# Relationship to Hyperliquid All XYZ markets operate on Hyperliquid. **Hyperliquid** is a highly performant blockchain network that offers permissionless access to perpetual trading markets. Trades, execution and settlement are all handled onchain and processed by Hyperliquid’s decentralized set of [validators](https://hyperliquid.gitbook.io/hyperliquid-docs/validators). **Hyperliquid Improvement Proposals** are network upgrades that extend the network’s functionality. Hyperliquid Improvement Proposal 3, or HIP-3, lets independent builders deploy and operate their own perpetual markets on Hyperliquid. You can read more details about HIP-3 in Hyperliquid’s documentation [here](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals). **The XYZ protocol** is a HIP-3 DEX that deploys XYZ markets. XYZ markets exist for a range of asset classes, including equities, indices, commodities and FX. The XYZ protocol defines market listings, oracle sources, leverage limits, and sets other parameters for XYZ markets. **trade\[XYZ]** is an interface providing access to XYZ markets and other Hyperliquid markets. It is not the exclusive means of accessing XYZ markets. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.trade.xyz/overview/relationship-to-hyperliquid.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.