What is VanEck Semiconductor ETF?
The VanEck Semiconductor ETF (Nasdaq: SMH) holds U.S.-listed companies that design chips or make chip-making equipment. It follows a MarketVector index of 25 of these companies. On some venues the contract references one share of the ETF, while on Paragon it references the index directly, in a version calculated through overnight and extended trading sessions.
The xyz:SMH perpetual tracks the share price of VanEck Semiconductor ETF, settles in USDC and never expires. It is listed on XYZ, 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
xyz:SMHon XYZ (builder exchange)- Tracks
- The share price of VanEck Semiconductor ETF
- Settlement
- USDC, no expiry
- Leverage
- 20× at any size
- Margin
- Isolated only
- Size step
- 0.001 SMH
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Where SMH trades
VanEck Semiconductor ETF is listed on 2 exchanges. They are separate contracts with their own prices, funding and balances, so the desk shows the exchange next to the ticker.
Size a SMH 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 527.69, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 517.14
- Size
- 0.896 SMH ($473.03)
- Loss at the stop, fees included
- $9.99
- Leverage
- 18× isolated, $26.28 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 SMH
What is the maximum leverage on SMH?
20× on XYZ and 10× on Paragon. 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 SMH?
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 SMH 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 VanEck Semiconductor ETF 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 VanEck Semiconductor ETF when I trade this market?
No. A perpetual tracks the share price of VanEck Semiconductor ETF and settles gains and losses in USDC. You never hold any shares, and positions can be closed out if losses use up their margin.
