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FollowingHyperliquid has added the xStocks spot market, covering Nvidia, SPY, QQQ and chip stocks.
Hyperliquid has added five xStocks tokenized stock and ETF markets on HyperCore, expanding its business from equity-linked perpetual contracts to spot assets that users can hold, transfer and introduce DeFi.
The launch on August 10 opened the USDC market for the following assets: NVIDIA's NVDax, SPYx, which tracks the S & P 500 ETF, Qx, which tracks the Nasdaq 100 ETF, SK Hynix, and Micron's MUx. All five assets are traded through HyperCore's on-chain order book. As this integration expands on Hyperliquid, more xStocks products are planned to be deployed in the coming weeks.
xStocks launches spot stocks in parallel with HIP-3 perpetual contracts
Hyperliquid has previously provided a large number of stocks and index trading through the HIP-3 perpetual market, but these contracts provide derivative exposure rather than transferable base tokens. xStocks fills different roles. Each token is backed 1:1 by the reference assets it holds in a regulated custodian and can be transferred between supported networks, self-managed wallets, and on-chain applications. These products provide economic exposure rather than direct ownership of the reference stock, and do not carry shareholder voting rights or dividend rights.
This difference creates a new combination between Hyperliquid's spot and sustainable markets. Traders can hold tokenized Nvidia or SK Hynix exposure while trading the corresponding perpetual contract separately, thereby starting basis and hedging strategies without leaving the ecosystem.
Equity derivatives have attracted a lot of activity on Hyperliquid. Trade.xyz 's SpaceX-related perpetual contract exceeded US$500 million in 24 hours during the company's public market debut.
Chainlink CCIP connects xStocks to HyperEVM
This integration also goes beyond spot trading. A packaged version of xStocks runs on HyperEVM and integrates into lending, collateral and structured product applications. Chainlink CCIP handles the transition to the Hyperliquid ecosystem, initially connecting supporting xStocks from Solana to HyperEVM. Assets can then be encapsulated and transferred between HyperEVM and HyperCore.
The first five codes were selected in part based on assets for which demand was already evident in the HIP-3 market. SK Hynix became a prominent case: a previous external pricing print caused its Trade.xyz perpetual contract mark price to plummet from US$1,127.90 to US$917.25, triggering a forced liquidation, and the affected traders subsequently received USDC compensation.
Tokenized stock market continues to expand
The launch coincides with a record value of tokenized stocks reaching $1.8 billion, with xStocks and Ondo Global Markets jointly accounting for one of the largest shares in the sector. Since its launch in 2025, xStocks has expanded to hundreds of tokenized securities across multiple blockchain ecosystems, with cumulative transaction volume of nearly US$40 billion.
These products are not available to the United States or U.S. people and are subject to geographical restrictions in other jurisdictions. xStocks plans to add more HyperCore code and expand DeFi integration on HyperEVM after the first five markets are launched.
