GET /spread/{coin}

$0.015 USDC

The spread between Hyperliquid’s impact prices for one perpetual, slippage estimates at four order sizes, and a 1–10 liquidity score. The impact spread is not the top-of-book bid-ask spread: Hyperliquid’s impact prices are the average fill of an impact-size market order. The slippage figures come from a formula on that spread, not from the order book, and are the same for buys and sells.

Request

GET https://api.cerebruspulse.xyz/spread/{coin}

Path Parameters

Parameter	Type	Required	Description
`coin`	string	Yes	Market symbol, case-insensitive (`BTC`, `ETH`, `SOL`). `GET /coins` lists them.

Response

Field	Type	Description
`endpoint`	string	`spread`
`coin`	string	The symbol, upper-case
`market_symbol`	string	Hyperliquid’s name for the market (`kPEPE` for PEPE)
`price_unit`	string	What prices are quoted per: `1 BTC`, or `1000 PEPE` for a 1000-token market
`timestamp_iso`	string	When the response was computed (UTC)
`spread.impact_spread_bps`	number	`(impact_ask − impact_bid) / mid × 10000`
`spread.bid_ask_spread_bps`	number	Deprecated: the same impact spread under an old name (see `meta.deprecated`)
`spread.impact_bid`	number	Hyperliquid’s impact bid price
`spread.impact_ask`	number	Hyperliquid’s impact ask price
`spread.mid_price`	number	Midpoint of the two impact prices
`spread.mid_price_source`	string	`impact_prices`
`spread.estimated_slippage_bps.<size>`	number	Estimated slippage in basis points for a market order of `$10k`, `$50k`, `$100k` or `$500k`
`spread.slippage_model.formula`	string	`impact_spread_bps / 2 * sqrt(notional_usd / 1e6)`
`spread.slippage_model.calibrated`	boolean	`false`: not measured against fills or the book
`spread.slippage_model.side_aware`	boolean	`false`: one figure for both buys and sells
`spread.liquidity_score`	number	10 (impact spread < 2 bps), 8 (< 5), 6 (< 10), 4 (< 20), 2 (< 50), else 1
`meta`	object	Common metadata (Response Schemas)
`meta.offering`	string	`pulse_spread`
`meta.deprecated`	object	Fields kept for old clients, each with what to read instead

Example

GET /spread/BTC: real engine output on market data captured at 2026-09-24 17:05 UTC. Lists are cut to 3 items. Live responses may also carry meta.disclaimer, which the gateway adds.

{
  "endpoint": "spread",
  "coin": "BTC",
  "market_symbol": "BTC",
  "price_unit": "1 BTC",
  "timestamp_iso": "2026-09-24T17:05:00Z",
  "spread": {
    "impact_spread_bps": 1.73,
    "bid_ask_spread_bps": 1.73,
    "impact_bid": 84485.4,
    "impact_ask": 84500,
    "mid_price": 84492.7,
    "mid_price_source": "impact_prices",
    "estimated_slippage_bps": {
      "$10k": 0.09,
      "$50k": 0.19,
      "$100k": 0.27,
      "$500k": 0.61
    },
    "slippage_model": {
      "formula": "impact_spread_bps / 2 * sqrt(notional_usd / 1e6)",
      "calibrated": false,
      "side_aware": false
    },
    "liquidity_score": 10
  },
  "meta": {
    "provider": "Cerebrus Pulse",
    "offering": "pulse_spread",
    "execution_ms": 0,
    "data_age_seconds": 60,
    "deprecated": {
      "spread.bid_ask_spread_bps": "the impact spread, not the top-of-book bid-ask; read spread.impact_spread_bps"
    },
    "sources": [
      {
        "name": "Hyperliquid",
        "url": "https://hyperliquid.xyz"
      }
    ]
  }
}

Errors

Status	Reason
400	No impact prices for the market (not charged)
402	Payment required (the standard x402 flow)
404	Unknown coin (before any price is quoted)
429	Rate limit exceeded
503	Service disabled, payments down, or the market data feed is missing or stale; no price is quoted
504	Engine timeout (not charged)