Join with code HOLYGRAIL before you connect anywhere else: 4% off fees on your first $25M, xyz markets included; a code cannot be added after $10,000 of volume. Not available to persons in the US, Ontario (Canada) and sanctioned jurisdictions (plus citizens of sanctioned jurisdictions); trade.xyz markets also exclude the US, Canada, the UK and sanctioned territories (Japan not named; the operator may add jurisdictions). We earn a commission when you sign up through our links; it never raises your fees.
Markets such as xyz:NVDA, xyz:TSLA and xyz:SP500 (the only officially licensed S&P 500 perpetual) sit on Hyperliquid's own order book, so you trade them from app.hyperliquid.xyz with the same account and USDC you use for BTC, 24/7, with up to 20x leverage on large single stocks. Right now xyz lists 101 stock perps among 120 live markets, with $4.67B traded in 24h (Tue, 03 Nov 2026 12:27 UTC). Most run in growth mode, so the fee is 0.009% taker / 0.003% maker, a fifth of Hyperliquid's BTC fee, and HOLYGRAIL takes another 4% off.
Every live xyz stock perp on Hyperliquid, what trade.xyz is and who runs it, what the fees really are once growth mode is counted, how weekend pricing, discovery bounds and stock splits work, trading hours, what went wrong in 2026, and which interface keeps your referral discount.
By Cipher Intelligence Editorial Team · Published · Updated · 13 min read · Live data from api.hyperliquid.xyz, docs.trade.xyz and the order tickets on app.hyperliquid.xyz and app.trade.xyz · How we verify
What changed on this page (1)
— Pre-IPO markets: added trade.xyz's Anthropic market (xyz:ANT, priced per expected share) and how it differs from Entropy's io:ANTH, with a link to the Anthropic pre-IPO page.
Not the PURR stock. Hyperliquid itself is not a listed company. "PURR" in stock quotes is Hyperliquid Strategies Inc. (Nasdaq), a separate HYPE treasury company, not these perps (more in section 1).
Available in the US? No: Hyperliquid's terms exclude the US and Ontario, and trade.xyz's exclude the US, Canada and the UK. See Hyperliquid restricted countries.
Hours: 24/7 trading; US stock prices follow the real market 24/5, Sunday 8:05 PM to Friday 8:00 PM ET, and the xyz order book sets the price on weekends and holidays (trading hours).
Every xyz (trade.xyz) stock perp on Hyperliquid right now
The 15 most traded xyz stock perps, live from the Hyperliquid API (Tue, 03 Nov 2026 12:27 UTC), out of 101; the other 86 are listed below the table.
Source: api.hyperliquid.xyz metaAndAssetCtxs for dex "xyz" and the deployer's own category tags, fetched Tue, 03 Nov 2026 12:27 UTC; rolling 24h notional volume. "Cross" means cross margin is allowed, "Isolated" means isolated margin only. Rebuilt every 6 hours. Indices, commodities and FX are in section 2.
Other HIP-3 deployers list 31 more stock perps on Hyperliquid (para 23, io 8); they are compared with xyz in the HIP-3 guide.
trade.xyz at a glance
What it is
The team that deploys the "xyz" perp DEX on Hyperliquid through HIP-3, plus a non-custodial web interface (app.trade.xyz) and HIP-4 "Events" markets
Who operates it
XYZ Ltd, per the trade.xyz Terms of Use (last updated September 6, 2026; governed by British Virgin Islands law)
Built on Hyperliquid?
Yes. Orders, matching, margin, funding and liquidations run on HyperCore; every market has an xyz: prefix
What you trade
USDC-margined perpetual futures on stocks, equity indices, commodities, FX and pre-IPO companies — not shares
Markets
120 live markets (API, Tue, 03 Nov 2026 12:27 UTC), including the officially licensed S&P 500 perpetual
Trading hours
24/7. US stocks use external prices 24/5, Sunday 8:05 PM to Friday 8:00 PM ET; internal (order-book) pricing Friday 8:00 PM to Sunday 8:05 PM ET, plus US equity holidays
50x on the S&P 500, 30x on XYZ100, 10–20x on single stocks
KYC
None — connect a wallet or log in with email
Restricted
US, Canada and UK persons (trade.xyz Terms); US and Ontario (Hyperliquid's interface)
Referral discount
Hyperliquid referral codes apply to HIP-3 markets (HIP-3 spec, point 6): 4% off with HOLYGRAIL on your first $25M
1. What trade.xyz is, who runs it, and what it is not
Hyperliquid's HIP-3 (builder-deployed perps) lets anyone who stakes 500,000 HYPE deploy their own perpetual futures exchange on HyperCore. That stake must stay in place for at least 183 days after the dex is deployed. The first 3 markets are free to list, and each one after that goes through a Dutch auction shared by all HIP-3 dexs. The deployer defines each market, runs its oracle and sets leverage limits. HyperCore still does the matching, margining, funding and liquidations, the same as for BTC or ETH. Validators can slash the deployer's stake by vote if it runs its markets maliciously or feeds irregular inputs. Note that a slashed stake is burned, not paid out to traders, so slashing is a deterrent, not insurance.
trade.xyz (it writes its name as trade[XYZ]) runs the deployment called xyz. Every one of its markets has an xyz: prefix: xyz:NVDA, xyz:SP500, xyz:CL. According to its architecture page, relayers maintained by the trade.xyz team publish oracle, mark and external prices to HyperCore about every three seconds. The deployer address is 0x88806a71…0888. The web interface at app.trade.xyz is operated by XYZ Ltd, according to the Terms of Use (last updated September 6, 2026, governed by British Virgin Islands law). The docs themselves say that interface "is not the exclusive way to access trade[XYZ] markets". trade.xyz also runs Events, fully collateralized outcome contracts on Hyperliquid's HIP-4 with no leverage or liquidations, under a separate deployment called txyz.
Three things make it more than a side project:
The licensed S&P 500. On March 18, 2026, S&P Dow Jones Indices announced that it had licensed the S&P 500 to trade[XYZ] for perpetual contracts on Hyperliquid. It called the product the "first and only officially licensed S&P 500 perpetual", available to "eligible, non-US investors". That is xyz:SP500, one of the most traded xyz markets (#4 by 24h volume on Tue, 03 Nov 2026 12:27 UTC).
Its share of HIP-3. On Tue, 03 Nov 2026 12:27 UTC, 10 HIP-3 perp DEXs were deployed and 4 had live markets; xyz did $4.67B of the $4.74B traded across them, about 99%. The other deployers are compared in our HIP-3 guide. On July 27, 2026 trade.xyz reported $408.4B of cumulative volume and a peak of 60.6k daily traders, and on July 29 a record $8.1B day.
Charting support. Since July 2, 2026, TradingView carries xyz charts under the HIP3XYZ: prefix, next to HYPERLIQUID: for the native markets. See Hyperliquid on TradingView.
What it is not: tokenized shares, a broker, or a custodian. The contract is settled in USDC and trade.xyz never holds your funds. It is also not "Hyperliquid stock".
Searching for "Hyperliquid stock"? Hyperliquid is not a public company. The ticker you see in stock quotes is PURR, which belongs to Hyperliquid Strategies Inc. (Nasdaq), a separate digital-asset treasury company that holds HYPE. You can trade that stock on Hyperliquid itself as xyz:PURRDAT, with up to 10x and isolated margin only. Unlike most xyz markets it is not in growth mode, so it pays the full 0.090% taker fee. To own HYPE, the token, you use Hyperliquid's spot market instead (how to use Hyperliquid).
2. Every xyz market today: categories, volume, leverage
Live from the API (Tue, 03 Nov 2026 12:27 UTC): xyz has deployed 142 assets, of which 120 are tradable and the rest delisted. Grouped by the deployer's own category tags, with rolling 24h volume:
Category
Live markets
24h volume
Examples
Stocks
101
$2.61B
US mega-caps (NVDA, TSLA, AAPL, META, GOOGL, AMZN, MSFT), memory and chip names (MU, SNDK, AMD, INTC), crypto equities (COIN, HOOD, MSTR, CRCL), Korean (SK hynix, Samsung, Hyundai), Japanese (SoftBank, Kioxia) and Chinese names, plus country and sector ETFs
Commodities
9
$1.30B
WTI and Brent crude, gold, silver, copper, natural gas and other metals
Equity indices
5
$738M
S&P 500, XYZ100, Japan 225 (JP225), Korea 200 (KR200)
FX
3
$5M
Major currencies against USD
Pre-IPO
2
$13M
Private companies before listing
The ten most traded xyz markets of any type (24h notional volume, open interest valued at the mark price, maximum leverage):
Total open interest across xyz is $4.26B, and xyz does about 99% of all HIP-3 volume (every deployer is compared in our HIP-3 guide). Leverage is set per market: 87 markets allow 10x, 25 allow 20x, and the top tier, 50x, covers SP500, JPY, EUR, GBP. Some other guides still say xyz equities are "capped at 5x". The live API does not show that: the lowest maximum, 5x, applies only to OURA, and trade.xyz's changelog entry dated June 12 raised TSLA, META, MSFT, GOOGL and AMZN from 10x to 20x. Most single stocks are isolated-only. Only 22 large, liquid markets allow cross margin: CL, BRENTOIL, XYZ100, SP500, SKHX, SNDK, SILVER, AAPL, MU, NVDA, DRAM, INTC, SKHY, GOOGL, SPCX, CRCL, GOLD, TSLA, AMZN, META, MSFT, ANT. Each market also has an open-interest cap, and a market at its cap can stop taking new size. Volume is concentrated, so check the book before you size a position in a small name. Every native and HIP-3 ticker is in our Hyperliquid trading pairs list.
xyz:SP500 on app.hyperliquid.xyz, September 24, 2026. Note the "deployed independently by xyz" banner and the fee line: 0.0090% / 0.0030%, with the normal 0.0450% / 0.0150% struck through.
3. trade.xyz fees: 2x on paper, 0.2x in practice
Headlines about HIP-3 say it costs "double". That is the standard rate. trade.xyz's fee page says standard HIP-3 fees are 2x the fees on validator-operated perps, with 50% going to Hyperliquid and 50% to trade.xyz. On the API every xyz market has deployerFeeScale = 1.0, which is what produces that 2x.
The part most guides skip is growth mode. Hyperliquid's fee docs say that for a HIP-3 market in growth mode, all-in fees drop by at least 90%, and so do rebates and volume credit toward your fee tier. On Tue, 03 Nov 2026 12:27 UTC, 115 of the 120 live xyz markets had growth mode enabled. The exceptions (GOLD, MSTR, PURRDAT, STRC, BMNR) are the kinds the rules exclude: gold (PAXG already tracks it on spot) and crypto-linked stocks and wrappers. The order ticket confirms it. On xyz:SP500 it shows 0.0090% / 0.0030% with Hyperliquid's usual 0.0450% / 0.0150% struck through.
Market type (base tier, no staking)
Taker
Maker
Taker fee on $10,000
Hyperliquid crypto perps (BTC, ETH…)
0.045%
0.015%
$4.50
xyz market in growth mode (most stocks, indices, oil, silver)
0.009%
0.003%
$0.90
… with code HOLYGRAIL (−4%)
0.00864%
0.00288%
$0.86
xyz market without growth mode (GOLD, MSTR, BMNR, STRC, PURRDAT)
0.090%
0.030%
$9.00
A worked example: opening and closing a $10,000 NVDA position with market orders costs $1.80 in fees ($1.73 with HOLYGRAIL). The same round trip on BTC costs $9.00, and on gold $18.00 (our Hyperliquid gold guide covers that market). Fee tiers, HYPE staking discounts (5–40%) and referral discounts all apply on top, and xyz volume counts toward your single Hyperliquid fee tier. There are two caveats. First, growth mode is the deployer's choice and has a 30-day cooldown per asset, so check the ticket before a big trade. Second, growth mode cuts the volume credit toward your fee tier by 90% too. Funding is the other running cost: xyz applies a 0.5x multiplier to Hyperliquid's funding formula, and on September 24 many markets sat at the baseline of 0.000625% per hour. Full schedule: Hyperliquid fees explained.
4. Where to trade xyz markets: the cheapest route
This is the part no other guide checks. We looked at both interfaces on September 24, 2026:
Interface
xyz markets?
Fee on a growth-mode market
Builder fee on top
Your referral discount
app.hyperliquid.xyz
Yes — every xyz market (search "xyz" or open /trade/xyz:SP500)
0.009% / 0.003% (same)
None
Yes — HOLYGRAIL via /join/HOLYGRAIL
app.trade.xyz
Yes — built for xyz; also shows other Hyperliquid markets
0.009% / 0.003% (same)
None found (orders are built without a builder field)
Applies its own code automatically unless you arrive with ?ref=CODE
Third-party apps (mobile front-ends)
Often, depending on the app
Hyperliquid fee + the app's builder fee
Usually yes
Yes — 4% off Hyperliquid's part of the fee (not off the builder fee); enter your code before connecting, as apps often set their own
app.hyperliquid.xyz lists every xyz market alongside the native perps. The trade page carries the notice "S&P500-USDC is a perp market deployed independently by xyz", and there is a one-time HIP-3 deployer disclaimer to accept. The official interface never attaches a builder code, so you pay only Hyperliquid's fee, with your referral discount applied.
app.trade.xyz shows exactly the same 0.0090% / 0.0030% fee line. Its production code builds orders without a builder field, so there is no extra fee. It adds conveniences: company names under each ticker, a live Bounds page, and its HIP-4 Events markets. One detail matters for referrals, though. When you connect, the site checks whether your Hyperliquid account already has a referrer. If it does not, it sets trade.xyz's own code (TRADEXYZ1 in the site's code). If you arrive with a ?ref=CODE link, it uses that code instead. A Hyperliquid account can only ever have one referrer.
What we recommend: open your account with code HOLYGRAIL first (step 1 of the steps below). You get 4% off every trade on your first $25M of volume, on xyz markets and native perps alike. That is documented: point 6 of the HIP-3 spec says HIP-3 markets "incorporate the usual sources of trading fee discounts, including staking discounts, referral rewards". After that you can trade from app.hyperliquid.xyz or from app.trade.xyz. Your referral is already set, so trade.xyz will not replace it, and both interfaces charge the same fee. If you later trade through a third-party app, nothing changes: the referral discount also applies to orders placed through apps with a builder code, with the app's builder fee added on top. If you would rather trade on trade.xyz, still set the code through the join link above first, then connect the same wallet to trade.xyz. Do it early: a code cannot be entered once an account has traded more than $10,000.
We may earn a commission when you sign up through links on this page; it does not change your fees.
5. How to trade a stock perp on Hyperliquid, step by step
Create or connect your account via the HOLYGRAIL link, before step 2: every xyz position is margined in this account, and the code is set once your first deposit lands. Log in with email (6-digit code) or connect a wallet (Rabby, MetaMask, WalletConnect, Coinbase Wallet), then click Enable Trading, which is a gas-less signature. No KYC is involved.
Deposit USDC. All xyz markets are margined in USDC. Send at least 5 USDC on Arbitrum, Ethereum, Base or Polygon, or withdraw directly from an exchange that supports Hyperliquid. See the deposit guide.
Find the market. Open the market selector and type the ticker (NVDA, TSLA, SP500), or go straight to app.hyperliquid.xyz/trade/xyz:NVDA. xyz markets show an "xyz" badge next to the name. Accept the HIP-3 deployer disclaimer once.
Check the ticket before sizing: the max leverage badge (10x/20x/50x), whether the market is Cross or isolated-only, and the fee line (0.0090% means growth mode is on).
Set leverage low. Stock perps gap. 2–3x on single stocks leaves room for an earnings move or a Monday reopen. Place a limit order, or a market order within the 8% default max slippage, and attach Take Profit / Stop Loss. Triggers use the mark price.
Watch funding and corporate actions. Funding settles hourly. Crowded names drift away from the baseline (SNXX was −0.058%/h on September 24). Before a stock split, trade.xyz settles the market and cancels your TP/SL, so read its corporate-actions notices.
Close or withdraw from the same page. Arbitrum USDC withdrawals cost 0.2 USDC plus a tiny HyperEVM gas fee in HYPE.
app.trade.xyz on September 24, 2026 (SpaceX, SPCX-USDC, 20x). Same order book and the same 0.0090% / 0.0030% fee as on app.hyperliquid.xyz; no builder fee line.
6. The risks that are specific to xyz markets
Trading hours, weekends and holidays
The perps themselves never close: you can trade xyz:NVDA at 3 AM on a Sunday. What changes with the clock is where the price comes from. While the underlying market (or its pre-market, post-market and overnight venues) is open, trade.xyz's relayer feeds that external price to the oracle. When it is closed, the oracle switches to internal pricing: an exponentially weighted average (time constant 30 minutes) pulled toward the xyz order book's own bid and ask. From the market pages, read October 15, 2026:
Market
External (real-market) pricing
Internal (order-book) pricing
US stocks (NVDA, TSLA, AAPL…)
24/5, Sunday 8:05 PM to Friday 8:00 PM ET: pre-market 4:00–9:30 AM, regular 9:30 AM–4:00 PM, post-market 4:00–8:00 PM, overnight 8:05 PM–4:00 AM ET (overnight via Blue Ocean ATS)
Friday 8:00 PM to Sunday 8:05 PM ET, plus US equity holidays
Indices and commodities (SP500, oil, gold)
Futures hours, Sunday 6 PM to Friday 5 PM ET
Daily maintenance window 5–6 PM ET, Monday to Thursday, weekends, futures holidays
Japanese stocks (SoftBank, Kioxia)
Day session 8:20 AM to 4:30 PM JST, night session 5:00 PM to 11:59 PM JST
Outside those sessions, weekends, Tokyo holidays
Korean stocks (SK hynix, Samsung)
Main 9:01 AM to 3:20 PM KST, after-hours 4:05 to 8:00 PM KST (no pre-market since the docs change; read October 19, 2026)
Gaps between sessions; weekends Friday 8:00 PM to Monday 9:01 AM KST
US market holidays also run on internal pricing; the rest of 2026 per trade.xyz's holiday calendar: November 26 (closed), November 27 (early close 1 PM ET), December 24 (early close 1 PM ET), December 25 (closed). On weekends and holidays, the xyz order book is the price discovery, and when the home market reopens the oracle snaps back to the external price on the next tick. That is the moment weekend positions get liquidated, as the Kioxia case below shows.
Discovery bounds
To keep that internal session sane, the mark price may only move within a band around a reference price, usually ±(1 / max leverage). Once it gets 90% of the way to the edge, the reference re-anchors, up to a set number of "resets" per direction. Examples from the specification index: NVDA and TSLA ±5% with 2 resets, so at most about +15.8% / −14.3% over a weekend. S&P 500 ±2% with 1 reset. Kioxia and SoftBank ±10% with 2 resets. Two consequences follow:
If your liquidation price is outside the active bound, you cannot be liquidated while the bound holds. This is protection, not immunity.
When external pricing resumes, the reference jumps to the real price. If the stock gaps beyond your liquidation level (earnings, news), you are liquidated at the reopen, and the gap can exceed what the weekend bound allowed.
Oracle prints and corporate actions
During external hours the oracle follows the real venue. That includes thin pre-market sessions, where a single odd trade can move the mark price (see the SK hynix case below). Dividends are not paid to perp holders; their effect shows up through price and funding instead. Stock splits cannot be rescaled on Hyperliquid, so trade.xyz settles every open position at a set price and reopens the market on the new share basis. Your P&L is realized, your orders are cancelled, and you must reopen the position yourself.
Pre-IPO markets
Pre-IPO perps (only OURA was live on September 24) have no external price at all. The starting reference is set by trade.xyz and, in its own words, "is not a forecast". Funding runs at 1% of the normal rate. After a listing the market converts to a normal equity perp, and unusual listings (SPAC, direct listing, foreign exchange) may be handled by conversion or settlement. Read the pre-IPO page before trading one. trade.xyz now also lists Anthropic as xyz:ANT, priced per expected share, next to Entropy's io:ANTH, which quotes the same company by its total value; the units, the listing rules and how to trade Anthropic before its IPO on Hyperliquid have their own page.
Deployer and liquidity risk
The deployer can halt and settle a market at the mark price. Thin names have wide books. Isolated-only markets cannot use your cross-margin balance. Most xyz markets are also excluded from the onchain backstop liquidator, which only takes cross-margin assets, so auto-deleveraging is more likely on the long tail. There is no investor-protection scheme behind any of this: HyperCore holds the margin, trade.xyz is not a broker, and any compensation is at its discretion.
app.trade.xyz/discovery-bounds: the live bound and reset count for each market. Check it before holding a leveraged stock perp over a weekend.
7. What actually happened in 2026: four dated events
Mechanics on paper are one thing. These are the events that tested them, taken from trade.xyz's own posts and docs and from our own price data:
Date
Market
What happened
July 27, 2026
SK hynix
One pre-market print on the primary Korean venue took the mark price from $1,127.9 to $917.25 at 23:01 UTC and liquidated leveraged longs. trade.xyz said the oracle "worked as intended" but chose to cover the liquidation losses.
July 31, 2026
Kioxia, SoftBank Group
Both hit limit-up and were halted on the Tokyo Stock Exchange. The xyz markets switched to internal pricing until Tokyo reopened after the weekend (discovery bound 10%, two resets).
September 19–23, 2026
Kioxia
Tokyo was closed for five days (weekend plus three holidays). xyz:KIOXIA kept trading on internal pricing, rose 13%, then gave it all back when Tokyo reopened almost unchanged (our measurement below).
September 28, 2026
Kioxia
3-for-1 stock split: every open KIOXIA position is settled at ~06:35 UTC and all orders, including TP/SL, are cancelled. The market reopens around 07:30 UTC on the post-split basis.
SK hynix: one print, then compensation
On July 29, 2026 trade.xyz wrote that the drop to $917.25 "was based on an executed trade which was relayed by multiple independent data providers" on the primary Korean pre-market venue, and that the oracle "worked as intended according to its specification". It still decided "to cover liquidation losses attributable to this anomaly". It called this "a one-time discretionary decision" and "not a guarantee of similar future action". On August 1 it paid out, measuring each eligible liquidation against a reference price of $1,115.5. Amounts under 10,000 USDC were credited in full. Larger ones got 9,999 USDC first, with the rest after enhanced due diligence through support. The docs changelog for July 28 also moved the start of external pricing for Korean stocks from 8:00 to 8:10 AM KST; by October 19, 2026 the docs had dropped Korean pre-market external pricing altogether (external prices now start with the main session, 9:01 AM to 3:20 PM KST). The lesson: tight stops and high leverage in a thin pre-market session can be liquidated by a single trade, and the next refund is not promised.
Kioxia during Tokyo's five-day closure (our measurement)
The Tokyo Stock Exchange was closed from Saturday, September 19 to Wednesday, September 23, 2026 (weekend plus three holidays, all listed in trade.xyz's holiday calendar). We pulled hourly candles for xyz:KIOXIA from the Hyperliquid API. After Friday's night session it closed the 15:00 UTC hour at $351.54. On internal pricing it then climbed to a high of $397.11 (+13%) on September 22–23. When Tokyo reopened on September 24, Kioxia closed at ¥54,580, almost exactly its ¥54,570 close of September 18 (Yahoo Finance data). xyz:KIOXIA fell back to $345.20 by 06:00–07:00 UTC that day, down 13% from the holiday high. A 10x long opened near the holiday high would have been liquidated on the way down, even though the real stock barely moved. The takeaway: on a closed-market day, the xyz price is the xyz order book's opinion, not a quote.
Kioxia's 3-for-1 split
Per trade.xyz's notice, xyz:KIOXIA trades normally until 06:30 UTC on Monday, September 28, 2026, then enters reduce-only. Trading halts at 06:35–06:40 UTC. All positions are settled at Kioxia's official Tokyo close (TSE: 285A) converted at the oracle's USD/JPY rate, with no trading fee, and all orders, including take-profit and stop-loss, are cancelled. The market reopens around 07:30 UTC at a reference price of the settlement price ÷ 3, keeping the same xyz:KIOXIA ticker. If you want exposure afterwards, you open a new position.
8. Is trade.xyz worth it? Who it suits
You want…
xyz on Hyperliquid
Watch out for
Weekend or overnight exposure to NVDA, TSLA, the S&P 500 or oil
Yes — trades 24/7 with USDC margin
Discovery bounds; Monday gap risk
Cheap short-term trading of US large caps
Yes — 0.009% taker in growth mode
Growth mode can be switched off per asset
Asian stocks (SK hynix, Samsung, SoftBank, Kioxia) in USD
Yes — oracle converts KRW/JPY to USD
Home-market hours, holidays, limit-up halts
Long-term investing, dividends, voting
No — buy the shares at a broker
Hourly funding on a long hold; splits settle your position
Hedging crypto with an index
Yes — SP500 at up to 50x, cross margin
Unified margin means one bad leg affects the rest
Hyperliquid is not the only venue with stock perps. Lighter, edgeX, Ondo Perps and Polymarket Perps list US equities too. If you try them, our codes are HOLYGRAIL on edgeX (edgeX's own program, separate from our Hyperliquid code) and AGHSGT on Ondo Perps. But xyz has by far the most on-chain volume in these markets, it carries the only licensed S&P 500, and it shares a margin account with the deepest crypto perp book in DeFi. For the wider picture, see our best perp DEX comparison and the Hyperliquid review.
Before your first stock perp: open the Hyperliquid account with HOLYGRAIL
Every xyz market trades from a funded Hyperliquid account, whichever interface you use. Join with code HOLYGRAIL before you connect anywhere else: 4% off fees on your first $25M of volume, xyz markets and native perps alike. A code cannot be added after $10,000 of volume.
Not available to persons in the US, Ontario (Canada) and sanctioned jurisdictions (plus citizens of sanctioned jurisdictions); trade.xyz markets also exclude the US, Canada, the UK and sanctioned territories (Japan not named; the operator may add jurisdictions).
FAQ
Does Hyperliquid have stocks?
Yes, as perpetual futures rather than shares. Since HIP-3, builders can deploy their own perp markets on Hyperliquid, and the deployer xyz (trade.xyz) lists stock perps such as xyz:NVDA, xyz:TSLA and xyz:SP500. They are USDC-margined, run 24/7, pay hourly funding and trade from your normal Hyperliquid account with up to 10–20x leverage on single stocks (50x on the S&P 500). You get price exposure, but no ownership, dividends or voting rights.
Is Hyperliquid stock trading available in the US?
No. Hyperliquid's interface terms exclude persons in the United States and Ontario, and trade.xyz's own Terms of Use list the United States, Canada and the United Kingdom as restricted. That covers xyz stock perps too. Check the rules for your own country before depositing.
What are the trading hours for Hyperliquid stocks?
The perps trade 24/7. For US stocks, trade.xyz takes external prices 24/5, Sunday 8:05 PM to Friday 8:00 PM ET (pre-market 4:00–9:30 AM, regular 9:30 AM–4:00 PM, post-market 4:00–8:00 PM, overnight 8:05 PM–4:00 AM ET). Outside that window, Friday 8:00 PM to Sunday 8:05 PM ET, plus US equity holidays, the oracle runs on internal pricing driven by the xyz order book, within discovery bounds. Remaining 2026 US holiday closures: November 26 (closed), November 27 (early close 1 PM ET), December 24 (early close 1 PM ET), December 25 (closed).
What is trade.xyz?
trade.xyz (styled trade[XYZ]) is the team behind the "xyz" HIP-3 deployment on Hyperliquid: 120 live markets (API, Tue, 03 Nov 2026 12:27 UTC) on US and Asian stocks, equity indices, commodities, FX and pre-IPO companies. The markets live on Hyperliquid's HyperCore order book, so they can be traded from app.hyperliquid.xyz as well as from trade.xyz's own non-custodial interface at app.trade.xyz. You trade USDC-margined perpetual futures, not shares.
Is trade.xyz built on Hyperliquid?
Yes. trade.xyz deploys its markets through Hyperliquid's HIP-3 (builder-deployed perpetuals) under the deployment name "xyz". trade.xyz defines listings, oracle inputs, leverage limits and other market parameters, while HyperCore processes orders, matching, margin, liquidations, funding and settlement on-chain. Its Events product uses HIP-4 under the name "txyz".
Who created trade.xyz?
The trade.xyz interface is operated by XYZ Ltd, according to its Terms of Use (last updated September 6, 2026, governed by the laws of the British Virgin Islands). The docs say the xyz deployment's oracle relayers are maintained by "the trade[XYZ] team" and list the deployer address 0x8880…0888. The official docs do not name individual founders.
Is Hyperliquid a public company? What is PURR stock?
No. Hyperliquid is a blockchain and exchange, not a listed company, and HYPE is its token. The "Hyperliquid stock" that shows up in quotes is PURR, the Nasdaq ticker of Hyperliquid Strategies Inc., a separate digital-asset treasury company focused on HYPE. You can even trade PURR on Hyperliquid itself as xyz:PURRDAT (up to 10x, isolated margin, full 0.090% taker fee because it is not in growth mode).
What are trade.xyz fees?
HIP-3 markets cost 2x normal Hyperliquid fees (0.090% taker / 0.030% maker at the base tier), split 50/50 between Hyperliquid and trade.xyz. But almost every xyz market has growth mode enabled, which cuts fees by 90%: 0.009% taker / 0.003% maker, as shown in the order ticket. Gold and crypto-linked stocks (MSTR, BMNR, STRC, PURRDAT) are not eligible and pay the full 0.090%.
Does a Hyperliquid referral code work on trade.xyz markets?
Yes. Point 6 of Hyperliquid's HIP-3 spec says HIP-3 markets "incorporate the usual sources of trading fee discounts, including staking discounts, referral rewards" (re-read September 27, 2026). A code like HOLYGRAIL cuts 4% off your fees on your first $25M of volume, on xyz markets and regular perps alike; mainnet fills checked on October 15, 2026 confirm that the 4% referral discount is applied to HIP-3 fills. An account can only have one referrer, a code can only be entered before $10,000 of volume, and app.trade.xyz attaches its own code to accounts that have none, so apply yours first.
What is XYZ100?
XYZ100 (the XYZ U.S. 100 Index) is trade.xyz's own index: a modified market-cap-weighted basket of 100 large, non-financial companies listed on a US exchange. It is similar in spirit to the Nasdaq-100, but it is not the Nasdaq-100 itself. xyz:XYZ100 trades up to 30x with cross margin and was the second most traded xyz market on September 24, 2026.
What happens to stock perps on weekends?
When the underlying market is closed (for US stocks, Friday 8:00 PM to Sunday 8:05 PM ET, plus US equity holidays), the oracle switches to an internal price driven by the xyz order book. Price moves are then limited by discovery bounds, such as ±5% for NVDA with 2 re-anchors, which caps the weekend move at roughly +15.8% / −14.3%. If your liquidation price is outside the active bound you cannot be liquidated until it moves, but Monday's open can still gap straight through your stop.
Does trade.xyz have a token or an airdrop?
Not officially. trade.xyz's docs and Terms of Use (read September 27, 2026) mention no token, points program or airdrop, and neither does the S&P announcement. Airdrop articles about trade.xyz are speculation; trade it for the markets and the fees, not for a promised reward.
Disclosure: HOLYGRAIL is our Hyperliquid referral code; we earn a share of referred accounts' fees. The edgeX and Ondo Perps links carry our referral codes for those venues. We have no referral code with trade.xyz. Live market tables (stock list, categories, top markets, leverage, margin and growth-mode counts) are fetched from api.hyperliquid.xyz when the site is built, every 6 hours; dated figures in the text come from api.hyperliquid.xyz on the dates shown (Kioxia candles 00:38 UTC, September 27, 2026). Trading hours were re-read on docs.trade.xyz on October 15, 2026. Fees, oracle and bound rules come from hyperliquid.gitbook.io and docs.trade.xyz. Interface behaviour was read from the live order tickets and app.trade.xyz's public site code on September 24. Incident details come from @tradexyz posts and docs.trade.xyz; Tokyo closing prices from Yahoo Finance. Perpetuals are leveraged derivatives, not shares. Not investment advice.
