be reversed once confirmed.

FAQ

Q1: Where does the OneKey App source its Perps market data? A: OneKey aggregates data from major decentralized Perps protocols. Refer to the in-App description for specific data sources.

Q2: Do I need to connect a wallet to view market data in OneKey App? A: Viewing market data generally does not require a connected wallet. Executing actual trades requires connecting or creating a OneKey wallet and funding it with assets.

Q3: What does a negative funding rate mean for me? A: If you hold a long position, a negative funding rate means you receive fees paid by shorts — your holding cost decreases. If you hold a short position, you pay fees to longs.

Q4: How do I assess whether a Perps market has sufficient liquidity? A: Reference 24H volume and open interest. Higher volume and larger OI generally indicate better liquidity and tighter slippage. You can also check DeFiLlama for aggregate data across Perps protocols.

Q5: Which Perps trading pairs does the OneKey App support? A: The specific list of trading pairs is displayed in real time within the App and covers major crypto perpetual contract markets. Coverage is updated continuously.

Take Action

Whether you are new to Perps or an experienced trader, knowing how to read market data is a foundational skill. Download the OneKey App now, go to the Perps section, and spend 10 minutes watching BTC-PERP's funding rate movement and price action. Building first-hand market intuition is the best preparation for any trading decision. Visit the OneKey website for more feature details.