Report of record—WTI —
The barrel, the token, and the gap between them
Barrelmark sets the live crude and gold marks beside the tokens that claim to track them, measures the gap every hour, and reads the mint itself to show who can print, freeze or move your units. It is a report you can audit, not a pitch.
Source: Hyperliquid xyz:CL perp mark, Jupiter hourly price for the USO token. Indexed to 100 at the first hour shown.1
A commodity token is a promise in three parts: that something real sits in a tank or a vault, that the token supply never exceeds it, and that the market price stays close to its value. Each part can be checked to a different degree. Prices are fully public. The mint is fully public. The reserve itself is only as visible as its issuer chooses to make it. This report keeps those three apart and labels each number with where it came from.
— The Barrelmark desk
II
Pick a token and its underlying. We line up hourly closes from both, convert the token into units of the commodity, and plot how far it trades from the thing it claims to hold.
Loading the plate…
III
Every underlying this report uses, read straight from Hyperliquid's builder-deployed commodity perps. Mark against oracle, the funding carry annualised, and the open interest in dollars. Refreshes every fifteen seconds.
Brent − WTI
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24h hourly marks. Upper line Brent, lower line WTI; the space between is the spread.
| Market | Mark | 24h | Funding, a.r.3 | |||||
|---|---|---|---|---|---|---|---|---|
Reading Hyperliquid…
IV
The chain can tell you who controls the mint. It cannot see a vault. So the checklist has two halves: what we read from Solana for you, and what only the issuer's own documents can answer, which you tick yourself.
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Optional: writes a one-line memo receipt with your grade and a SHA-256 of the checklist, signed by your wallet.
V
A token rarely moves one-for-one with crude. We estimate its sensitivity (beta) from the last seven days of real hourly returns, then apply your scenario. This is a model: past co-movement, not a promise.
Modelled position after the move
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Estimating beta…
VI
Redemption through an issuer can take days and has minimums. Selling on-chain is instant but costs depth. We ask Jupiter for real sell quotes into USDC at four sizes and show what each one would leave behind.
| Sell | You receive | Cost vs mid | ||
|---|---|---|---|---|
| Choose a token and press quote. Quotes are paced at one per second. | ||||
VII
Connect a wallet, or paste any address, and we draw up a statement of the commodity-backed tokens it holds on mainnet: units, value, and what that means in barrels or ounces.
Statement for —
| Instrument | Units | Value | Actions | |
|---|---|---|---|---|
| No address yet. | ||||
| Total | — | |||
VIII
IX
Every figure on this page, where it comes from, and what it does not prove.
Hourly closes for the token come from Jupiter's chart service; hourly closes for the commodity come from Hyperliquid perp candles. We join them on the hour. When a token states a fixed claim (one PAXG is one troy ounce), the gap is token ÷ (units × mark) − 1. When the claim drifts, as with a fund share, we use the window's median ratio as the implied claim and call the result tracking drift.
Twelve automatic checks read the mint through Solana mainnet and Jupiter's asset index. Six manual items come from you. Each carries a weight; the grade is the weighted share passed. A low automatic score means the issuer keeps strong powers over holder balances, which is common for regulated issuers; the manual half is where they earn it back. No grade can show that a reserve exists.
Ordinary least squares of token hourly log returns on underlying hourly log returns, over hours where both series printed. Weekend hours with a flat underlying are dropped. The residual band is one standard deviation of the unexplained part, scaled to a single move.
Jupiter swap quotes, exact-in, token to USDC, at 1,000, 10,000, 50,000 and 250,000 dollars of token at the live mid. Cost is 1 − received ÷ (size at mid). Quotes are indicative; a real fill can differ by the time you sign.
X
No. Barrelmark is a reading desk. It issues nothing, holds nothing and redeems nothing. It looks at tokens other people issue and reports what the public record says about them.
Not by itself. A backed token has to mint when reserves grow and burn when they shrink, so an issuer-held mint authority is normal. What matters is whether the issuer publishes attestations that match the on-chain supply, which is why the checklist shows that supply next to your tick.
Because buying on-chain is instant and redeeming is not. When the underlying market is closed, or redemption has minimums, the token price carries a liquidity premium or discount. The gap plate shows how wide it gets and how fast it closes.
It shares your public address and nothing else. We use it to draw up your holdings statement, to prefill the calculator with your real position, and to list your tokens in the checklist. Filing a grade on-chain is the only action that asks your wallet to sign, and you review it first.
Solana mainnet-beta, through a read-only RPC proxy on this site. Commodity marks come from Hyperliquid mainnet. Token prices and quotes come from Jupiter.
Trust its parts. The automatic half reads facts from the chain. The manual half is only as good as your reading of the issuer's documents. Neither half can confirm that a vault is full.
MemoSq4gqABAXKb96qnH8TysNcWxMyWCqXgDLGmfcHr—Memo text, public forever:
This is irreversible. Once confirmed, the memo stays on the public ledger.