What is 2-year US Treasury yield?
This market tracks the yield on the most recently issued 2-year U.S. Treasury note, shown in percent. Because the bond is short-dated, its yield closely follows expectations for Federal Reserve interest-rate decisions. It tends to move on inflation reports, jobs data and comments from Fed officials.
The para:2Y perpetual tracks the 2-year US Treasury yield, settles in USDC and never expires. It is listed on Paragon, a builder exchange: a market run by an outside team on Hyperliquid's order book. You can go long or short with up to 20× leverage, around the clock.
Contract details
- Market
para:2Yon Paragon (builder exchange)- Tracks
- The 2-year US Treasury yield
- Settlement
- USDC, no expiry
- Leverage
- 20× at any size
- Margin
- Isolated only
- Size step
- 0.1 2Y
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a 2Y trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 4.6669, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 4.5736
- Size
- 106.1 2Y ($494.91)
- Loss at the stop, fees included
- $9.99
- Leverage
- 18× isolated, $27.50 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about 2Y
What is the maximum leverage on 2Y?
20×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on 2Y?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade 2Y on Hypurr Desk?
At the exchange's base tier, 0.034% of the position value for market orders and 0.028% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Can I trade 2-year US Treasury yield when its home market is closed?
Yes. The perpetual trades around the clock, every day, including weekends and holidays. Prices can jump when the main market reopens, so a stop may fill away from its price.
Do I own 2-year US Treasury yield when I trade this market?
No. A perpetual tracks the 2-year US Treasury yield and settles gains and losses in USDC. You never hold the underlying asset, and positions can be closed out if losses use up their margin.
