XPL Perpetual on Hyperliquid: Live Price, Funding, Specs

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

XPL perpetual on Hyperliquid

Live market data and verified contract mechanics for the XPL perp — one of the markets on Hyperliquid's on-chain order book.

Which venues list XPL

6 of the perp DEXs this site covers list a XPL perpetual. Each uses its own ticker for the same underlying — shown below so you can confirm you're on the right market before sizing a position.

Venues listing XPL perpetuals
Venue	Ticker there	Contract tracks	Max leverage
Hyperliquid	`XPL`	1 unit	10x
dYdX	`XPL-USD`	1 unit	5x implied — see note below Maintenance margin 10%
Aster	`XPLUSDT`	1 unit	not published on the public API
Lighter	`XPL`	1 unit	not published on the public API
Paradex	`XPL-USD-PERP`	1 unit	not published on the public API
Pacifica	`XPL`	1 unit	10x

Venue coverage from each exchange's own public market-list endpoint, snapshot 2026-09-02. Tickers are reproduced exactly as the venue publishes them. Where a venue doesn't publish a leverage cap without an authenticated key, this table says so rather than estimating one.

On the implied dYdX figure: dYdX doesn't publish a max-leverage number. The figure above is 1 ÷ the market's initial margin fraction, which is the leverage that margin requirement allows. Treat it as a reading taken at the snapshot date, not a fixed venue setting — per dYdX's help centre, once a market's open interest passes its lower cap the initial margin fraction rises, which pushes the usable leverage down (all the way to 1x at the upper cap). dYdX doesn't document whether the published fraction already reflects that scaling, so we don't claim either way. Maintenance margin, where shown, is a stated field rather than a derivation: it's the equity ratio below which the position is liquidated.

Contract specs

Contract specifications for XPL-USD perpetual
Contract type	Linear perpetual, no expiry — cash-settled, funding every hour
Collateral	USDC
Oracle	USDT-denominated oracle against USDC collateral (a quanto-style detail from Hyperliquid's contract specifications)
Max leverage	10x (set per asset by the exchange; leverage is any integer from 1 up to this cap)
Size precision	0 decimal places

Specs from Hyperliquid's public API meta and official contract-specification docs. Build-time reference (2026-09-04): mark price 0.093402, 24h volume $30.2M — the live strip above supersedes these on load.

How trading XPL perps works here

Like every Hyperliquid perp, XPL-USD trades on a fully on-chain central limit order book with no gas fee per trade — costs are the maker/taker fee (fee schedule) plus hourly peer-to-peer funding. Margin can be cross or isolated; maintenance margin is half the initial margin at this market's 10x cap — the full liquidation math is in our leverage & liquidation guide.

At 10x maximum leverage, initial margin for a XPL position is 1/10 of notional at minimum — and the higher the leverage, the closer liquidation sits to entry. New to the instrument entirely? Read perpetuals explained first, and our Hyperliquid review for the venue itself, including the risks.

XPL's 10x cap is mid-range for Hyperliquid — meaningful leverage without the razor-thin liquidation buffer of the top tiers. The exchange tends to set caps in this band on markets with solid but not headline liquidity.

XPL also trades on dYdX and Aster and Lighter and Paradex and Pacifica. Fee schedules and funding mechanics are set per venue, not per asset — compare them on fee comparison and live funding rates, and see the feature comparison for order types, collateral, and everything else each venue supports.

Other markets

Browse all covered perp markets, or compare across venues with the live funding, open interest, and volume tools.