Trade copper on Hyperliquid
A futures-priced copper perp from trade.xyz. Smaller than oil and metals, isolated-margin only.
Yes. trade.xyz's xyz:COPPER perpetual tracks the USD price of one pound of high-grade copper, priced from a designated futures contract (March, May, July, September and December months), margined in USDC and isolated-margin only. In the 24 hours to 2026-11-04 10:16 UTC, xyz:COPPER traded $3.19M with $7.91M open interest at a mark of $6.462 (Hyperliquid API).
Live market data
xyz:COPPER HIP-3 · run by trade.xyz - Mark price
- $6.462
- 24h change
- +1.44%
- 24h volume
- $3.19M
- Open interest
- $7.91M
- Funding (1h)
- +0.0027%
- Funding (annualized)
- +23.5%
- Max leverage
- 20x isolated
- Taker / maker fee
- 0.009% / 0.003%
Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.
Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.
What xyz:COPPER tracks
xyz:COPPER references the USD price of one pound of high-grade copper, the unit US copper futures quote in. Like oil and gas, copper has no single spot market, so trade.xyz prices it from a designated futures contract. Copper only uses the March, May, July, September and December contracts, so the perp keeps each reference contract for two or three months (the December contract is the reference from September through November) and rolls between the 5th and 10th business day of the month it switches. trade.xyz published a correction to its copper roll schedule; check the current table before trading near a roll.
Parameters
Isolated margin only, ±5% discovery bands with one re-anchor per direction (about +10.3% / −9.8% at most over a weekend), and growth-mode fees (about 0.009% taker at tier 0).
Hours: 23/5 external price, 24/7 trading
The external price for xyz:COPPER runs Sunday 6:00 PM to Friday 5:00 PM ET, with a daily maintenance gap from 5:00 to 6:00 PM ET Monday to Thursday, and it follows futures-market holiday closures. Outside those hours the market keeps trading and the oracle switches to trade.xyz’s internal pricing, which follows Hyperliquid’s own order book inside discovery bounds. When the external feed returns, the price snaps back to it, which can move the mark in one step.
Liquidity
On our November 4, 2026 snapshot xyz:COPPER traded about $3M a day, thin next to oil or silver. Size accordingly and use limit orders.
Contract specs
xyz:COPPER · trade.xyz
| Tracks | The USD price of 1 pound of high-grade copper. |
|---|---|
| Price source | A designated copper futures contract (March, May, July, September and December months), rolled between the 5th and 10th business day. |
| External hours | External price 23/5: Sunday 6:00 PM to Friday 5:00 PM ET, with a daily 5:00–6:00 PM ET gap Monday to Thursday. |
| Outside those hours | During the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds. |
| Max leverage | 20x (live from the API) |
| Margin mode | Isolated only; live from the API |
| Price limits | ±5% per band, 1 re-anchor per direction |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | trade.xyz Specification Index (reviewed November 4, 2026) |
How to trade it
- Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
- Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
- Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
- Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for
xyz:COPPER. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first. - Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
- Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.
Risks
- It's a perp, not the commodity. You get cash-settled price exposure in USDC. No physical delivery, no futures account, and the price you trade can drift from the underlying, especially when its home market is closed.
- The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
- Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
- Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
- Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
- Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.
Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.
Questions people ask
Can you trade copper on Hyperliquid?
Yes. trade.xyz's xyz:COPPER tracks one pound of high-grade copper, priced from designated futures contracts. It is isolated-margin only and much smaller than the oil and precious-metal markets.
Can I trade copper on Hyperliquid on weekends?
Yes, xyz:COPPER trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±5% per band, one re-anchor per direction from the last external price.
Can I trade this on Hyperliquid from the US?
No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.
Sources
- trade.xyz docs: Specification Index
- trade.xyz docs: Commodities
- trade.xyz docs: Roll schedules
- trade.xyz changelog: Copper roll schedule correction
- trade.xyz docs: Discovery bounds
- trade.xyz docs: Fees and growth mode
- trade.xyz docs: General disclaimer (restricted persons)
- The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
- Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
- Hyperliquid Docs: HIP-3 builder-deployed perpetuals
- Hyperliquid Docs: Fees (HIP-3 and growth mode)