> For the complete documentation index, see [llms.txt](https://docs.paragon.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paragon.trade/markets/rates-and-yields.md).

# Rates & Yields

Perpetual futures on benchmark interest rates. These contracts track a rate rather than a price: the index is the rate itself, expressed in percent.

| Market | Underlying                           | Description                                                                                                    |
| ------ | ------------------------------------ | -------------------------------------------------------------------------------------------------------------- |
| 10Y    | On-the-run 10-year US Treasury yield | Yield on the most recently issued 10-year note, the standard reference for long-term US dollar borrowing costs |

**Basis-point value:** the index is the rate itself, so a one-basis-point move is 0.01 index points whether the market sits at 3% or at 7%. A position's DV01 is fixed by its size alone and does not drift as rates move, making the payoff linear in the rate. Bond intuition does not carry across: a note's sensitivity shifts with the level of yields, while **a perpetual settled on the yield has no convexity**.

**Market hours:** 24/7 trading on Hyperliquid; see [Contract Specifications](/resources/specifications.md#market-specifications) for market coverage and feed details.

**External pricing:** yields are sourced from institutional data providers whenever a source is publishing. See [External Pricing](/markets/rates-and-yields/external-pricing.md).

**Off hours & fallback:** when no source is publishing the oracle advances internally and the mark is held within the market's [Bounds](/trading/bounds-and-anchors.md). See [Off Hours & Fallback](/markets/rates-and-yields/off-hours-and-fallback.md).


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