Skip to content
Hyperliquid DiscountGet 4% off

Trade stocks, gold and oil on Hyperliquid

Hyperliquid lists perps on US shares, indices such as the S&P 500, gold, silver, oil and currencies through HIP-3 markets, mostly run by trade.xyz. They trade around the clock, most cost a fifth of the normal perps fee, and the COINGECKO discount applies.

Main venue
trade.xyz, shown as (xyz)
Base taker fee, most markets
0.009%
With code COINGECKO
0.00864%
Leverage
Up to 50x on the S&P 500
Collateral
USDC
You own the shares?
No, these are perps

How it works

HIP-3 lets outside teams launch perp markets on Hyperliquid's order book. A deployer stakes 500,000 HYPE, picks the oracle that sets the index price and chooses the market settings. You trade them in the same app as crypto perps, with USDC as collateral. In the market list they carry the deployer's suffix, such as TSLA (xyz).

Several deployers have launched and later closed their markets. On October 29, 2026, trade.xyz had about 99% of HIP-3 volume. EntropyIO and Paragon listed a smaller set of markets.

What it costs

HIP-3 deployers can add a fee share on top of the base rate. On trade.xyz the share is 100%, which doubles the fee, but almost every market runs in growth mode, which cuts it by 90%. The result is a base taker fee of 0.009%, a fifth of the 0.045% on BTC or ETH. A few markets, gold among them, were not in growth mode on October 29 and cost 0.09% taker.

Your volume tier, HYPE staking and the referral discount all apply. Many smaller markets only allow isolated margin.

Live markets

Loading markets from Hyperliquid…

Risks specific to these markets

  • Prices can gap when the underlying exchange opens after a weekend or holiday.
  • Each market depends on its deployer's oracle. If it fails, the market can be halted or settled.
  • Thin markets have wide spreads. Check the order book before placing a large order.
  • Funding is charged or paid every hour, as on crypto perps.

New to Hyperliquid? Start with how to start. To compare costs, use the fee calculator with HIP-3 selected.

Questions

Can I buy Tesla shares on Hyperliquid?
No. HIP-3 markets are perpetual futures that track a price. You don't own the shares, receive dividends or vote. You can go long or short with leverage, and you pay or receive funding.
Does the referral discount apply to stock perps?
Yes. Hyperliquid's fee formula applies the referral discount to HIP-3 perps, and the HIP-3 spec says the usual discounts apply. With COINGECKO, the base taker fee on a growth-mode market falls from 0.009% to 0.00864%.
Who runs these markets?
HIP-3 markets are launched by outside teams, called deployers, who stake 500,000 HYPE and set the market's oracle and parameters. Almost all stock and commodity volume is on trade.xyz, shown in the app with the suffix (xyz).
What happens when the stock market is closed?
The perps keep trading. How the price is set while the underlying market is shut is defined in each market's specification on trade.xyz. Expect wider spreads and price gaps when the real market reopens.

Sources

Page updated October 29, 2026. Referral and fee terms checked automatically against Hyperliquid's docs on October 29, 2026. Written by the Hyperliquid Discount team. How we check facts.

COINGECKOOpen Hyperliquid, 4% off