Trade the iShares MSCI South Korea ETF (EWY) on Hyperliquid

What xyz:EWY tracks

xyz:EWY is a HIP-3 perpetual deployed by trade.xyz that references 1 share of the iShares MSCI South Korea ETF (NYSE Arca: EWY), quoted in US dollars. The fund provides exposure to large- and mid-cap South Korean equities; local-currency exposure is embedded in the ETF. It is a linear contract margined and settled in USDC: you gain or lose the dollar move times your size, paid in USDC. You don’t own shares of the fund, can’t vote them and don’t receive dividends.

Hours: 24/5 external price, 24/7 trading

xyz:EWY trades every hour of the week, but the price it follows doesn’t. trade.xyz’s relayer takes an external price 24/5, from Sunday 8:05 PM to Friday 8:00 PM ET, stitching together pre-market (4:00–9:30 AM), the regular session, after-hours (to 8:00 PM) and the overnight session on Blue Ocean ATS (8:05 PM–4:00 AM). From Friday 8:00 PM to Sunday 8:05 PM ET, and on US equity holidays, the oracle switches to internal pricing: a 30-minute moving average that follows Hyperliquid’s own order book, held inside discovery bounds. When the external feed returns, the price snaps back to it, so weekend positions can gap at the open. On trade.xyz’s 2026 holiday schedule, the next US equity closure is Thanksgiving, November 26 (the overnight session is also shut on November 25), with an early close on November 27.

Leverage, margin and price limits

xyz:EWY allows up to 20x leverage (Hyperliquid API, November 4, 2026) with isolated margin only: each position carries its own margin, so a liquidation here can’t take collateral from your other positions. At 20x, a 5% move against you wipes out your margin, and maintenance margin (2.5%, half the initial margin at max leverage) liquidates you before that.

Whenever the external feed is off, the mark is held inside a ±5% discovery bound with 1 re-anchor per direction. From Friday’s last external price, it can move at most about +10% / −10% before a hard cap holds until the feed returns. If your liquidation price sits outside the active bound, you can’t be liquidated while that bound is in force; the risk moves to the reopen, when the price can jump past your stop.

Fees. Growth mode is on for this market (Hyperliquid API, November 4, 2026), which cuts HIP-3 fees by 90%: trade.xyz’s tier-0 rate is 0.009% taker / 0.003% maker before staking and referral discounts, against 0.09% / 0.03% at standard HIP-3 rates. Growth mode can be switched off; the live card above shows the current rate.

Korea in one ticker

EWY holds large and mid-sized South Korean companies, and trade.xyz notes that “local-currency exposure is embedded in the ETF”: a weaker won lowers EWY’s dollar price even if Korean stocks are flat. EWY is a US-listed fund, so it is priced on the US equity schedule (24/5 ET), not during Korean trading hours.

Two deployers list it:

	xyz:EWY (trade.xyz)	io:EWY (Entropy)
Max leverage (Nov 4, 2026)	20x	25x
Margin	Isolated	Isolated
External price	24/5, Sunday 8:05 PM – Friday 8:00 PM ET	Regular session only; off-hours, Entropy’s book blended with the last session price
Off-hours limit	±5% per band, 1 re-anchor (about +10% / −10%)	Mark clipped to ±4% (1/25) of the last session price

The two are separate markets with separate books and funding. Compare their live volume above; the deeper book usually fills better.

Other Korea markets: KORU (3x leveraged), the Korea 200 index (xyz:KR200, priced during Korea Exchange sessions), Samsung and SK hynix.

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