Stock & Gold Perps Board

Hyperliquid lets a builder who locks up HYPE tokens list its own perps, pick the price feed and set the fees. trade.xyz did that for stocks, indices and commodities, and by mid-2026 these markets held more open bets than Bitcoin on the exchange. Companies that have not gone public yet, such as Anthropic and OpenAI, trade the same way on the io builder.

A perp is a bet, not a share. No dividends, no votes, a funding fee every hour, and a price at which you get closed out. The price feed belongs to the builder, so that is one more thing that can go wrong. Most of the trading sits in a handful of names. When the stock market is closed the perp keeps trading, so weekend prices are the market's guess at where the share will reopen.

Want the share itself on-chain? The Tokenized Stock Checker compares every wrapper. Sizing a position here? The Trade Plan Checker and the Squeeze Map cover the tracked names.