Where to trade stock perps onchain
Short answer: trade.xyz's HIP-3 markets on Hyperliquid have the longest list we found: about 106 equity, ETF and index perps, from NVDA to SK Hynix (trade.xyz). Ostium, Aster, Lighter and Ondo Perps also list US stocks. The biggest difference is what each does when the stock market is shut, and the riskiest moment is the switch back to live prices, as July 2026's SK Hynix flash crash showed (Nexus Mutual).
Which onchain venues list stock perps right now?
We checked each venue's docs or launch coverage on 14 Nov 2026. Leverage caps are ceilings, not targets, and venues reserve the right to change them (Aster).
| Venue | How prices are set | Example tickers | Hours and weekends | Max leverage | Access |
|---|---|---|---|---|---|
| trade.xyz (HIP-3 on Hyperliquid) | Hyperliquid order book; trade.xyz runs the oracle and mark price (Nexus Mutual) | NVDA, TSLA, AAPL, MSFT, SP500, XYZ100, SKHYNIX, SAMSUNG (trade.xyz) | Stocks 24/5 (Sun 8:05 PM to Fri 8:00 PM ET) with an internal session at weekends; indices Sun 6:00 PM to Fri 5:00 PM ET (trade.xyz) | 50x SP500, 20x NVDA, TSLA and AAPL, 10x SKHYNIX (trade.xyz) | Hyperliquid's terms bar the US and Ontario, per Datawallet |
| Ostium | Oracle-priced, from an in-house pull oracle with nodes run by Stork Network (Ostium) | "MAG7" US stocks (Ostium) | No trades while the stock market is closed (Ostium) | Up to 100x intraday, auto-closed at 3:45 PM ET, with a lower overnight cap (Ostium) | Not checked |
| Aster | Order book; index from several providers including Pyth (Aster) | US and Hong Kong-listed stocks (Aster) | Trades nights, weekends and holidays with a smoothed mark price (Aster) | Up to 50x, not stock-specific (Aster) | Terms bar the US, Canada, UK and others (Blockworks) |
| Lighter | Order book (Cointelegraph) | Not confirmed in pages we could open | 24 hours on weekdays as of early 2026, with 24/7 planned (CoinMarketCap) | Not confirmed | Terms bar the US, Canada and UK (Lighter) |
| Ondo Perps | Not stated at launch | Apple, Tesla, oil, gold (The Block) | 24/7 (The Block) | Up to 20x (The Block) | Not for the US, Panama and other prohibited places; open only to pre-alpha users at launch on 7 Jul 2026 (The Block) |
| Avantis | Not checked | SPY and QQQ index perps at launch in Aug 2025 (Four Pillars) | Not checked | Up to 100x at launch (Four Pillars) | Non-US users (Four Pillars) |
Ostium's stock pages carry a "deprecated" warning and point to newer docs, and we couldn't confirm Avantis's current listings, so check the app before you trade. Ondo Perps also lets traders post tokenized stocks as collateral (The Block).
How are stock perps priced when the stock market is closed?
A perp trades around the clock, but NVDA's home market doesn't. Venues fill the gap in 3 ways:
- Stop trading. Ostium won't execute trades while the underlying market is closed and blocks market orders; pending limit and stop orders fill when it reopens (Ostium).
- Price it in-house. trade.xyz keeps its markets open and uses internal pricing outside the reference market's hours (Nexus Mutual). Each contract has a "discovery bound", for example ±5% for NVDA and ±10% for SKHYNIX (trade.xyz).
- Smooth it. Aster keeps trading and switches its mark price to an average of recent trades (EWMA) during "overnight, weekends, and public holidays" (Aster).
Each choice has a cost. A closed market can't react to weekend news, then reprices in one jump at the open. An internal price can drift from where the stock really reopens, and the snap back can liquidate positions that looked fine all weekend.
What happened with the SK Hynix perp in July 2026?
A single bad trade on a thin Korean venue knocked trade.xyz's SK Hynix perp down about 18% in seconds on 27 Jul 2026, according to Nexus Mutual's incident report (Nexus Mutual). Galaxy Research puts the mark-price drop at 18.7% (Galaxy).
- 23:00 UTC (08:00 KST on 28 Jul): Nextrade's pre-market session opened, and a 1-share order executed at ₩1,272,000, the daily lower limit and about 30% below the previous close (Nexus Mutual).
- About 4 seconds later: The print reached trade.xyz's oracle, which fell from $1,131.40 to $954.99 (-15.6%). Price bands stopped it tracking the full drop of about 29% (same source). Cointelegraph reported the mark price falling from $1,127.90 to $917.25 at 23:01 UTC (Cointelegraph).
- About 3 seconds after that: Liquidations began. 960 long accounts were liquidated, closing $57.4M of positions and realizing about $17.3M of margin losses (Nexus Mutual).
- ADL: About 100 profitable short accounts were auto-deleveraged, realizing about $10.8M of profit they hadn't chosen to take, per the report's timeline; its summary says "dozens of accounts" (same source).
- About 2 minutes later: SK Hynix on Nextrade was back near ₩1.7M (same source).
Nexus Mutual blames the oracle design: it used a single print with no outlier check, at a time when Nextrade was the only live venue because the main KRX session opens at 09:00 KST. trade.xyz said its oracle "worked as intended according to its specification". It called reimbursing eligible liquidation losses a "one-time discretionary decision" and said it is considering giving more weight to prices from its own order books (Cointelegraph).
The $10.8M is the profit on the shorts that were closed, not the size of those positions. Our What is auto-deleveraging (ADL)? Real cases from 2025-26 page covers how ADL picks who gets closed.
What else can go wrong with stock perps?
- Deployer risk on HIP-3. On these Hyperliquid markets, the deployer (here trade.xyz) controls the oracle and mark price, while Hyperliquid's core supplies the infrastructure (Nexus Mutual). The deployer's 500,000 HYPE stake can be slashed, but slashed stake is burned, so it doesn't compensate traders (same source).
- Opening gaps. News that breaks while a market is shut lands all at once when it reopens.
- Thin reference markets. Pre-market and after-hours venues trade small size, so one order can move an oracle.
- No shares. A perp is a contract on the price; you don't own the stock.
- Access rules. Most venues here bar US residents, and some bar the UK and Canada too. See Which perp DEXs block the US, UK, India and Canada?.
How do these venues score on risk?
Venue risk sits on top of stock-perp risk. Hyperliquid scores 72/100 (Some known risks) on Perpd, with a liquidation factor of 6/10. Aster scores 52/100 (Read the flags) and Lighter 75/100 (Some known risks). Ostium, Ondo Perps and Avantis aren't on our Perp DEX risk scorecard: 10 DEXs ranked by risk yet.
For 2 of these venues head to head, see Hyperliquid vs Aster: risk, fees and exit compared, and for Hyperliquid on its own, Is Hyperliquid safe? What can go wrong.
Sources
- Specification index, trade.xyz docs, accessed 14 Nov 2026
- xyz:SKHYNIX flash crash on Hyperliquid: incident report, Nexus Mutual, 3 Aug 2026
- Trade XYZ to cover SK Hynix perp liquidations after price anomaly, Cointelegraph, 29 Jul 2026
- Price oracle, Ostium docs (deprecated), accessed 14 Nov 2026
- Stocks: day trading, Ostium docs (deprecated), accessed 14 Nov 2026
- Stock contracts, Aster docs, accessed 14 Nov 2026
- Aster (ASTER) token transparency filing, H2 2026, Blockworks, H2 2026
- Ethereum-based Lighter DEX launches 24/5 equity perps trading, CoinMarketCap Academy, early 2026
- Whale loses $8.2M in ARC squeeze on Lighter, Cointelegraph, 26 Feb 2026
- Terms of service, Lighter, 29 Dec 2025
- Ondo Finance says tokenized stocks can now be used as collateral for perp trading, The Block, 7 Jul 2026
- The missing layer in onchain equities perps, Four Pillars, 22 Aug 2025
- Hyperliquid supported and restricted countries, Datawallet, 2 Oct 2026
- How one share in Seoul broke Hyperliquid's largest equity market, Galaxy Research, 31 Jul 2026
FAQ
Can you trade stocks on Hyperliquid?
Yes, through HIP-3 markets run by third-party deployers such as trade.xyz, which lists about 106 equity, ETF and index perps including NVDA, TSLA and the S&P 500. They're perps, so you don't own the shares.
Do stock perps trade on weekends?
It depends on the venue. trade.xyz and Aster keep trading with internal or smoothed prices, Ondo Perps says it runs 24/7, and Ostium doesn't execute trades while the stock market is closed.
What happened to the SK Hynix perp on Hyperliquid?
On 27 Jul 2026 a single bad pre-market print in Korea crashed trade.xyz's SKHYNIX perp. Galaxy says the mark fell 18.7%; Nexus Mutual says the oracle fell 15.6%, about 960 longs were liquidated and about 100 profitable shorts were auto-deleveraged. trade.xyz offered a one-time reimbursement of eligible liquidation losses.
Can US residents trade stock perps onchain?
Most venues we checked bar US residents, including Hyperliquid's front end, Aster, Lighter and Ondo Perps. Using a service from a country its terms block breaks those terms.
Related
- What is auto-deleveraging (ADL)? Real cases from 2025-26How auto-deleveraging works, where backstop vaults like HLP, JLP and GM fit in, and verified ADL cases on perp DEXs from 2025-26.
- Which perp DEXs block the US, UK, India and Canada?Restricted countries, KYC and legal entity for 10 perp DEXs, taken from each terms page, plus India's FIU-IND and crypto tax rules. Nov 2026.
- Hyperliquid vs Aster: risk, fees and exit comparedHyperliquid vs Aster side by side: bridges and exit, fees, markets, volume, incidents, wash-trading flags, tokens and legal status.
- Is Hyperliquid safe? What can go wrongWhat can go wrong on Hyperliquid: its validator-run bridge, 5 incidents since March 2025, HLP and ADL losses, HYPE unlocks and who is barred.
Scores are never for sale. This page has no affiliate links and no paid placements. Not financial advice: perps are leveraged and you can lose more than you deposit.