Platform explainer
Hyperliquid stock perpetuals
Hyperliquid is the venue behind every live price on this site — the largest on-chain derivatives exchange, with stock markets that never close.
Last reviewed
The venue
Hyperliquid runs on its own purpose-built blockchain with a fully on-chain central limit order book. It regularly clears billions of dollars a day and handles most on-chain perpetuals volume. There is no account application: you trade from a wallet you control.
The xyz stock markets
The xyz market list extends the engine beyond crypto: perpetuals on U.S. stocks (NVDA, TSLA, AAPL and the rest of our tracked 22), gold, silver, WTI, Brent, the Nasdaq-100 and the S&P 500. Contracts are quoted and margined in USDC and follow the underlying price via funding, around the clock.
Getting started
- Connect a wallet — no signup form, no approval wait.
- Deposit USDC as collateral.
- Pick a market, set size and leverage (1x tracks the stock dollar for dollar), and place the order.
Costs, our link, and the risk line
Trading costs are maker/taker fees plus funding on held positions. Signing up through our referral link gives you 4% off trading fees for as long as you trade — that is our affiliate relationship, disclosed in full on the affiliate page.
These are leveraged derivatives: you can lose your collateral, and weekend books are thinner than weekday books. Size accordingly.