Nasdaq-100 on Hyperliquid: the XYZ100 perp

There's no licensed Nasdaq-100 perp on Hyperliquid. Here's what XYZ100 is and how close it gets.

Updated Fact-checked November 4, 2026 Data as of 2026-11-04 10:16 UTC 10 sources
Short answer

Not under that name. Hyperliquid has no licensed Nasdaq-100 perp; the closest market is trade.xyz's xyz:XYZ100, which tracks the XYZ U.S. 100 Index, trade.xyz's own modified market-cap-weighted index of 100 large non-financial companies listed on a US exchange. In the 24 hours to 2026-11-04 10:16 UTC, xyz:XYZ100 traded $507M with $288M open interest at a mark of $28,436.00 (Hyperliquid API).

Live market data

xyz:XYZ100 HIP-3 · run by trade.xyz
Live
Mark price
$28,436.00
24h change
+1.07%
24h volume
$507M
Open interest
$288M
Funding (1h)
+0.0006%
Funding (annualized)
+5.5%
Max leverage
30x
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 XYZ100 is, and what it isn’t

xyz:XYZ100 references the XYZ U.S. 100 Index: per trade.xyz, a modified capitalization-weighted index of 100 large, actively traded, non-financial companies listed on a US exchange, built to concentrate exposure in growth sectors and tilted toward technology.

That description will sound familiar if you know the Nasdaq-100, which also excludes financials. But XYZ100 is trade.xyz’s own index, not Nasdaq’s. trade.xyz licenses the S&P 500 by name for its SP500 perp; it makes no such claim for the Nasdaq-100. So treat XYZ100 as “a US large-cap tech index”, not a Nasdaq-100 or QQQ wrapper: the constituent list and weights can differ, and so can returns.

Its scale is real, though. XYZ100 has been one of the two or three busiest HIP-3 markets on Hyperliquid, often trading hundreds of millions of dollars a day (live figure above).

How the price is built

Like the S&P 500 perp, XYZ100 uses two sources. During the US cash session the oracle is the spot index value; the relayer also tracks the basis to the corresponding dated index futures and keeps a one-hour moving average of the implied discount rate. Outside the cash session, while futures trade, the oracle is the futures price discounted back to an implied spot level.

Hours: 23/5 external price, 24/7 trading

The external price for xyz:XYZ100 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.

Its weekend band is ±3.5% with one re-anchor per direction, so the weekend market can move at most about +7.1% / −6.9% from Friday’s close.

Fees

Growth mode is on as of November 2026: about 0.009% taker / 0.003% maker at tier 0, before staking and referral discounts.

Other ways to get US tech exposure on Hyperliquid

Single names are listed separately: NVIDIA, Apple, Microsoft, Alphabet, Amazon, Meta, Tesla. trade.xyz also lists the Roundhill Magnificent Seven ETF (xyz:MAGS). Kinetiq’s US Tech 100 market (mkts:USTECH) is delisted.

Contract specs

xyz:XYZ100 · trade.xyz

TracksThe XYZ U.S. 100 Index: trade.xyz’s own modified market-cap-weighted index of 100 of the largest non-financial companies listed on a US exchange. It is not the licensed Nasdaq-100.
Price sourceSpot index value in the cash session; outside it, the corresponding dated index futures discounted to an implied spot level.
External hoursExternal 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 hoursDuring the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds.
Max leverage30x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits±3.5% per band, 1 re-anchor per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz Specification Index (reviewed November 4, 2026)

How to trade it

  1. 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.
  2. 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.
  3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
  4. 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:XYZ100. 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.
  5. 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.
  6. 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 the Nasdaq-100 on Hyperliquid?

Not the licensed Nasdaq-100. trade.xyz's xyz:XYZ100 tracks its own XYZ U.S. 100 Index: 100 of the largest non-financial companies listed on a US exchange, weighted by modified market cap. It is designed as a tech-and-growth benchmark.

Is XYZ100 the same as the Nasdaq-100 or QQQ?

No. Nasdaq's index and QQQ are Nasdaq products; XYZ100 is trade.xyz's own index with its own methodology. They are built for similar exposure, but returns can differ, and trade.xyz doesn't claim a licence from Nasdaq.

What hours does XYZ100 trade?

It trades 24/7. The external price runs Sunday 6:00 PM to Friday 5:00 PM ET (spot index in the cash session, discounted index futures otherwise); weekends use internal pricing within ±3.5% bands, one re-anchor per direction.

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

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Equity indices (cash-session spot, discounted futures)
  3. trade.xyz docs: US equity indices (S&P 500 licence, XYZ100)
  4. trade.xyz docs: Discovery bounds
  5. trade.xyz docs: Fees and growth mode
  6. trade.xyz docs: General disclaimer (restricted persons)
  7. The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
  8. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
  9. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  10. Hyperliquid Docs: Fees (HIP-3 and growth mode)