Is there a Hyperliquid stock?

Contents

This page is information, not investment advice. It contains no price predictions.

Which "Hyperliquid stock" do you mean?#

The rest of this page takes each row in turn.

Is Hyperliquid publicly traded?#

No. Hyperliquid is a layer-1 blockchain with a built-in exchange, not a company with shares. Its core contributors page names Hyperliquid Labs as a core contributor, led by Jeff and iliensinc, and says Hyperliquid Labs "is self-funded and has not taken any external capital". No stock exchange lists Hyperliquid or Hyperliquid Labs. For how the chain and its exchange work, see what Hyperliquid is and how it works.

The closest thing to owning "Hyperliquid" is holding HYPE, the token used for gas, staking and fee discounts on the network. HYPE is not a share: it carries no claim on any company's profits or assets. What HYPE does and how staking works is covered in the HYPE token and staking guide. This page says nothing about its price.

What is Hyperliquid Strategies (PURR) stock?#

Hyperliquid Strategies Inc. (Nasdaq: PURR) is a US company whose business is holding HYPE. It became a listed company on 2 December 2025, when its combination with Sonnet BioTherapeutics closed, and its shares began trading on Nasdaq as PURR on 3 December, per its annual report on Form 10-K. Its own site, hypestrat.xyz, calls it a digital asset treasury company focused on accumulating HYPE. Owning PURR means owning shares in that company. It is not a share of Hyperliquid, and Hyperliquid Strategies does not run the network.

The company's fiscal-year results release, filed with the SEC on 27 August 2026, gives these figures:

The same release says the company runs the "Hyperliquid Strategies x Unit" validator jointly with Unit, and that substantially all of its tokens are staked. On 23 October 2026 the board raised the share buyback authorization from $30 million to up to $100 million and extended it to 31 October 2027, per the company's buyback announcement.

A PURR share is a claim on a company, not on its tokens. A treasury company can sell HYPE, issue stock or buy back shares at its board's discretion. Those are company decisions, not protocol rules.

Three different things called PURR#

The name causes real confusion on Hyperliquid itself:

The spot token has nothing to do with the Nasdaq company. Buying PURR/USDC on Hyperliquid does not buy Hyperliquid Strategies shares.

Is there a Hyperliquid ETF?#

Yes. Several exchange-traded products hold HYPE directly. As of 2 November 2026, three list on US exchanges and at least one trades in Europe:

Sources: 21Shares' THYP page, Bitwise's BHYP fund site, Grayscale's HYPG fund page and 21Shares' European HYPE ETP page, all read on 2 November 2026.

21Shares calls THYP the first US spot Hyperliquid ETF. Bitwise reported $176.2 million in BHYP net assets on 29 October 2026. 21Shares reported $66.4 million in THYP assets on 30 October 2026.

The three US spot funds are not registered under the Investment Company Act of 1940, and each issuer says so on its page. They also differ from holding HYPE yourself. You cannot use fund shares on Hyperliquid, you pay the fee every year, and the fund decides how much HYPE to stake and with which validator. In exchange you hold them in an ordinary brokerage account, with no wallet or keys.

21Shares also lists TXXH, the 2x Long HYPE ETF, on Nasdaq since 30 April 2026. It is a different kind of fund. It seeks twice the daily move of HYPE through swaps, futures and options rather than by holding HYPE, and is registered under the 1940 Act, per its issuer page. The leverage resets daily, so over longer periods its return can differ a lot from twice HYPE's.

Can you trade stocks on Hyperliquid?#

Yes, as perpetual futures, which Hyperliquid calls HIP-3 builder-deployed perps. An outside team called a deployer stakes 500,000 HYPE, lists markets, and publishes their prices. HyperCore runs the order book, margin and liquidations. How that works is in HIP-3 builder-deployed perpetuals explained.

Almost every stock and index perp people search for is a trade[XYZ] market under the xyz deployment. The Hyperliquid app labels each one "a perp market deployed independently by xyz" and warns of "low liquidity, high volatility, and increased liquidation risk" (seen in the app on 2 November 2026). Entropy (io) runs a smaller set, with US equities such as SanDisk and Nebius and Hong Kong names such as Xiaomi in its equity asset directory.

The markets behind the rising searches, from trade[XYZ]'s specification index as of 2 November 2026:

The last column is our arithmetic from each market's discovery bound and number of resets, using the formula in trade[XYZ]'s discovery bounds methodology. It is the hard cap on how far the mark price can move from the last external price before the stock market reopens. The next section explains it.

SpaceX (SPCX) on Hyperliquid#

xyz:SPCX started as a pre-IPO perp. Hyperliquid's 18 May 2026 update reported the SPCX pre-IPO market listing, and its 16 June 2026 update said it had become a regular perp. trade[XYZ]'s specification now says it references one Class A share of Space Exploration Technologies Corp. on Nasdaq, at up to 20x with cross margin. Its weekend bounds are wider than most: a 5% band with five resets, against two for Tesla or Nvidia. The perp gives no SpaceX shares and no claim on the company.

Micron (MU) on Hyperliquid#

xyz:MU tracks one Micron Technology share on Nasdaq. It allows 10x, not 20x, and has a ±10% band with one reset, so a weekend move can run to about +21% or -19% before the cap. Micron is one of the memory stocks in a cluster of trade[XYZ] markets that includes SanDisk (xyz:SNDK), SK hynix and the Roundhill Memory ETF (xyz:DRAM).

Can I trade the S&P 500 on Hyperliquid?#

Yes, through xyz:SP500. Hyperliquid's 24 March 2026 update said S&P Dow Jones Indices licensed the S&P 500 to trade[XYZ] for the first and only officially licensed S&P 500 perpetual. trade[XYZ]'s US index methodology combines the cash index (9:30 a.m. to 4:00 p.m. ET on weekdays) with futures quotes from institutional liquidity providers, which gives external prices from Sunday 6:00 p.m. to Friday 5:00 p.m. ET.

Two traps sit in this search. SPX on Hyperliquid is not the S&P 500: it is a Solana token that Hyperliquid's getting-started guide lists among assets you can deposit. And xyz:XYZ100 is trade[XYZ]'s own index, not the licensed Nasdaq-100.

How do stock perps price when the stock market is closed?#

A stock perp trades 24 hours a day, 7 days a week. The stock does not. The deployer has to decide what the price is when there is no stock price, and the two main deployers decide differently.

trade[XYZ]. Its US stock rules take external prices 24 hours a day, 5 days a week, from Sunday 8:05 p.m. to Friday 8:00 p.m. ET, including Blue Ocean ATS for the overnight session. From Friday 8:00 p.m. to Sunday 8:05 p.m. ET, its oracle methodology moves the price by a moving average of the order book's own impact prices, with a 30-minute time constant. When external prices return, the oracle snaps back to them on the next tick.

Discovery bounds cap that weekend drift. Each market has its own band around the last external price, listed in trade[XYZ]'s specification index. The band is usually near one divided by max leverage, but not always: xyz:XYZ100 at 30x uses ±3.5%. When the price reaches 90% of the way to an edge, the band re-anchors at that edge, up to the market's number of resets. After that it is a hard cap until Sunday evening. A position whose liquidation price lies outside the active band cannot be liquidated while the band applies. The risk moves to the reopen, when the oracle jumps to the external price.

Entropy. Entropy's equity perpetuals pin the oracle to the primary listing venue during its regular session. Outside it, the oracle blends the last print or an approved after-hours venue with Entropy's own order book, weighted by book depth. Its limit up, limit down rule confines closed-hours trading to one initial-margin fraction either side of the session close: ±20% for a 5x market. Entropy applies no adjustment for cash dividends, and settles a market before a stock split.

Who can trade stock perps on Hyperliquid?#

At the protocol level, any HyperCore account can trade HIP-3 order books. The deployers' own terms are narrower. trade[XYZ]'s general disclaimer prohibits access by US persons and from restricted jurisdictions. Entropy's restricted jurisdictions list excludes the US, Canada, the UK, most of the EU and others. Following those terms is the trader's responsibility.

As of 2 November 2026 there is no regulated US route. Intercontinental Exchange, which owns the NYSE, signed an agreement on 29 October 2026 to operate trade[XYZ]'s regulated markets in the US once approvals are in place, per ICE's press release. Access questions are covered in using Hyperliquid in the US and KYC. A US investor who wants HYPE exposure through a broker today has PURR or one of the ETFs above, not the perps.

Risks of Hyperliquid stock perps#

trade[XYZ]'s perpetuals risk disclosure states the base case: perps give "synthetic price exposure" with no ownership, voting, dividend or delivery rights. The specific risks:

• Oracle prints. A single real but unrepresentative print can move the mark and liquidate positions even if no trade happens at that price on Hyperliquid. The SK hynix print of July 2026 did this, covered in the HIP-3 guide's risk section.
• Weekend gaps. The bounds stop a weekend run, not a Monday gap. Over one weekend the mark can travel the full re-anchored range in the table above, wider than the band shown on Saturday, and the oracle jumps to the external price at the reopen.
• Thin books off-hours. Off-hours liquidity is often a fraction of weekday liquidity, so a modest order can move the internal price.
• Auto-deleveraging. Many single-stock markets are isolated-margin only, outside the reach of the HIP-3 backstop liquidator, so a winning position can be closed early to cover a loser.
• Caps and halts. Every trade[XYZ] market has an open interest cap. At the cap, only reductions go through, and a deployer can halt and settle a market at the mark price.
• Fees. Standard HIP-3 fees are twice the validator-perp rate at a fee scale of 1, with growth mode cutting them by 90% or more. See Hyperliquid fees explained.

A capped-loss alternative#

Hyperliquid's other market type, HIP-4 outcome markets, turns a price view into a Yes or No question with a fixed maximum loss, not a leveraged position that can be liquidated. The mechanics are in HIP-4 outcome markets explained. Totalis, which publishes this guide, lists no stock perps and sells no PURR or ETF shares. It builds on HIP-4, and its docs cover how a Combo of outcomes settles and Combo fees and limits. Those outcome markets trade in the Totalis app. For oil, gold and other commodity perps, see how oil trades on Hyperliquid.

Frequently asked questions#

What is the price of SpaceX on Hyperliquid?#

xyz:SPCX references one Nasdaq-listed SpaceX Class A share. trade[XYZ] takes external prices for it from Sunday 8:05 p.m. to Friday 8:00 p.m. ET, including pre-market, after-hours and overnight trading. Over the weekend, on market holidays or if the external feed stops, the oracle follows the perp's own order book within trade[XYZ]'s discovery bounds. The perp's price can still differ from the stock's at any time. The live price is on the market's page in the Hyperliquid app.

Is Hyperliquid a good investment?#

This page gives no investment advice. HYPE, PURR, the ETFs and the perps carry different risks: token price risk, company and premium risk, fund fees, and leverage with liquidation. Read the issuer's or deployer's documents before buying any of them.

How do I buy Hyperliquid in the US?#

The perps on Hyperliquid's HIP-3 venues exclude US persons. US brokerage accounts can hold PURR and the US HYPE ETFs. For direct HYPE and Hyperliquid access, see using Hyperliquid in the US.