⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.

Guide · By Stephan Kulik · Updated 2026-10-08

trade[XYZ] on Hyperliquid

Read from trade[XYZ]'s documentation and Terms of Use, Hyperliquid's HIP-3 documentation and Hyperliquid's public API on 2026-10-08. Market counts and leverage caps are from the API on that date and change often; trade[XYZ]'s own specification index sometimes lags the live parameters. This site has no relationship with trade[XYZ] and has not traded on it.

trade[XYZ] is not a separate exchange. It is the team behind xyz, a set of stock, index, commodity and currency perpetuals on Hyperliquid, deployed under HIP-3, Hyperliquid's framework for builder-deployed markets. Orders, matching, margin, funding and liquidations all run on Hyperliquid's own engine, HyperCore; trade[XYZ] decides which markets exist, how they are priced and how much leverage they allow. For how HIP-3 works in general, see stock & commodity perps on Hyperliquid. This page covers the xyz deployment itself.

What it is, and what the trade.xyz site is

In its docs' words, trade[XYZ] "deploys Perpetuals under the xyz HIP-3 deployment, which defines listings, oracle inputs, leverage limits, and other market parameters", and separately deploys event contracts under a txyz HIP-4 deployment (covered on our outcome markets page). The contracts are "linear contracts margined and settled in USDC"; because the reference prices are in US dollars and no USDC/USD conversion is applied, the docs call the exposure quanto.

The website at trade.xyz is an interface, not the venue. The docs describe it as "a non-custodial interface" that "does not replace HyperCore and is not the exclusive interface for either deployment", and its Terms say the same: the interface is "one, but not the exclusive, means" of reaching the protocol. Positions in xyz markets are HyperCore positions, held in your own Hyperliquid account.

What you can trade

On 2026-10-08 Hyperliquid's API listed 114 live xyz markets (132 including 18 delisted ones). The docs group them into US, Korean, Japanese, Hong Kong and Chinese stocks; equity indices (an S&P 500 market licensed from S&P Dow Jones Indices, plus Japanese and Korean indices); commodities such as gold, silver, crude oil and copper; currencies; and pre-IPO markets on companies that have not listed yet.

Leverage caps (API, 2026-10-08). 50x on SP500, EUR, JPY and GBP; 30x on the XYZ100 index; 25x on gold and silver; 20x on 24 markets including Apple, Nvidia, Tesla, Microsoft, crude oil and the Japanese and Korean indices; 10x on 82 markets; 5x on one pre-IPO market.
Margin. 93 of the 114 markets were isolated-only on the API that day; the rest allow cross margin. The docs list the default mode for each market in the specification index.
Pre-IPO markets reference "the anticipated public listing of a private company". The docs are explicit that they "are not shares", not IPO allocations and not tokenized equity, and each has its own conversion and settlement rules.

Fees

HIP-3 markets cost more than Hyperliquid's own. trade[XYZ]'s docs put standard fees at "2x the usual fees on validator-operated perp markets, with 50% of those fees going to Hyperliquid and 50% to trade[XYZ]": 0.090% taker and 0.030% maker at the base tier, against 0.045% and 0.015% on Hyperliquid's own markets (see Hyperliquid fees).

Most xyz markets run in "growth mode", where "all-in fees are reduced by ≥90% from the standard fee rate" — 0.0090% taker and 0.0030% maker at the base tier — and rebates and volume-contribution credits are cut by at least 90% too. On 2026-10-08 the API showed growth mode on 109 of the 114 live markets. The docs exclude crypto perps, crypto baskets and indexes, combinations that include crypto, vehicles that hold mainly crypto (their example is MSTR) and gold; the five markets without growth mode that day were GOLD, MSTR, STRC, BMNR and PURRDAT. Fee tiers use rolling 14-day weighted volume shared across all of Hyperliquid ("One tier applies across all perps, HIP-3 perps, and spot"), and Hyperliquid's staking discounts apply.

Prices when the underlying market is closed

This is the part that most differs from a crypto perp. xyz markets trade 24/7, but a stock exchange does not. When the underlying market is open, trade[XYZ]'s relayer publishes an externally derived price as the oracle. When it is closed, the oracle "advances via a continuous-time exponentially weighted moving average" of the market's own order book, and a separate "external price" stays fixed at the last close. The relayer runs on instances "maintained by the trade[XYZ] team" and updates "approximately every three seconds", each update clamped to ±50 basis points.

Moves outside regular hours are capped by discovery bounds: the mark price is held within ±(1 ÷ max leverage) of a reference price — the docs' example is ±5% for a 20x oil market. A market can re-anchor its bound a set number of times per direction; after that, "the bound becomes a hard cap until external pricing resumes". One consequence to understand before holding a position over a weekend: "If a trader’s liquidation price lies outside the active price bounds, their position cannot be liquidated while those bounds are in effect." When external prices resume, the docs say the oracle "reverts to the externally derived price on the next tick", within the ±50 basis-point clamp on each update — so a weekend move catches up quickly once the underlying reopens.

Trading hours are per market in the specification index. The S&P 500 market, for example, follows futures hours ("From Sunday 6:00 PM ET to Friday 5:00 PM ET") with a daily maintenance window and futures holiday closures. Corporate actions can halt a market: trade[XYZ]'s notice for Kioxia's 3-for-1 stock split on 28 September 2026 set out a halt that settles every open KIOXIA position in USDC and cancels all orders, including take-profit and stop-loss orders.

Who may use the trade.xyz interface

The Terms of Use (Last Updated: September 6, 2026) are with XYZ Ltd, governed by British Virgin Islands law, with disputes settled by arbitration administered by the BVI International Arbitration Centre. Restricted Persons include anyone who resides in, is located in or is otherwise subject to the laws of the United States, Canada or the United Kingdom, people in or citizens of comprehensively sanctioned territories, and other jurisdictions XYZ Ltd may designate. The Terms prohibit using a VPN, proxy or Tor "to circumvent geo-blocks or our eligibility rules". Hyperliquid's own Terms apply separately to Hyperliquid's interface.

Risks specific to this deployment

The deployer sets the price. Under HIP-3 the deployer is responsible for "setting oracle prices, leverage limits, and settling the market if needed". trade[XYZ]'s relayer, run by its team, is the price source for every xyz market.
Settlement at the deployer's call. Hyperliquid's docs say a deployer may settle an asset with the haltTrading action, which "cancels all orders and settles positions to the current mark price" — the mechanism trade[XYZ]'s KIOXIA notice describes.
Weekend gaps. Discovery bounds limit how far the mark can move while the underlying is closed, and can keep a position from being liquidated until external prices resume, when the price catches up with the reopened market.
The deployer's stake. HIP-3 deployers keep 500,000 HYPE staked, which validators can slash by a stake-weighted vote "in the event of malicious market operation".
No ownership. Per the docs' risk page, these contracts "do not give holders ownership of, or any voting, dividend" or other rights in the underlying.

FAQ

Is trade[XYZ] a separate exchange from Hyperliquid?

No. Its markets run on Hyperliquid's engine and settle in your Hyperliquid account. trade[XYZ] lists and prices them; its website is one of several ways to reach them.

Is it cheaper than trading on Hyperliquid directly?

Not as a rule. Standard HIP-3 fees are double Hyperliquid's; the growth-mode discount, which covered 109 of 114 xyz markets on 2026-10-08, takes them well below Hyperliquid's own base rates for as long as a market stays in growth mode.

Do I own the stock?

No. These are cash-settled perpetuals settled in USDC, with no shares, dividends or voting rights, and pre-IPO markets give no claim on an IPO allocation.

Can I trade it from the US, Canada or the UK?

Not through trade.xyz: its Terms list those countries among Restricted Persons and prohibit circumventing that with a VPN.

Sources

Open Hyperliquid (opens in a new tab)

Referral link — 4% fee discount, disclosed on the referral page. The trade[XYZ] links above are plain links. See our methodology.