Daily close and perpetual volume across tracked exchanges
Institutional credit sits at the heart of Maple Finance, an on-chain lending platform that lends to borrowers such as trading firms, often against crypto collateral worth more than the loan. SYRUP is its governance and staking token, which replaced the older MPL token. Perps let traders take a leveraged view on the growth of on-chain lending, and let stakers hedge price exposure while they keep earning rewards.
Deposits into Maple's yield products such as syrupUSDC, along with protocol revenue and any token buybacks, are the fundamentals traders watch. Binance leads on volume, with BingX and WhiteBIT next, while Hyperliquid holds one of the largest pools of open interest. Credit events carry particular weight, since a borrower default can hit sentiment fast. Order books are thin outside the top venues, so liquidations can move price sharply.
SYRUP funding rates SYRUP open interest SYRUP liquidations SYRUP long/short ratio
Every tracked SYRUP perpetual market
| # | Exchange | Price | 24h | Volume 24h | Open interest | OI 24h | Funding 8h | L/S | Liq. 24h | ±1% depth | Trade |
|---|
Share of total · 24h change
Last 24h · long vs short
Last 4h · buy share of taker volume
Live answers use data from every tracked SYRUP perpetual markets · updated
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Maple Finance is a decentralised lending protocol that connects lenders with institutional borrowers. Lenders deposit stablecoins into pools such as syrupUSDC and earn yield from loans that Maple underwrites and secures with collateral. SYRUP is the token used for governance and staking.
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MPL was Maple's original token. Holders migrated to SYRUP at a fixed ratio of 100 SYRUP per MPL, which created a larger supply at a lower unit price. Older MPL price history needs adjusting for that conversion when it is compared with SYRUP.
syrupUSDC is a yield-bearing deposit token issued by Maple. Users deposit USDC, receive syrupUSDC, and earn interest from the loans Maple makes to institutional borrowers. Its growth is a common gauge of demand for Maple's lending business.
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Credit risk is the main one. If a borrower defaults and collateral falls short, lenders take losses and confidence in the token can drop. Maple saw defaults in 2022 after the FTX collapse, which led it to tighten lending standards. Smart contract and regulatory risks also apply.
SYRUP perpetual futures are derivatives contracts that track the price of SYRUP and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any SYRUP.
Funding is a payment between longs and shorts. When SYRUP perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.
Compare venues, fees and features on the best perpetual exchanges page.
Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.
Data from tracked centralised and decentralised exchanges, refreshed every few minutes. Not financial advice. Methodology