Overview

An overview of XYZ and XYZ perpetual futures

XYZ is the first HIP-3 deployment on Hyperliquid where XYZ perpetual futures trade.

XYZ perps are perpetual futures contracts that reference traditional (non-crypto) asset classes. Like all perps, XYZ perpetuals are cash-settled and use funding payments to keep prices aligned with the underlying asset. The same trading mechanics that apply to Hyperliquid perps (including collateral management, leverage adjustment, and margin modes or order types) also apply to XYZ Perps.

The XYZ U.S. 100 Index perpetual future is the first perpetual contract on XYZ. It tracks the value of a modified capitalization-weighted index of 100 large non-financial companies listed on a U.S. exchange. Like other Hyperliquid perps, it uses an oracle price to compute funding rates, and the mark price is used for margining, liquidations, triggering TP/SL, and computing unrealized PnL.

However, XYZ perps use different oracle and mark price mechanics than Hyperliquid perps. These mechanics include an internal pricing function for the oracle where external prices from markets are unavailable (e.g., when equities markets are closed). These are specifically designed to address some of the unique challenges of equities perps with 24/7 markets, where the underlying trades only during market hours. Ultimately, they serve as an extension of the existing perp universe on Hyperliquid, taking us one step closer to enabling you to trade anything, anytime.

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XYZ is the first HIP-3 deployment on Hyperliquid. You can find more information about HIP-3 here.

HIP-3 Metadata	Value
Name	xyz
Full Name	XYZ
Deployer	0x88806a71D74ad0a510b350545C9aE490912F0888
Oracle Updater	0x1234567890545d1Df9EE64B35Fdd16966e08aCEC