Trade Zhipu AI on Hyperliquid

trade.xyz's xyz:ZHIPU perp follows a Hong Kong-listed share: here is when its price is live, how it converts to dollars, and its limits.

Updated Fact-checked November 4, 2026 Data as of 2026-11-05 12:21 UTC 14 sources
Short answer

Yes, as a perpetual, not as shares. trade.xyz's xyz:ZHIPU references 1 H-share of Knowledge Atlas Technology (Zhipu AI; HKEX: 2513), converted from Hong Kong dollars at the live USD/HKD rate, settled in USDC; it trades 24/7 on Hyperliquid with up to 10x leverage and isolated margin only (as of November 4, 2026), with an external price only during Hong Kong Exchange sessions. In the 24 hours to 2026-11-05 12:21 UTC, xyz:ZHIPU traded $8.60M with $8.22M of open interest (one side) at a mark of $60.46 (Hyperliquid API).

Live market data

xyz:ZHIPU HIP-3 · run by trade.xyz
Live
Mark price
$60.46
24h change
−2.07%
24h volume
$8.60M
Open interest (one side)
$8.22M
Funding, 1h
−0.02021%
Funding, annualized
−177.1%deployer sets the interest rate
Max leverage
10x 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:ZHIPU tracks

xyz:ZHIPU is a HIP-3 perpetual deployed by trade.xyz that references 1 H-share of Knowledge Atlas Technology (Zhipu AI; HKEX: 2513), converted from Hong Kong dollars at the live USD/HKD rate. The company, also known as Zhipu AI or Z.ai, develops AI models and applications. 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 Zhipu shares, can’t vote them and don’t receive dividends.

Hours: Hong Kong sessions only

xyz:ZHIPU trades 24/7 on Hyperliquid, but its external price runs only during Hong Kong Exchange sessions: 9:30 AM–12:00 PM and 1:00–4:00 PM Hong Kong time (UTC+8), Monday to Friday. In US Eastern time (standard time, from November 1) that is 8:30–11:00 PM and midnight–3:00 AM ET. The rest of the day (the lunch break, the 17.5 hours from close to the next open), weekends and Hong Kong holidays run on trade.xyz’s internal pricing: a 30-minute moving average that follows Hyperliquid’s own order book, held inside discovery bounds. So unlike a US stock perp, this market spends most of every weekday on internal pricing, and news that breaks during the US day is priced here hours before Hong Kong opens. On trade.xyz’s 2026 holiday schedule, the remaining Hong Kong dates are half days on December 24 and December 31 (morning only) and a full closure on December 25.

Leverage, margin and price limits

xyz:ZHIPU allows up to 10x 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 10x, a 10% move against you wipes out your margin, and maintenance margin (5%, half the initial margin at max leverage) liquidates you before that.

Whenever the external feed is off, the mark is held inside a ±10% discovery bound with 1 re-anchor per direction. From the last Hong Kong price, it can move at most about +21% / −19% 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.

A listed AI company, not a pre-IPO market

Zhipu AI (Knowledge Atlas Technology, also known as Z.ai) is already public: its H-shares began trading on the Hong Kong Stock Exchange (2513) on January 8, 2026 (Yicai). So xyz:ZHIPU is a standard stock perp with an external price, not one of trade.xyz’s pre-IPO markets (those, such as Anthropic, price only from the order book).

The oracle takes the HKD share price and divides by the live USD/HKD rate. The Hong Kong dollar trades in a narrow band against the US dollar, so in practice the perp moves with the share price.

Other Chinese AI and tech names on Hyperliquid: MiniMax (also Hong Kong-listed), Unitree and Alibaba.

All Hyperliquid stock, ETF, index, FX and commodity perps, live: Hyperliquid stocks.

Contract specs

xyz:ZHIPU · trade.xyz

Tracks1 H-share of Knowledge Atlas Technology (Zhipu AI; HKEX: 2513), converted from Hong Kong dollars at the live USD/HKD rate.
Price sourcetrade.xyz relayer: HKD share price converted at the live USD/HKD rate.
External hoursExternal price during HKEX sessions: 9:30 AM–12:00 PM and 1:00–4:00 PM Hong Kong time (UTC+8), Monday to Friday.
Outside those hoursLunch break, 4:00 PM–9:30 AM Hong Kong time, weekends and Hong Kong holidays: internal pricing (30-minute moving average of the order book), limited by discovery bounds.
Max leverage10x (live from the API)
Margin modeIsolated only; live from the API
Price limits±10% per band, 1 re-anchor per direction (about +21% / −19% total)
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:ZHIPU. 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 Zhipu AI (Knowledge Atlas) stock on Hyperliquid?

Yes, as a perp. trade.xyz's xyz:ZHIPU references 1 H-share of Knowledge Atlas Technology (Zhipu AI; HKEX: 2513), converted from Hong Kong dollars at the live USD/HKD rate, margined and settled in USDC. You don't own shares, votes or dividends.

When does the Zhipu perp follow the real share price?

Only during Hong Kong Exchange sessions (9:30 AM–12:00 PM and 1:00–4:00 PM Hong Kong time). The rest of the time, including weekends, xyz:ZHIPU keeps trading on trade.xyz's internal pricing inside a ±10% band with 1 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 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

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Hong Kong stocks (external coverage, FX conversion)
  3. trade.xyz docs: Oracle price (external and internal pricing)
  4. trade.xyz docs: Discovery bounds
  5. trade.xyz docs: Margin modes (maintenance margin)
  6. trade.xyz docs: Fees and growth mode
  7. trade.xyz docs: Holiday closures
  8. Yicai Global: Zhipu AI soars in Hong Kong stock market debut
  9. trade.xyz docs: General disclaimer (restricted persons)
  10. ICE press release: Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore (2026-10-29)
  11. CFTC press release 9319-26: Chairman Selig statement on equity perpetual futures (2026-11-03)
  12. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-05 12:21 UTC)
  13. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  14. Hyperliquid Docs: Fees (HIP-3 and growth mode)