Palladium (PALLADIUM)

Perp: PALLADIUM on HL · Hedge: PALL (ETF)

Hedge construction note: PALL (ETF) is used as a hedge proxy for Palladium; treat it as a research reference, not an ordinary executable quote for the underlying market. This is a transformed/normalized reference, not an ordinary executable quote.

Funding (ann.)

+5.5%

Basis

-0.27%

Open interest

$2,730,905

Status

delayed

Research note: funding below research threshold

Funding rate — annualized, 6053 settlement snapshots

Timezone: UTC · Units: % annualized · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-10-31T11:45:01+00:00

Basis — (perp mark − hedge) / hedge

Timezone: UTC · Units: % · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-10-31T11:45:01+00:00

Open interest — historical liquidity

Timezone: UTC · Units: USD notional · Source: dellserver funding-arb daemon (delayed export) · Last update: 2026-10-31T11:45:01+00:00

Persistence

2% of snapshots over the trailing 168h met the research condition: FR >= 100% APR, 7-day window.

Relevant paper trades

Opened	Direction	Status	Net P&L	All-in P&L	Close reason
2026-09-29 09:00 UTC	short_hl_long_ib	closed	+$57.35	+$1.74	neg_FR_grace 4.0h
2026-08-14 16:49 UTC	short_hl_long_ib	closed	+$97.07	—	neg_FR_grace 4.0h
2026-05-25 01:03 UTC	short_hl_long_ib	closed	-$23.19	—	FR decayed to 5.5%
2026-05-23 09:04 UTC	short_hl_long_ib	closed	-$10.36	—	emergency exit FR -497%
2026-05-23 03:04 UTC	short_hl_long_ib	closed	-$14.98	—	direction flip (FR went negative)
2026-05-22 11:04 UTC	short_hl_long_ib	closed	-$15.01	—	direction flip (FR went negative)

Known limitations

The hedge leg only trades during its market's own hours; the perp trades 24/7 — see Methodology for how naked-leg windows are handled.
Funding and basis figures are delayed, not real-time — see the status strip at the top of every page.
PALL (ETF) is used as a hedge proxy for Palladium; treat it as a research reference, not an ordinary executable quote for the underlying market.