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Impact price and impact spread
What buying or selling a set size at once costs, published by Hyperliquid for every perp.
An impact price is the average price a market order of a set size would fill at against the book: the impact bid for selling, the impact ask for buying. Hyperliquid publishes both for every perp, continuously, and uses them for the premium.
The gap between them, as a share of their midpoint, is the impact spread: what buying and immediately selling that size costs before fees. The size is $20,000 on BTC and ETH and $6,000 on other main-exchange perps; builder exchanges do not publish theirs.
Checked 2026-10-04 against live books: on 22 main-exchange perps the impact prices matched the average fill for $6,000 to within about 1 basis point.
Live
Every live perp by 24-hour volume (across) and impact spread (up); bubble area is open interest.