HIP-3 is the Hyperliquid mechanism that lets outside builders deploy their own perpetual markets on Hyperliquid's infrastructure. The deployer defines the contract specification, oracle, and leverage limits; Hyperliquid provides the order book, margining, and settlement. It is what makes perpetuals on stocks, indices, and commodities possible through the same venue that trades crypto.

Can I trade stocks on-chain?

You can trade perpetual futures that track stock prices. That gives you leveraged long or short price exposure to names like NVDA, TSLA, AAPL, and MSTR, settled on-chain. It is not share ownership — there are no voting rights, no dividends, and no delivery of the underlying.

Do stock perpetuals pay dividends?

No. A perpetual tracks price, not the economics of holding the share. How a given market's oracle handles ex-dividend dates, splits, and other corporate actions is defined by that market's deployer rather than by a universal rule, so it is worth checking the specific market before holding through one.

How many markets can I trade on Rayze?

Rayze curates 90+ perpetual markets across crypto, stocks, indices, and commodities, at up to 40x leverage depending on the asset and position size. The list is dynamic — markets can be added, paused, or removed as Hyperliquid and its deployers update coverage — so the trading terminal is the authority on what is available right now.

Are commodity and index perpetuals available too?

Yes. Alongside equities, Rayze curates perpetual markets on gold, silver, copper, natural gas, WTI and Brent crude, and index markets including the S&P 500 and Nasdaq. They work the same way as the equity markets: price exposure through a perpetual contract, with no ownership or delivery of the underlying.

Does Rayze operate these markets?

No. Every perpetual market and order on Rayze comes from Hyperliquid, and each builder-deployed market is operated by its deployer. Rayze selects which markets appear in its terminal and brings that execution into a social trading experience built around identity, performance, and funds.

Trading Stocks, Gold, and Oil On-Chain: HIP-3 Perpetuals Explained

On-chain perpetual futures started with crypto, and for years that was the whole menu. That is no longer true. Through HIP-3 — Hyperliquid's mechanism for builder-deployed markets — the same order book that prices BTC now prices NVDA, gold, Brent crude, and the S&P 500. This article explains what those markets are, who actually operates them, what you own when you hold one (less than people assume), and where the trade-offs sit.

What changed

A perpetual future is a contract with no expiry date that tracks the price of something else. Nothing about that definition requires the something else to be a token. It only requires a price feed everyone can agree on and a venue willing to run the market.

Hyperliquid's native markets cover crypto. HIP-3 opens the same infrastructure to outside deployers: anyone meeting the requirements can launch a perpetual market on an asset Hyperliquid does not list itself. The result is equities, indices, and commodities trading against the same order book, with the same margining and the same settlement, as the crypto markets beside them.

On Rayze that currently means 90+ curated markets spanning four categories — crypto, stocks, indices, and commodities — at up to 40x leverage depending on the asset.

Who actually operates these markets

This is the part worth understanding before you trade one, because the answer is not 'Hyperliquid' and it is not 'Rayze'.

Each HIP-3 market is run by its deployer. The deployer defines the contract specification, chooses the oracle that prices it, and sets the leverage limits. Hyperliquid provides the order book, the margin engine, and settlement. Rayze selects which of these markets appear in its terminal but does not operate any of them and does not issue the contracts.

Three parties, three different responsibilities. When a market behaves unexpectedly — an oracle print you did not expect, a trading halt, a leverage cap that moved — the deployer is usually the reason, not the venue and not the front end.

What you own, and what you do not

A perpetual tied to a stock gives you price exposure. That is the entire claim. You do not own the share, and none of the things that come with owning a share come with it either: no voting rights, no dividends, no entitlement to a distribution, no delivery of anything at any point.

The same applies across categories. A gold perpetual is not gold in a vault. An oil perpetual will never involve a barrel. An index perpetual is not a basket of the underlying constituents that you hold.

This matters for more than pedantry. A dividend-paying stock's perpetual does not pay you the dividend, and how the deployer's oracle handles ex-dividend dates, splits, and corporate actions is a property of that specific market rather than a universal rule. Read the market before you size a position in it.

Where these markets behave differently from crypto

Crypto trades continuously. Equities do not, and a perpetual tracking an equity inherits some of that. Trading hours, oracle behaviour outside those hours, and market status can differ across builder-deployed markets in ways that crypto traders are not used to thinking about.

Margin rules are market-specific too. Some assets support both cross and isolated margin; others are isolated-only. The maximum leverage shown in the order ticket is the authority for the market you are actually looking at, and it can change when the deployer or Hyperliquid updates the market.

Liquidity is not uniform either. A curated list is not a promise of equal depth across every name on it, and a position size that fills cleanly in BTC will not necessarily fill cleanly in a thinly traded equity perpetual.

Why one venue for everything changes the strategy

The practical argument for this is not novelty. It is that a thesis rarely respects asset-class boundaries, and the infrastructure usually forces it to.

A trader who thinks semiconductors are overbought and gold is bid has historically needed a broker for one leg and an exchange for the other, with margin stranded in two places and no combined view of the position. Running both legs against one order book with one collateral pool removes that friction, and on Rayze both sit inside the same fund balance and the same NAV.

That is the case for it. The case against is the same one as always: leverage is a limit rather than a target, and a correlated book across four asset classes can be less diversified than it looks when volatility arrives.

What to weigh before trading one

These markets carry every risk a crypto perpetual carries — leverage, liquidation without a margin call, funding paid over a held position — and add a few of their own.

Oracle risk is more prominent here. A crypto perpetual is priced against deep, continuously traded spot markets. An equity or commodity perpetual depends on a deployer's chosen feed, and its behaviour during a halt, a gap, or a corporate action is a property of that feed rather than something the order book resolves.

Market availability is also less settled. The list is dynamic: assets can be added, paused, or removed as Hyperliquid and its deployers update coverage. The terminal is the source of truth for what is tradable right now, and a market you traded last month may not be there today.

Frequently asked questions

What is HIP-3?: HIP-3 is the Hyperliquid mechanism that lets outside builders deploy their own perpetual markets on Hyperliquid's infrastructure. The deployer defines the contract specification, oracle, and leverage limits; Hyperliquid provides the order book, margining, and settlement. It is what makes perpetuals on stocks, indices, and commodities possible through the same venue that trades crypto.
Can I trade stocks on-chain?: You can trade perpetual futures that track stock prices. That gives you leveraged long or short price exposure to names like NVDA, TSLA, AAPL, and MSTR, settled on-chain. It is not share ownership — there are no voting rights, no dividends, and no delivery of the underlying.
Do stock perpetuals pay dividends?: No. A perpetual tracks price, not the economics of holding the share. How a given market's oracle handles ex-dividend dates, splits, and other corporate actions is defined by that market's deployer rather than by a universal rule, so it is worth checking the specific market before holding through one.
How many markets can I trade on Rayze?: Rayze curates 90+ perpetual markets across crypto, stocks, indices, and commodities, at up to 40x leverage depending on the asset and position size. The list is dynamic — markets can be added, paused, or removed as Hyperliquid and its deployers update coverage — so the trading terminal is the authority on what is available right now.
Are commodity and index perpetuals available too?: Yes. Alongside equities, Rayze curates perpetual markets on gold, silver, copper, natural gas, WTI and Brent crude, and index markets including the S&P 500 and Nasdaq. They work the same way as the equity markets: price exposure through a perpetual contract, with no ownership or delivery of the underlying.
Does Rayze operate these markets?: No. Every perpetual market and order on Rayze comes from Hyperliquid, and each builder-deployed market is operated by its deployer. Rayze selects which markets appear in its terminal and brings that execution into a social trading experience built around identity, performance, and funds.

Trade 90+ markets from one account

Crypto, stocks, indices, and commodities against a single order book, with one collateral pool.

Start trading How Hyperliquid perpetuals work

Rayze is a non-custodial technology provider — not a broker-dealer, investment adviser, or financial intermediary. Nothing on this page is financial, investment, tax, or legal advice. Perpetual futures give price exposure only and confer no ownership, shareholder rights, dividends, or delivery of any underlying asset. All investing involves risk, including loss of principal, and leverage increases that risk. Past performance does not predict future results.