Hyperliquid stocks: every stock, ETF and index perp

What a stock perp is

A stock perp is a perpetual future whose price tracks a share, an ETF or an index. On Hyperliquid you post USDC as margin, go long or short with leverage, and gain or lose the dollar move times your size. There is no expiry, and you pay or receive funding every hour, which keeps the perp near the deployer's oracle price. You never own the shares: no votes, no dividends, no claim on the company.

Hyperliquid itself only runs crypto perps. Every stock market here is a HIP-3 market: an outside deployer stakes 500,000 HYPE, writes the contract spec and runs the price oracle, while Hyperliquid's engine runs the order book, margin and liquidations. trade.xyz (dex xyz) is the largest by far; Entropy (io) and Paragon (para) list some of the same names with their own books, so the same stock can trade at two or three places with different leverage caps and liquidity.

24/7 trading, part-time prices

The perps trade every hour of the week, but the stock markets they follow don't. While the home market is open, the deployer feeds in an external price. When it is shut, the oracle switches to internal pricing: on trade.xyz, a 30-minute moving average that follows Hyperliquid's own order book. To stop a thin weekend book from running away, the mark is held inside discovery bounds, usually ±1/max leverage per band (±10% at 10x) with one or two re-anchors per direction, after which it hits a hard cap. When the real market reopens, the price snaps back to it, and positions can gap past stops.

Source: trade.xyz market docs, reviewed November 4, 2026. Entropy pins its oracle to the home exchange's regular session and clips the mark to ±1/max leverage outside it; Paragon's hours are listed per market in its contract specifications. Non-US shares are converted to dollars at the live exchange rate, so the currency moves the perp too.

Pre-IPO perps

Some HIP-3 markets list companies before they go public, such as Anthropic and OpenAI. With no share price to follow, they trade on the order book alone (from a deployer-set starting price) until the IPO, then convert to normal stock perps. SpaceX, Cerebras, CXMT and Unitree all started this way on trade.xyz and now follow their listed shares.

Who can trade them

Not people in the United States. Hyperliquid's terms restrict the US, Ontario and sanctioned places, and trade.xyz, Entropy and Paragon each bar US persons in their own terms (Entropy's list also covers Canada, the UK, Australia, Singapore and most of the EU). On October 29, 2026 ICE announced a plan with trade.xyz to offer regulated US versions, subject to regulatory approvals and with no launch date. More: is Hyperliquid available in the US.

If you are allowed to trade, the step-by-step is in how to trade stocks on Hyperliquid: set up an account with a fee discount, deposit USDC, move it to the right HIP-3 dex and open the market on trade.xyz or the official app. Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin.

Who lists what

Non-crypto markets only, 2026-11-05 10:15 UTC. Per-dex history and market share: HIP-3 data.

Questions people ask

What stocks can you trade on Hyperliquid?

As of November 5, 2026, 113 single-stock perps were live across 3 HIP-3 dexes. The busiest by 24-hour volume were SK hynix (Seoul share), Micron, Sandisk, SpaceX, Alphabet (Google). The table on this page lists every one, plus ETFs, indices, commodities and FX.

Are Hyperliquid stocks real shares?

No. They are perpetual futures that track a share price and settle in USDC. You get price exposure, with leverage, but no shares, votes or dividends, and the perp can drift from the stock while its home exchange is closed.

Can you trade stocks on Hyperliquid on weekends?

Yes. The perps trade 24/7. When the underlying market is shut, the deployer's oracle follows Hyperliquid's own order book inside discovery bounds (on trade.xyz, ±1/max leverage per band with a set number of re-anchors), and snaps back to the real price when the market reopens, so weekend positions can gap.

Can Americans trade stocks on Hyperliquid?

No. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz, Entropy and Paragon bar US persons in their own terms. ICE and trade.xyz announced a plan on October 29, 2026 for regulated US versions, subject to regulatory approvals and with no launch date. See is Hyperliquid available in the US.

What leverage do Hyperliquid stock perps allow?

It depends on the market and is set by the deployer. On November 5, 2026, 98 of 113 single-stock perps were capped at 10x and the highest single-stock cap was 25x; the S&P 500 and the FX perps allow 50x. Higher leverage means a smaller move liquidates you.

Who runs the stock markets on Hyperliquid?

HIP-3 deployers. trade.xyz (dex xyz) lists most of them; Entropy (io) and Paragon (para) list smaller books. Each deployer stakes 500,000 HYPE, sets the specs and runs the oracle; Hyperliquid runs the order book, margin and liquidations. Background: what is HIP-3.

Sources

1. Hyperliquid info API (metaAndAssetCtxs per perp dex, snapshot 2026-11-05 10:15 UTC)
2. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
3. trade.xyz docs: Specification Index
4. trade.xyz docs: US stocks (external coverage)
5. trade.xyz docs: Korea stocks
6. trade.xyz docs: Japan stocks
7. trade.xyz docs: Hong Kong stocks
8. trade.xyz docs: China stocks
9. trade.xyz docs: India stocks
10. trade.xyz docs: Commodities
11. trade.xyz docs: FX
12. trade.xyz docs: Oracle price (internal pricing)
13. trade.xyz docs: Discovery bounds
14. trade.xyz docs: Pre-IPO perpetuals
15. Entropy docs: Equity perpetuals
16. Paragon docs: Contract specifications
17. Hyperliquid Terms of Use
18. ICE press release: Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore (2026-10-29)

Perpetual futures are leveraged and can lose more than you expect, fast. Nothing here is investment advice or a price forecast.