> ## Documentation Index
> Fetch the complete documentation index at: https://docs.defiloops.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Reading the market now

> The three tools that call a venue rather than a table: what a perpetual pays this minute, who has just been liquidated, and what an option costs right now

Three tools call a venue instead of reading stored history: what a perpetual is
paying this minute, who has just been liquidated, and what an option costs right
now.

Every other research tool reads [recorded history](/data/streams), so the same
question asked twice gives the same answer. These three cannot work that way, and
each of them says so.

## What a perpetual pays right now

**Tool:** `get_hyperliquid`

Funding annualised, open interest, and mark against oracle: as of this minute.

[Funding and open interest](/tools/get-funding-and-oi) walks recorded days and
answers whether a carry has been **worth having**. This answers what it pays
**now**, which is the question somebody actually asks before opening one.

<Note>
  Hyperliquid settles funding **hourly**: twenty-four intervals in a day, not
  three. An hourly rate read as an eight-hourly one is wrong by a factor of eight,
  in the direction that makes a carry look far better than it is.
</Note>

The venue publishes open interest only as it is now and keeps no history of it,
so that part of the stream records forward only and begins when the watcher
began. It cannot be backfilled, and nothing pretends otherwise.

## Who has just been liquidated

**Tool:** `get_liquidations`

Forced closes as they happened, each with **the address it happened to**: which
no centralised venue publishes.

Liquidation, not price, is what stops a leveraged hedge hedging. A cluster of
forced closes at a level is the risk a perpetual carries that an option does
not: an option cannot be liquidated, and that difference is most of the reason
to pay for one.

<Warning>
  The two liquidation streams are never merged. The centralised one is an **hourly
  aggregate** and cannot name a trader. The Hyperliquid one is **one row per
  event** and can. Merging them would drop the detail on one side and invent it on
  the other.
</Warning>

See [liquidations](/data/streams) for the depth of each.

## What an option costs right now

**Tool:** `price_options_live`

The real Deribit book, not a daily snapshot. See
[pricing against the live book](/tools/price-option-live).

A price somebody is about to trade on cannot come from yesterday's close, and
this is the one place where a moving answer is the correct answer.


## Related topics

- [DeFiLoops](/index.md)
- [Pricing a hedge](/tools/price-options.md)
- [What we hold](/data/streams.md)
- [What the market expects](/tools/get-forecast.md)
- [Hyperliquid](/data/hyperliquid.md)