CashboardGlossary · Tokenization
What are stock perps?
Stock perps are perpetual futures on a stock or index that let you go long or short with leverage at any hour, without owning a share or a token.
How do stock perps work?
A stock perp takes the crypto perpetual futures design and points it at equities. Nothing sits behind it, no share and no token. Just a contract that follows an oracle price for the stock and uses funding payments to stay close to it. You post collateral, usually a stablecoin, and pick a side and a leverage.
On Hyperliquid they arrived through HIP-3 in October 2025, with Trade.xyz as the first deployer. The contracts never close. On weeknights Trade.xyz still gets outside prices from overnight venues, but from Friday 8 p.m. to Sunday 8 p.m. Eastern the oracle has no fresh stock price and follows the perp's own order book, so for those 48 hours the perp does its own price discovery.
That is the appeal and the danger. A stock perp can react to Saturday news before any stock venue reopens, and its gap to Friday's close is a running read of sentiment. But weekend books are thin, so spreads widen. And the snap back when outside prices return on Sunday evening Eastern can be violent. Leverage turns that snap into liquidations.
A made-up weekend: the stock closes Friday at $400 and its perp drifts to $390. When overnight trading resumes on Sunday evening the stock is quoted at $402, and the perp follows within minutes. Anyone who shorted at $390 with 10x leverage just lost about 30% of their margin.
Also called: equity perps, stock perpetuals.
Where do stock perps show up in Cashboard?
In the Tokenized stocks widget the Hyperliquid stock perp gets its own column beside the cash price and the xStock, with its basis and funding APR, so a Saturday drift like the one above shows up on the board. The Robinhood perps widget lists Lighter's stock perps on Robinhood Chain with mark, 24 hour range, open interest and funding against Hyperliquid and Binance. The HIP-3 view of the Hyperliquid markets widget covers the builder side, with stock, commodity and index perps from every HIP-3 dex. Paper trading cannot open a stock perp. Its perps come only from Hyperliquid's main list, and a paper stock position runs at the cash price with no leverage.
Frequently asked questions
Do stock perps give you ownership of shares?
No. A stock perp is a derivative that tracks the price. There is no share or token behind it, so you get no voting rights and no claim on the company.
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.