The onchain exchange that 3 of the 4 firms we track use for prices: how it works, funding every hour, fees, XYZ100, and which firm uses it for what.
A blockchain built for trading. It runs its own order books for perps and spot directly onchain, so every order, cancel, trade and liquidation is recorded on the chain. Think of it as an exchange where the exchange itself is the blockchain.
No. E8 takes its perps prices and market data from it, Tradeify 247 prices its tokenized stocks and commodities off it, and My Funded Perps uses it as one of its market data venues. Vest doesn't use it at all.
| Firm | Hyperliquid's role |
|---|---|
| Vest | None. Vest runs on its own exchange, Vest Markets. |
| My Funded Perps | One of its market data venues, with Binance, Bybit, Lighter and others. |
| Tradeify 247 | Prices for its tokenized stocks and commodities. |
| E8 Markets | Price feed and market data for its perps. Trading is simulated. |
It's its own layer 1 blockchain with a consensus called HyperBFT. HyperCore holds the order books and HyperEVM runs smart contracts. Hyperliquid says HyperCore handles 200,000 orders a second, with a median latency of 0.2 seconds for a co-located client.
You deposit USDC from Arbitrum, Ethereum, Base or Polygon and use it as collateral. Trading itself costs no gas. Max leverage runs from 3x to 40x depending on the market, with cross margin by default and isolated margin if you want it.
It's paid every hour, trader to trader, and Hyperliquid takes no cut. When funding is positive, longs pay shorts. It's capped at 4% an hour.
0.045% taker and 0.015% maker on the base tier, based on your rolling 14-day volume. Staking HYPE cuts fees by 5% to 40%.
The Hyperliquidity Provider, a community-owned vault. It makes markets, handles liquidations and earns part of the trading fees. Deposits are locked for 4 days.
Hyperliquid's token. It secures the network through staking, pays gas on HyperEVM and gives trading fee discounts.
It lets builders launch their own perp markets on Hyperliquid by staking 500,000 HYPE. trade.xyz uses it to list stocks, indices and commodities, including XYZ100, a Nasdaq-100-style index, and an officially licensed S&P 500 perp.
Not directly. trade.xyz's legal page bars US persons from its markets, and Hyperliquid's terms of use restrict the US too. Check the terms for your country before you deposit. A perps prop firm is a separate question, so check each firm's own terms.