Your Favorite TradFi Assets Meet Crypto Perps

Crypto's favorite derivative, perpetual contracts, are coming to your favorite TradFi markets — stocks, indices, and commodities.

While several venues are already offering these markets, Hyperliquid has been setting itself up as a leading venue for this crossover. Through HIP-3, its permissionless perpetuals framework, builders have deployed custom markets that tap into the chain's deep liquidity, and offer leveraged exposure to assets like Tesla stock, gold, and the S&P 500.

If you're unfamiliar with how perp contracts work, check out this guide first – then, take a look at our breakdown below of traditional finance markets live on Hyperliquid right now.

HIP-3 Markets for Traditional Assets

While HIP-3 supports a range of market types, three providers have emerged as the go-to destinations for traditional asset perps: Trade, Felix, and Kinetiq. Each takes a slightly different approach.

• Trade (from Unit) offers USDC-margined perps across stocks, indices, and commodities. It currently has the deepest liquidity among the three, making it the default choice for traders prioritizing tight spreads (the small difference between buy and sell prices) and minimal slippage (when the final trade price stays very close to the expected price). No points program has been announced, though given Unit's role in building out Hyperliquid's spot listings, many expect an eventual airdrop for active users.

• Felix specializes in USDH-margined perps, covering commodities and select equities. (ICYMI: USDH is Hyperliquid's native stablecoin, designed to reduce the exchange's reliance on USDC while keeping yield within its own ecosystem.) Felix also explicitly offers points for trading with its markets, which will likely be considered when the token goes live.

• Kinetiq’s Markets focuses on index perps, also denominated in USDH. Beyond providing index exposure, Kinetiq runs an ongoing kPoints program (season 2 launched November 2025), where users earn points through trading volume. While these points will likely contribute toward potential future airdrops, remember that future airdrops never prove as lucrative as the genesis one.

A note on fees: All HIP-3 markets are currently in "growth mode," which slashes fees by roughly 90% to bootstrap liquidity. This makes trading costs near-zero across the board — meaning the usual USDH fee advantages (20% lower taker fees versus USDC markets) are negligible in absolute terms right now. If markets eventually exit growth mode, that gap will widen. But for now, fees shouldn't be a major factor when choosing between providers.

Given this, the main differentiators become liquidity (where Trade leads), points and airdrop potential (Kinetiq's ongoing program and Felix's expected TGE), and market selection (where each provider has its own focus).

Now that we've covered the different providers, let's review the different offerings across indices, commodities, and stocks 👇

Indices

When it comes to indices, Hyperliquid currently lists several major U.S. benchmarks:

• NASDAQ-100 is available on both Trade (as XYZ100-USDC) and Kinetiq (as USTECH-USDH). Both offer 25x max leverage. Trade has significantly deeper liquidity — roughly 30x higher open interest and far more daily volume — making it the better choice for larger positions or tighter fills. Kinetiq's version earns kPoints, which may appeal to those particularly bullish on KNTQ, Kinetiq’s governance token.
• S&P 500 trades on Kinetiq as US500-USDH with 25x leverage. It's the most liquid index perp on Kinetiq, offering broad U.S. market exposure.
• Russell 2000 (small-cap U.S. stocks) is available on Kinetiq as SMALL2000-USDH with 20x leverage. Liquidity is thin compared to the larger indices, so expect wider spreads.

For traders wanting index exposure, the NASDAQ-100 decision comes down to liquidity (Trade) versus points (Kinetiq). The S&P 500 and Russell 2000 are Kinetiq exclusives for now. Another HIP-3 market, Ventuals — mostly for pre-IPO perpetuals — also offers a MAG7-USDH contract with 15x leverage if that's of more interest to you.

Commodities

Next, we have commodity perps to satisfy the seemingly endless appetite for gold, other precious metals, and physical goods overall. Pricing uses spot oracles during market hours with fallbacks for off-hours trading.

• Gold is listed on both Trade (GOLD-USDC) and Felix (GOLD-USDH), each offering 20x leverage. Trade has roughly 20x higher open interest and substantially more volume, making it the go-to for execution quality — plus the added benefit of potentially contributing to the UNIT airdrop.
• Silver follows the same pattern: Trade (SILVER-USDC) and Felix (SILVER-USDH) both at 20x leverage. Trade dominates on liquidity with around 12x higher open interest. If you fancy yourself a silver savant, Felix recently wrapped up a trading competition on its silver market, with another likely to be launched soon.
• Crude Oil (WTI) trades on Trade (CL-USDC) at 20x leverage and Felix (OIL-USDH) at just 8x. Trade wins on both liquidity and leverage here. Felix's lower max leverage reflects more conservative initial parameters that may scale over time.
• Copper recently went live on Trade as well, listed (COPPER-USDC) at 20x leverage, expanding the metals selection.

Right now, Trade looks to be the clear leader on execution. Yet, looking ahead, Felix's founder has teased markets for natural gas, uranium, soybean meal, corn, and palladium — a unique smattering which may give it more edge in this arena.

Stocks

Lastly, we have equities — markets for individual equities that provide leveraged positions using Pyth oracles during U.S. market hours and self-referential pricing off-hours.

• Tesla (TSLA) is available on Trade (TSLA-USDC) and Felix (TSLA-USDH), both at 10x leverage. Trade has roughly 9x higher open interest and far more volume.
• Coinbase (COIN) trades on Trade (COIN-USDC) at 10x leverage and Felix (COIN-USDH) at 5x. Trade has about 7x more open interest and double the max leverage, making it preferable for most traders.
• Circle (CRCL) is listed on both platforms. Trade offers 10x leverage versus Felix's 3x, alongside deeper liquidity.
• Alibaba (BABA) just went live on both Trade (BABA-USDC) and Kinetiq (BABA-USDH), each at 10x leverage. Given the simultaneous launch, neither has established a liquidity edge yet — so your choice comes down to whether you prefer using USDC margin or want to accumulate kPoints on Kinetiq.

Beyond the duplicates, Trade carries the widest selection of single-stock perps:

• Nvidia (NVDA), Alphabet (GOOGL), and Tesla (TSLA) see the highest trading volumes, reflecting their popularity as AI and growth plays.
• MicroStrategy (MSTR) serves as a leveraged Bitcoin proxy given the company's treasury strategy.
• Palantir (PLTR), AMD, Intel (INTC), and Micron (MU) offer semiconductor and AI-adjacent exposure.
• Big tech staples like Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta (META), and Netflix (NFLX) are all available.
• Robinhood (HOOD) and Rivian (RIVN), both CT favorites, round out the selection with fintech and EV exposure.

All single-stock perps on Trade cap at 10x leverage. For assets only available on one platform, focus on those with higher volume for better execution.

⚠️ An Important Note on Risk

These markets expand access to traditional assets onchain, but the usual warnings apply. High leverage amplifies losses as quickly as gains. Funding rates can erode positions over time, particularly for directional bets held through volatile periods. Liquidity on newer or less popular markets may be thin, leading to you being set in the red from the moment you open a position.

If you're exploring these markets, start with low leverage and assets with demonstrated volume. Use stop-losses. And remember that 24/7 trading means prices can move while you sleep!