DRAM perps: where to trade Memory ETF perpetual futures
12 tracked venues list DRAM perps.
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The cheapest place to trade DRAM perps right now is Lighter (DRAM): 0.25 bps all-in for a $10,000 market buy at the standard taker fee, measured 21:03 UTC on 2026-10-13.
The next two venues are trade.xyz 1.74 bps and Extended 1.82 bps. 10 of 12 DRAM markets gave a measured cost.
DRAM perps list on 12 tracked venues: 6 centralized exchanges, 2 Hyperliquid HIP-3 deployments, 4 other decentralized venues. Ostium (DRAM/USD) fills at an oracle price, with no public DRAM book to measure.
Maximum DRAM leverage runs from 10x on Extended (DRAM-USD) to 100x on MEXC (DRAM_USDT).
Measured DRAM cost for a $10,000 buy
- Lighter0.25
- trade.xyz1.74
- Extended1.82
- EntropyIO3.62
- Binance4.94
- Bybit4.95
- Bitget8.30
- OKX9.70
- Gate11.22
- Aster31.21
DRAM funding and open interest
Funding now runs from 0.0% a year on Bybit to 38.9% on EntropyIO, across 11 DRAM markets. A positive rate means that longs pay shorts.
11 DRAM markets report open interest, $178.7 million in total. trade.xyz holds 41% of it ($73.1 million).
Where to trade Memory ETF perpetual futures
| Venue | Market | Max leverage | Funding now | Annual rate now | 7-day mean, annual | Open interest | Book cost (bps) | Taker fee | All-in (bps) | Promo rate, eligible accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| Lighter | DRAM | 20x | +0.0004% / 1 h | +3.5% | — | $999K | 0.25 | 0.000% (API) | 0.25 | — |
| trade.xyz | xyz:DRAM | 20x | +0.0006% / 1 h | +5.5% | +7.7% | $73.1M | 0.84 | 0.0090% (API, live) | 1.74 | — |
| Extended | DRAM-USD | 10x | +0.0014% / 1 h | +12.3% | — | $262K | 0.82 | 0.010% (docs) | 1.82 | — |
| EntropyIO | io:DRAM | 25x | +0.0044% / 1 h | +38.9% | +16.8% | $1.4M | 2.72 | 0.0090% (API, live) | 3.62 | — |
| Binance | DRAMUSDT | 50x | +0.0116% / 8 h | +12.7% | +10.6% | $43.1M | 0.94 | 0.040% (docs, promotion for all accounts) | 4.94 | — |
| Bybit | DRAMUSDT | 100x | 0.0000% / 8 h | 0.0% | +2.7% | $9.2M | 2.20 | 0.028% (docs, promotion for all accounts) | 4.95 | — |
| Bitget | DRAMUSDT | 20x | +0.0227% / 8 h | +24.9% | +4.8% | $23.5M | 2.30 | 0.060% (API) | 8.30 | — |
| OKX | DRAM-USDT-SWAP | 50x | +0.0067% / 8 h | +7.3% | +5.1% | $6.1M | 4.70 | 0.050% (docs) | 9.70 | — |
| Gate | DRAM_USDT | 75x | 0.0000% / 8 h | 0.0% | +14.4% | $2.4M | 3.72 | 0.075% (API) | 11.22 | — |
| Aster | DRAMUSDT | 20x | +0.0040% / 8 h | +4.4% | +4.7% | $715K | 29.96 | 0.013% (docs) | 31.21 | — |
| MEXC | DRAM_USDT | 100x | +0.0115% / 8 h | +12.6% | +10.7% | $17.8M | 0.94 | Not stated for all accounts | — | 0.000% = 0.94 bps (eligible accounts, source, 2026-09-25) |
| Ostium | DRAM/USD | — | — | — | — | — | No DRAM book | Oracle model | — | — |
Method: a $10,000 DRAM market buy fills against each public DRAM book.
The DRAM book cost is that fill price against the mid, in bps. The DRAM all-in cost adds the standard taker fee that every new account gets.
A DRAM promo rate that only eligible accounts get is shown in its own column and is never ranked.
A DRAM book price does not prove that the venue accepts DRAM orders at that time, so check the DRAM hours table.
Annual DRAM funding is the rate per hour times 8,760, with no compounding. The DRAM markets come from venue APIs read on 2026-09-25.
DRAM trading hours and price source by venue
| Venue | Market | Hours | Price source |
|---|---|---|---|
| Aster | DRAMUSDT | 24/7, 5% band off-hours | Several, with Pyth |
| Binance | DRAMUSDT | 24/7, book EWMA weekends | Unnamed data vendors |
| Bitget | DRAMUSDT | 24/7, book EMA off-hours | Pyth, dxFeed, Massive, Intrinio |
| Bybit | DRAMUSDT | 24/7 | Index with Pyth |
| EntropyIO | io:DRAM | 24/7, bands when closed | RedStone |
| Extended | DRAM-USD | Per market in API | Stork, Blue Ocean ATS |
| Gate | DRAM_USDT | Index holds last close | Paid feeds, crypto venues |
| Lighter | DRAM | 24/7 | Pyth Pro (NVDA, TSLA) |
| MEXC | DRAM_USDT | Varies, no trades closed | Not named in docs |
| OKX | DRAM-USDT-SWAP | 24/7 book, anchored weekends | Several providers |
| Ostium | DRAM/USD | Mon–Fri 9:30–16:00 ET | Own feed, Stork nodes |
| trade.xyz | xyz:DRAM | 24/7, bounded off-hours | Relayer, Blue Ocean ATS |
Find your liquidation price with the liquidation price calculator for DRAM. Compare all tickers on the stock perps hub. Read how trade.xyz lists DRAM on Hyperliquid.
Where to Trade Roundhill Memory ETF (DRAM) Perpetual Futures
Fees and leverage limits apply venue-wide; check DRAM terms with the venue.
Roundhill Memory ETF (DRAM) market overview
What the ETF Holds
The Roundhill Memory ETF (DRAM) provides concentrated exposure to companies at the center of the memory chip supply chain, including DRAM producers, NAND flash manufacturers, and — increasingly important — high-bandwidth memory (HBM) suppliers whose components are essential for AI accelerator stacks.
HBM has become a significant revenue driver for companies in this space as GPU makers require it for high-throughput training and inference hardware. That dynamic has made memory stocks closely correlated to AI infrastructure capex in ways that were not true in earlier semiconductor cycles.
Trading a synthetic cash-settled perp on DRAM rather than the ETF shares themselves removes some of the structural features of the ETF — no dividend pass-through, no NAV redemption mechanism — and replaces them with a funding rate that reflects positioning demand on-chain.
On Hyperliquid and Ostium, that funding rate can diverge meaningfully from the ETF's own implied borrowing cost in traditional markets, particularly when retail sentiment on AI memory names runs ahead of fundamentals.
Multi-Venue Dynamics and Sector Timing
DRAM is one of the few assets in this category listed on both Hyperliquid and Ostium, which means traders can compare liquidity and funding across venues. Differences in funding rate between venues indicate directional imbalances specific to each platform's user base rather than a unified market signal.
When both venues show positive funding simultaneously, it suggests broad on-chain demand for leveraged long exposure to the memory sector — a more meaningful signal than a single-venue reading.
The memory sector is historically cyclical, with oversupply phases producing sharp price compression and undersupply phases driving rapid margin expansion.
Because DRAM as an ETF holds multiple names rather than a single stock, idiosyncratic risk is partially diversified, but the sector can move in unison during major supply-demand inflection points or when a dominant player issues guidance that resets expectations for the whole group.
Weekend gap risk applies as with any ETF perp: the underlying shares and ETF NAV cannot reprice until Monday, but the perp trades continuously. Earnings from major holdings can drop over a weekend and immediately move the perp before cash markets open.
Treat elevated open interest heading into heavy earnings periods within the memory sector as a positioning risk, not a confirming signal.
Frequently Asked Questions — Roundhill Memory ETF (DRAM)
What open interest data is available for DRAM?
1 venue report positive DRAM open interest in this read.
The DRAM total leaves out venues outside the read.
How does a Roundhill Memory ETF perpetual futures contract differ from the underlying asset?
A Roundhill Memory ETF perpetual tracks the Roundhill Memory ETF price, with no expiry date and no ownership of Roundhill Memory ETF.
Check each venue for Roundhill Memory ETF trading hours and the price source.
Category: ETFs/Indices