Most questions about stock perps name a ticker. What is funding on the NVDA perp. Where is the S&P 500 perp trading. An agent answers those with a lookup. The harder questions name no ticker at all. Which perp has the most negative funding. Where is open interest building. Those need the whole market, sorted, and an agent that fetches one name at a time will never get there.
The tool
On NoVo’s MCP server the tool is get_perps. It needs a paid key. It returns every stock, index, commodity and currency perp trading on Hyperliquid’s builder books, and it ranks them before they reach the agent. The summary tool, get_stocks_onchain, returns only the largest markets, which is the right size for a quick read and the wrong size for a ranking. If the two kinds of tool are new to you, one ticker or the whole market covers the difference.
What you can sort by
The agent passes a sort. The choices are open interest, volume, funding from the high end, funding from the low end, premium to the oracle, the day’s change, and the change in open interest. Each one answers a different question. Funding from the low end finds the markets where shorts are paying longs. Premium finds the perps trading furthest from the price they follow. A symbol narrows the board to one ticker, and a limit sets how many rows come back.
One ticker, several books
A perp on this venue is named by its book and its symbol together. The same stock can list on more than one book, each with its own price and its own open interest. The tool returns them as separate rows and never adds them up. An agent that sums them has invented a market that does not exist. Ask it to name the book whenever it quotes a figure. The mechanics are in how a perpetual price is formed.
Small markets rank first
Sort by funding and the top of the list is usually a thin market. A small book can carry an extreme rate because very little money is needed to push it there. That is a true reading and a poor headline. Ask the agent to give open interest beside every rate it quotes, so you can see whether the rate describes a crowd or a handful of positions. The same care applies to any funding question you put to an agent.
What the averages are measured over
Two of the fields come from NoVo’s own record. They are average funding and the change in open interest. That record began on 4 October 2026, and the answer carries a field saying how many hours it spans. A good agent quotes the span with the figure. A short record is a short record, and it should never be described as a week.
What it will not tell you
The board is positioning and price on one venue. It says who is paying whom and where the size sits. It does not say which way a stock will move, and NoVo’s tools never do. There is also no perp on the Russell 2000 or on IWM, so a ranking of index perps has two entries where a trader might expect three.
The same board is on the Stocks On-Chain tab of the Crypto Market Map, and the tool is listed with the rest on the MCP & API page.