What is Cipher Digital?
Cipher Digital, formerly Cipher Mining, builds and runs large data centers in the United States. It uses them for bitcoin mining and increasingly to host AI and high-performance computing workloads for other companies. The company changed its name in 2026, and its shares still trade on Nasdaq under the ticker CIFR.
The para:CIFR perpetual tracks the share price of Cipher Digital, 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 10× leverage, around the clock.
Contract details
- Market
para:CIFRon Paragon (builder exchange)- Tracks
- The share price of Cipher Digital
- Settlement
- USDC, no expiry
- Leverage
- 10× at any size
- Margin
- Isolated only
- Size step
- 0.01 CIFR
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a CIFR 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 7.3712, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 7.2238
- Size
- 65.53 CIFR ($483.05)
- Loss at the stop, fees included
- $10.00
- Leverage
- 10× isolated, $48.30 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 CIFR
What is the maximum leverage on CIFR?
10×. 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 CIFR?
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 CIFR 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 Cipher Digital 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 Cipher Digital when I trade this market?
No. A perpetual tracks the share price of Cipher Digital and settles gains and losses in USDC. You never hold any shares, and positions can be closed out if losses use up their margin.
