> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/overview/relationship-to-hyperliquid.md).

# Relationship to Hyperliquid

How Hyperliquid, trade\[XYZ] deployments, and trade\[XYZ] relate.

Hyperliquid is a performant blockchain and financial application platform offering access to hundreds of spot, perpetual, and outcome markets. Its onchain trading engine, HyperCore, processes orders, matches trades, maintains positions and balances, and applies settlement through Hyperliquid’s decentralized validator set.

Hyperliquid Improvement Proposals extend what builders can deploy on HyperCore:

* [HIP-3](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals) enables builder-deployed perpetual markets. trade\[XYZ] deploys Perpetuals under the `xyz` HIP-3 deployment, which defines listings, oracle inputs, leverage limits, and other market parameters.
* [HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) enables fully collateralized outcome markets. trade\[XYZ] deploys Events under the `txyz` HIP-4 deployment by instantiating validator-approved templates, supplying the values those templates permit, publishing the applicable resolution methodology, and submitting resolutions through the outcome deployer or an authorized settlement sub-deployer.

Separately, the website at trade.xyz a non-custodial interface through which users can interact with these and other Hyperliquid markets. It does not replace HyperCore and is not the exclusive interface for either deployment.

For product-specific details, see [Perpetuals](/perpetuals.md) and [Events](/events.md).


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