para:2Yrates · growth mode on · 20× max
Over 14 days of 20-level order-book snapshots, para:2Y quoted a median spread of 9.98 bps in US regular hours with $48k resting within 25 bps of mid. A $25k market order paid about 13.04 bps in regular hours and 15.03 bps on weekends, when depth within 25 bps fell to $43k. Taker fee is 0.90 bps with growth mode on; funding averaged +0.36% annualised over the last 30 days.
order book replay48 snapshots · 2026-10-08 11:21 → 16:45 UTC · 2Y.json
depth = USD resting within ±25 bps of mid · slip = $25k market order through the book, avg fill vs mid, buy/sell mean · med = this market's median in the snapshot's session
order book replay: no recent order book snapshots
by sessionNew York time · medians over 14 days
| session | snaps | spread | p90 | top | depth ±10 | depth ±25 | depth ±50 | $5k | $25k | $100k | $100k fills | $250k fills |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US regular 9:30–16:00 | 680 | 9.98 | 10.16 | $48k | 13.04 | 122.96 | 53% | 0% | ||||
| US extended 4–9:30, 16–20 | 970 | 9.95 | 10.18 | $48k | 13.34 | 108.97 | 46% | 0% | ||||
| Overnight 20–4 | 657 | 9.95 | 10.18 | $49k | 12.66 | 120.62 | 20% | 0% | ||||
| Weekend / holiday | 1,041 | 10.03 | 188.14 | $43k | 15.03 | 88.57 | 13% | 0% |
bps unless stated RTH 9:30–16:00 extended 4:00–9:30 and 16:00–20:00 overnight 20:00–4:00 on weekdays weekend runs Friday 20:00 to Monday 4:00 and includes NYSE holidays slip = mean of the buy and sell side of a market order walking the visible 20 levels fills = share of snapshots the size fits inside those levels "—" = not fillable in the median snapshot
slippage curve
hour of week
weekly · spread
weekly · depth ±25 bps
per round trip = 2 × median slippage + 2 × taker fee funding uses the 30-day mean hourly rate, annualised, charged for a position held all day slippage between tested sizes is interpolated on a log scale ignores maker rebates, impact that persists after your fill, and fee tiers
history4 market changes to para:2Y observed in the changelog · newest first
- 2026-09-24 13:28listedannounced → tradingtrading enabled, announced 2026-08-24 · OI cap $25M · 20× max · growth mode on · marginTableId 20 · szDecimals 1 · fundingMultiplier 0.1 · fundingClamp 0.005
- 2026-09-23 16:28growth modedisabled → enabledgrowthMode observed changing from disabled to enabled
- 2026-09-23 16:28OI cap— → $25.0MoiCap observed changing from unknown to $25M
- 2026-08-24 23:46announced— → announced gap 20.0hmarket announced, trading not enabled
Plus 2 funding-parameter changes on 1 day, not listed here: show them in the changelog.
observed = first collector snapshot showing the new value, UTC; the change happened between the previous snapshot and that one announced = the market appeared with trading disabled; listed = trading enabled; trading halt = off and back within 48 h, before → after = mark either side full changelog atom feed
3,348 snapshots · 2026-09-24 13:28 → 2026-10-08 16:10 UTC (14.1 days) · size decimals 1 · raw: /api/para/2Y.json · method and caveats: methodology