para:SMHetf · growth mode on · 10× max
Over 1 days of 20-level order-book snapshots, para:SMH quoted a median spread of 9.96 bps in US regular hours with $55k resting within 25 bps of mid. A $25k market order paid about 15.34 bps in regular hours and — on weekends, when depth within 25 bps fell to —. Taker fee is 0.90 bps with growth mode on; funding averaged +18.92% annualised over the last 30 days.
order book replay48 snapshots · 2026-10-08 12:41 → 16:51 UTC · SMH.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 1 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 | 111 | 9.96 | 11.88 | $55k | 15.34 | 72.29 | 94% | 0% | ||||
| US extended 4–9:30, 16–20 | 169 | 10.08 | 18.51 | $25k | 18.01 | 92.34 | 96% | 0% | ||||
| Overnight 20–4 | 78 | 12.44 | 17.81 | $40k | 13.92 | 122.11 | 99% | 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:SMH observed in the changelog · newest first
- 2026-10-07 08:26listedannounced → tradingtrading enabled, announced 2026-10-06 · OI cap $25M · 10× max · growth mode on · marginTableId 10 · szDecimals 3 · fundingMultiplier 0.6
- 2026-10-07 07:26growth modedisabled → enabledgrowthMode observed changing from disabled to enabled
- 2026-10-06 10:26OI cap— → $25.0MoiCap observed changing from unknown to $25M
- 2026-10-06 09:26announced— → announcedmarket announced, trading not enabled
Plus 1 funding-parameter change 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
358 snapshots · 2026-10-07 08:27 → 2026-10-08 16:21 UTC (1.3 days) · size decimals 3 · raw: /api/para/SMH.json · method and caveats: methodology