How to trade stocks on Hyperliquid: NVDA, S&P 500, gold and oil perps
On Hyperliquid you can trade Nvidia, Tesla, the S&P 500, gold, oil and currencies the same way as crypto: perpetual futures with leverage, margined in USDC, from a regular wallet. These markets are not listed by Hyperliquid itself — they run on xyz, an exchange deployed on Hyperliquid by the trade[XYZ] team under HIP-3, the standard that lets builders launch their own perp markets on Hyperliquid’s order books and margin engine.
What you can trade
Single stocks (Nvidia, Tesla, Apple, Microsoft, Meta, Google, Amazon and many others), equity indices (S&P 500, XYZ100, Japan and Korea), commodities (gold, silver, oil, natural gas), currencies and some pre-IPO companies. The largest markets right now:
| Coin | Price | 24h | Open interest | Max leverage |
|---|---|---|---|---|
| SKHX | 887.52 | -3.46% | $370.06M | 10x |
| S&P 500 (SP500) | 7,619.9 | -0.29% | $351.67M | 50x |
| XYZ100 | 28,985 | -0.54% | $325.88M | 30x |
| Gold (GOLD) | 4,150.9 | -0.27% | $281.54M | 25x |
| SKHY | 132.56 | -3.16% | $187.30M | 10x |
| Brent crude oil (BRENTOIL) | 106.98 | -0.02% | $185.89M | 20x |
| Silver (SILVER) | 56.677 | -0.51% | $159.26M | 25x |
| Micron (MU) | 854.91 | -2.71% | $159.20M | 10x |
| WTI crude oil (CL) | 99.045 | -0.04% | $152.32M | 20x |
| SanDisk (SNDK) | 1,255.3 | -3.43% | $125.23M | 10x |
Live data from Hyperliquid, updated every few minutes.
The full list with whale positions is on the stocks page. In the interface these markets have the xyz: prefix: xyz:NVDA, xyz:GOLD.
How it works
- It is a perpetual, not the share. You get price exposure only: no ownership, no voting rights, no dividends. The contract is margined and settled in USDC, while the price is in dollars, so a USDC depeg would affect the position.
- Price comes from an oracle. While the underlying market is open, the xyz oracle publishes the external price about every three seconds. US stocks have external prices 24/5: from Sunday 8:05 PM to Friday 8:00 PM New York time, including pre-market, after-hours and overnight sessions.
- Weekends and holidays. When no external price exists, the oracle follows the xyz order book itself, smoothed over about 30 minutes. Trading continues, but the price is set by Hyperliquid traders, liquidity can be thinner and, when the real market reopens, the price can jump to the external one.
- Funding is paid hourly, like on crypto perps. Current rates of every stock market are on the funding page.
Leverage and margin
Leverage is set per market: up to 20x on the largest stocks (NVDA, TSLA, AAPL, MSFT, META, AMZN, GOOGL), 10x on most other stocks, 25x on gold and silver, 20x on oil and up to 50x on the S&P 500 and major currencies. Some markets allow cross margin, others are isolated only. Before opening a position, check where it would be liquidated in the liquidation price calculator.
Fees
Trading on xyz costs twice the usual Hyperliquid fee: 0.090% for takers and 0.030% for makers at the base tier, split between Hyperliquid and the deployer. Volume tiers and HYPE staking discounts apply. Details are in the Hyperliquid fees guide.
Risks to know
- You can lose the whole margin of a position; stop-losses may not fill before liquidation in a fast move.
- Weekend and holiday prices are set by the xyz order book and can gap when the real market opens.
- Liquidity is thinner than on BTC or ETH: large orders move the price more, especially off-hours.
- Open-interest caps can make a market reduce-only, and auto-deleveraging can close profitable positions.
Follow the whales in stocks
Large traders are active on these markets too. HyperScan shows whale positions in every stock market, large orders and liquidation maps — switch the market filter in the header to “Stocks” to see only them across the site.