Trade the Japan 225 index on Hyperliquid
trade.xyz's xyz:JP225 perp, explained: a yen-denominated index that pays out in dollars, its hours and limits.
Yes, as a perpetual. trade.xyz's xyz:JP225 references the native yen level of the Japan 225, a price-weighted index of 225 leading Japanese companies, settled in USDC; it trades 24/7 on Hyperliquid with up to 20x leverage and isolated margin only (as of November 4, 2026), with an external price 23/5. It is a quanto contract: each index point is worth $1, so the yen's moves don't affect your P&L. In the 24 hours to 2026-11-05 12:21 UTC, xyz:JP225 traded $2.37M with $1.73M of open interest (one side) at a mark of $61,226.00 (Hyperliquid API).
Live market data
xyz:JP225 HIP-3 · run by trade.xyz - Mark price
- $61,226.00
- 24h change
- −2.68%
- 24h volume
- $2.37M
- Open interest (one side)
- $1.73M
- Funding, 1h
- +0.00507%
- Funding, annualized
- +44.4%deployer sets the interest rate
- 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, 2026-11-05 12:21 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 one side (longs, which equal shorts) in USD at the mark price; the Hyperliquid app shows both sides added together, twice this figure. Every HIP-3 market's volume and open interest: HIP-3 data.
What xyz:JP225 tracks
xyz:JP225 is a HIP-3 perpetual deployed by trade.xyz that references the native yen level of the Japan 225, a price-weighted index of 225 leading Japanese companies. It is a linear contract margined and settled in USDC: you gain or lose the price move times your size, paid in USDC.
Priced in yen points, paid in dollars
xyz:JP225 follows the native yen level of the Japan 225, a price-weighted index of 225 leading Japanese companies. trade.xyz applies no FX conversion: the perp’s price is the index level itself (about 63,000 on November 4, 2026), and every index point is worth $1 of profit or loss per contract, cash-settled in USDC. trade.xyz calls this a quanto contract. The upshot: a weaker or stronger yen doesn’t change your P&L; only the index does.
Compare USD/JPY if you want the currency itself.
Hours
trade.xyz combines two sources into an external price that runs 23/5: the spot index during the Tokyo cash session (9:00–11:30 AM and 12:30–3:30 PM Japan time) and index futures quotes from Sunday 6:00 PM to Friday 5:00 PM ET. Internal pricing covers 6:00–7:00 AM Japan time on weekdays, the weekend from Saturday 6:00 AM to Monday 7:00 AM Japan time, and holidays. On trade.xyz’s 2026 schedule the remaining Japanese market holidays are November 23 (Labor Thanksgiving Day) and December 31.
Limits: up to 20x leverage, isolated margin, and a ±5% discovery bound with one re-anchor per direction (about +10% / −10% over a weekend).
All Hyperliquid stock, ETF, index, FX and commodity perps, live: Hyperliquid stocks.
Contract specs
xyz:JP225 · trade.xyz
| Tracks | The native yen level of the Japan 225, a price-weighted index of 225 leading Japanese companies. |
|---|---|
| Price source | Native JPY index level, no FX conversion (quanto: index points settle in USDC). |
| External hours | External price 23/5: spot index in the Tokyo cash session (9:00–11:30 AM, 12:30–3:30 PM JST), index futures quotes Sunday 6:00 PM to Friday 5:00 PM ET. |
| Outside those hours | Weekdays 6:00–7:00 AM JST, Saturday 6:00 AM to Monday 7:00 AM JST and holidays: 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 (about +10% / −10% total) |
| 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:JP225. 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 asset. You get cash-settled price exposure in USDC. No share ownership, votes or dividends, 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 Japan 225 on Hyperliquid?
Yes, as a perp. trade.xyz's xyz:JP225 references the native yen level of the Japan 225, a price-weighted index of 225 leading Japanese companies, margined and settled in USDC.
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 and trade.xyz announced on October 29, 2026 a plan to offer regulated US versions of trade.xyz's markets, subject to regulatory approvals and with no launch date. The CFTC's November 3, 2026 statement on single-stock perps covers US-registered exchanges, not Hyperliquid, so nothing has changed for US users.
Sources
- trade.xyz docs: Specification Index
- trade.xyz docs: Japan equity indices (JP225 hours and quanto note)
- trade.xyz docs: Oracle price (external and internal pricing)
- trade.xyz docs: Discovery bounds
- trade.xyz docs: Margin modes (maintenance margin)
- trade.xyz docs: Fees and growth mode
- trade.xyz docs: Holiday closures
- trade.xyz docs: General disclaimer (restricted persons)
- ICE press release: Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore (2026-10-29)
- CFTC press release 9319-26: Chairman Selig statement on equity perpetual futures (2026-11-03)
- Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-05 12:21 UTC)
- Hyperliquid Docs: HIP-3 builder-deployed perpetuals
- Hyperliquid Docs: Fees (HIP-3 and growth mode)