# DRAM perpetual > The DRAM perpetual on Hyperliquid: one share of the Roundhill Memory ETF, a basket of memory makers, and why the memory cycle sits under every accelerator price. Updated 2026-09-06. Canonical: https://gpuquant.com/docs/instruments/dram A perpetual on one share of the Roundhill Memory ETF (Cboe: DRAM), a basket of memory makers. The memory cycle that prices every accelerator's HBM, in one line. Equity exposure, not a GPU rental price. ## What it is The Roundhill Memory ETF holds a basket of memory makers, so one share of it is the memory cycle in one line. Roundhill publishes the holdings and the fee on the fund’s own page. This perpetual is a claim on the price of one DRAM share, quoted in dollars on Hyperliquid and cash-settled, and confers nothing the ETF share does. ## Its place in compute Every accelerator carries stacks of high-bandwidth memory, and the memory makers’ prices are cyclical in a way accelerator prices are not: capacity is added in large steps and prices swing with it. The basket is the way to hold that cycle without choosing which maker wins the next HBM generation. > **Not a GPU price** > > This row is a claim on a token or a company, and a perpetual on it is a leveraged view on that claim. It is not a GPU rental price and it tracks none of the indices on Market Data. ## The contract A perpetual listed by trade.xyz on Hyperliquid's builder-dex layer under the name `xyz:DRAM`. A perpetual on one share of the Roundhill Memory ETF (Cboe: DRAM), a basket of memory makers. It is quoted in US dollars and settled in USDC, and it confers nothing the share does: no ownership, no vote and no dividend. Its collateral sits in a separate pocket of the account at the venue, which the order panel calls the Equities balance, or is drawn from the account's one balance where the account is set to trade every market from it. A perpetual has no expiry. Instead, funding is paid every hour between longs and shorts, in whichever direction pulls the perpetual’s price toward the venue’s index of the underlying, and the panel shows the current rate and the countdown to the next payment. The venue’s market stays open when the listing’s stock exchange is closed, so the perpetual can move while the share cannot, and funding pulls the two back together when the exchange reopens. The venue's maximum leverage on it is **20x**, margin is cross by default, so the whole account backs the position, sizes are in DRAM to 1 decimal, and the smallest order the venue accepts is $10 of notional. Prices are quoted to 2 decimals. Hyperliquid charges its own trading fees, 0.045% on a taker fill and 0.015% on a maker fill at its base tier, and the panel shows the rates that apply to your account where the venue reports them. GPUQuant adds 0.01% of the filled notional, charged by the venue on the fill and never on an order that does not fill. An account enabled from this site is referred by GPUQuant at the venue, which lowers the venue’s own fees; the terms page says by how much. ## Reading it beside the data - [Silicon Data RAM index](https://gpuquant.com/docs/market-data/silicon-data-ram-index): A basket of GDDR6 memory prices, the one memory series on the site, published on business days. - [H100 reference price](https://gpuquant.com/docs/market-data/h100-reference-price): The rental price of the accelerator the memory is stacked on, which is what memory pricing ultimately feeds into. ## Trading it here From the row on Tradable Compute, with an order signed in your own wallet and executed by the venue. The address you log in with is your account at the venue; your collateral stays there and never passes through GPUQuant. The first order signs two one-time approvals, a ceiling on GPUQuant's fee and an agent key held in your browser that signs orders and cannot withdraw; after that every order is signed locally, and what the venue reports as filled is what the page shows. Funding the account, the approvals, the order types and the fees are described once for every instrument on [Tradable Compute](https://gpuquant.com/docs/tradable-compute). ## Risks A perpetual is a leveraged contract. At the venue's maximum leverage a move of a fraction of the price against you liquidates the position, and a fast market can lose more than the margin posted. The liquidation price shown before you confirm is an estimate from the venue's own formula; the venue's engine decides. Prices on the page come from the venue's public feed and can lag or drop, and a market order fills at the book's prices up to the slippage limit shown, not at the price you saw. An ETF’s holdings change when it rebalances, and its fee is charged inside the share price. Nothing on this site is investment, legal or tax advice. The full terms are on [Terms and risk](https://gpuquant.com/terms). ## Sources - [Roundhill Investments](https://www.roundhillinvestments.com/etf/dram/), the project or company behind the underlying. - [Hyperliquid](https://app.hyperliquid.xyz/trade/xyz%3ADRAM), the venue's own view of the market. - [Open an account at Hyperliquid](https://app.hyperliquid.xyz/join/GPUQUANT), with GPUQuant's referral code. - [Tradable Compute](https://gpuquant.com/docs/tradable-compute), how every instrument is executed, funded and charged from this site.