Hyperliquid is no longer “just a crypto DEX.” With HIP-3, the platform now supports trading major U.S. tech stocks—24 hours a day, globally, with no KYC.

In this guide, we break down the mechanism behind stock perpetuals (Perp Stocks) even if you’re a complete beginner. If you trade crypto, you can understand this in minutes.

Tip: If you want to try Hyperliquid with lower fees, you can join with this invite link (4% trading fee discount):
👉 https://app.hyperliquid.xyz/join/MATSUBARA

🔹 What Is HIP-3?

HIP-3 (Hyperliquid Improvement Proposal 3) introduces a new way to bring real-world stock prices on-chain and turn them into perpetual contracts that can be traded on Hyperliquid.

• You are not trading real shares
• No dividends
• It behaves similarly to CFD / perpetual futures
• You trade against a price index that tracks the real stock price

In simple terms:

HIP-3 = a secure pipeline that brings stock prices onto Hyperliquid and makes them tradable as 24H perpetuals.

🔹 Which Stocks Can You Trade? (Already Live)

HIP-3 started with NVDA but now includes most major U.S. tech names.

Current lineup (2025):

• NVDA – NVIDIA
• AAPL – Apple
• TSLA – Tesla
• AMZN – Amazon
• META – Meta
• MSFT – Microsoft
• GOOGL – Alphabet
• AMD – Advanced Micro Devices
• COIN – Coinbase
• PLTR – Palantir

Hyperliquid adds new stocks frequently, so the list continues to grow.

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🔹 How Does HIP-3 Bring Stock Prices On-Chain?

HIP-3 uses a multi-layer system:

1️⃣ Off-chain → L1 price feeds

Trusted, high-liquidity sources like major exchanges (e.g. Coinbase).

2️⃣ L1 → L2 aggregation

Prices are validated, aggregated, and prepared for on-chain use.

3️⃣ L2 → Hyperliquid (L3)

Finally, the validated price arrives on Hyperliquid and updates the Perp Stock index.

This process ensures:

• Low latency
• Price accuracy
• Resistance to manipulation
• High uptime during volatility

In short:

Real stock → secure oracle → Hyperliquid → Perp market

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🔹 Why Perpetuals Instead of Real Stocks?

Because real stocks involve:

• Regulation
• KYC
• National securities laws
• Licensing requirements

Perpetual futures avoid many of these issues and keep the platform:

• Global
• Permissionless
• Borderless
• Available 24 hours a day

So instead of a regulated stock exchange, you get a crypto-native, open market version of the stock price.

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🔹 Why Hyperliquid’s Stock Perps Are Unique

✔ 1. No KYC — trade from anywhere

Unlike most brokers and CFD platforms, you don’t need to pass KYC to trade.

✔ 2. 24-hour trading

You can trade even when NASDAQ is closed.

✔ 3. Super-low fees

Fees are often lower than centralized exchanges and traditional CFD platforms.

✔ 4. Ultra-fast execution

Hyperliquid’s L3 engine is much faster than typical blockchain-based DEXs.

✔ 5. Shared liquidity via HLP

Crypto and stock perpetuals all share the same ecosystem liquidity through HLP. This gives Hyperliquid unusually deep liquidity compared to other DEXs.

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🔹 How to Trade Stock Perps on Hyperliquid (Simple Steps)

1️⃣ Open the Perp Stocks section

The interface is the same as trading BTC or ETH.

2️⃣ Choose your stock

Select from markets like NVDA, AAPL, TSLA, and others.

3️⃣ Select order type

• Market
• Limit
• Stop
• TWAP / VWAP (algo trading)

4️⃣ Set leverage & size

• Margin is in USDC
• Cross-margin with other positions is available

5️⃣ Manage risk

Tech stocks move slower than crypto, so leverage can feel “safe” and tempt beginners to oversize. Don’t do that. Always size positions based on your total portfolio and risk tolerance.

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🔹 Important Things to Know (Risks / Limitations)

• No dividends (because you’re not holding real shares)
• Spreads can widen when the U.S. market is closed
• Oracles may update slower during extreme volatility
• You can be liquidated, just like in any perpetual futures market

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🔹 The Future: Hyperliquid Becoming a Full On-Chain Wall Street

HIP-3 is only the beginning.

Hyperliquid’s direction is toward:

• Stocks
• Commodities
• Indexes
• Bonds
• Global multi-asset trading

All secured by the same ultra-fast L3 engine.

This is the vision:

“Everything On-Chain, One Exchange.”

And HIP-3 is the first major step toward that.

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🔹 Conclusion: What Beginners Should Remember

• HIP-3 = stock prices brought on-chain safely
• You trade perpetuals, not real shares
• Tesla, Apple, Nvidia, and other big names are already supported
• It works 24/7, with crypto-like speed and low fees
• It may become the world’s largest on-chain stock market

If you’re curious and want to start with discounted fees, you can use this link:

👉 4% Trading Fee Discount Invite:
https://app.hyperliquid.xyz/join/MATSUBARA