HIP-3 stock and RWA perps
How HIP-3 stock, index and RWA perps work on Hyperliquid
HIP-3 lets builders deploy perpetual futures on Hyperliquid. A stock, index or commodity perp gives price exposure through a derivative. Holding the contract gives you no shares, voting rights, or claim on the underlying real-world asset (RWA).
At a glance
Why It Matters
What traders and researchers should take away
- Two markets can share a ticker while using different deployers, collateral, liquidity, or oracle rules.
- An equity reference market can close while its perp keeps trading under the deployer’s oracle and session rules.
How it works
What the product uses behind the scenes
- Hyperliquid identifies a builder-deployed perp as DEX:COIN. Omni’s collateral planner uses the selected market and account mode to identify the relevant balances.
Notes
Things to know
- The market list and order book change. Examples describe contract types and carry no promise of listing, access or liquidity.
- Leverage can amplify losses and trigger liquidation. Funding and thin books can affect results even when the reference price moves as expected.
Guide
Steps
- Find the exact contract
Open the Omni Terminal market selector and search for the reference ticker. Verify the venue, DEX prefix, network, market type and quote asset. A stock perp and a brokerage equity can appear under the same ticker.
- Read the deployer’s market specification
Check the underlying reference, oracle, trading and oracle hours, and any rules for corporate actions or halts. Compare current funding, spread and depth before deciding whether to trade.
- Match the order to the right collateral and scope
Check available collateral, account mode, leverage and liquidation context for that exact market. If funds need moving, review Manage Collateral and the wallet approval separately from the order.
Next
Open the workflow
- Compare Hyperliquid trading terminals Compare execution controls and research workflows across six terminals.
- Read the Hyperliquid HIP-3 specification Check how builders define and operate perpetual markets.
- Read the trade[XYZ] market documentation Find a deployer’s specifications for equities, indices and commodities.
Crypto perps, stock perps and tokenized assets
Identify the instrument before comparing price, costs or ownership.
- Crypto perps and HIP-3 stock or commodity perps are perpetual derivatives. Spot crypto represents units of a traded token.
- A stock perp references a share price. An index perp references an index. A commodity perp references a defined commodity price or benchmark.
- Tokenized shares and other tokenized RWAs have their own issuer, custody and redemption terms. A similarly named perpetual contract conveys none of those rights.
Use the same market for research, chart trading and execution
Carry the exact market and account identity from the chart to the ticket.
- Compare mark and oracle prices, funding and order book depth for the selected DEX.
- Review price, size and reduce-only status on a chart or ticket order. For several price levels, use the scaled-order guide. For execution over time, read the TWAP guide and check supported account and market scope.
- Check the exchange-confirmed order status, fills and resulting position on the same network and account.
References
Implementation references
Margin mode and collateral routing
omni-terminal/docs/MARGIN_MODE_LIVE_TESTING.mdExplains how margin mode affects collateral routing to a HIP-3 DEX.