> ## Documentation index
> Fetch the complete documentation index at: https://hypertake.net/llms.txt
> Use this file to discover all available pages before exploring further.

# Perps markets

> Every Hyperliquid perps market on Hypertake: crypto, stocks and builder-deployed HIP-3 dexes, and how to find one

Source: https://hypertake.net/docs/perps/markets · Last updated: 2026-10-17

**Hypertake lists every perps market Hyperliquid lists:** Hyperliquid's own crypto perps, and the markets on builder-deployed (HIP-3) dexes, such as stocks. The list is read live from Hyperliquid and refreshed every ten minutes; delisted markets are left out.

## Where the markets come from

- **Crypto (Hyperliquid's main dex)**: Hyperliquid's own perps: BTC, ETH, HYPE, SOL and the rest. Polymarket's forecasts in the chart's Predictions layer cover only these.
- **Builder markets (HIP-3 dexes)**: Perps deployed by third parties who stake HYPE and set their markets' oracle prices and leverage limits ([HIP-3](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals)). Hypertake shows each dex under its own name: the `xyz` dex as **Stocks** (Tesla, Nvidia, Apple and others), Kinetiq's as **Kinetiq**, any other by the name it gives itself.

A builder dex names its own collateral token (USDC, USDH or USDT0, for example), its own maximum leverage per market, and often isolated-only margin. Its deployer can also add a fee share on top of Hyperliquid's fees ([Hyperliquid: fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)). Check a builder market's details before you trade it as you would a main-dex one.

## Finding a market on desktop

1. **Open the selector** Open **Perps** in the header, then click the market name at the top left of the terminal.
2. **Pick a category or search** The left column has **All markets**, **Favourites** and **Crypto**, then a **Builder markets** group with one entry per dex (Stocks first). Or type in **Search markets: BTC, TSLA, gold…**.
   Result: Each row shows the market's maximum leverage, its price, 24-hour change and volume, sorted by 24-hour volume.
3. **Choose it** Click a row. The chart, book and order form switch to that market, and the address changes to match.

Star a row to make it a favourite. Favourites start as BTC, ETH, HYPE and SOL and are kept in this browser, separately for mainnet and testnet. Every market has its own address: `/perps/BTC`, or `/perps/xyz:TSLA` for a builder market. `/perps` on its own opens BTC.

## Finding a market on the phone

The **Perps** tab lists your open positions first, then the markets, under chips for **Favourites**, **Crypto**, **Stocks** and the other dexes. Sort with **Volume ▾** (Volume, Biggest gainers, Biggest losers, Name). Swipe a row from the left or long-press it to make it a favourite. The search also finds outcome markets on the same asset.

## A market's figures

| Figure | What it is |
| --- | --- |
| Mark | Hyperliquid's fair price, used for margin, liquidations, TP / SL and P&L |
| Oracle | The spot price from major exchanges that funding is measured against |
| 24h change | The move since 24 hours ago, in price and percent |
| 24h volume | Dollars traded on Hyperliquid in the last day |
| Open interest | Hyperliquid's open interest in the market, in dollars at the mark |
| Funding / countdown | This hour's rate and the time to the next payment. See [Funding](https://hypertake.net/docs/perps/funding.md) |

## Practising on testnet

Perps can run on Hyperliquid's testnet with test money: on desktop, **Settings → General → Perps → Testnet**; on the phone, **Account → Advanced → Testnet**. A **Testnet** badge shows wherever it applies. Testnet has its own markets, favourites and trading key. Outcomes always stay on mainnet.

> **Tip**
> Testnet is a good place to try dragging the liquidation line, setting a stop loss and closing part of a position before you do it with real money.

- [Opening a position](https://hypertake.net/docs/perps/opening-a-position.md): From market to filled order.
- [The terminal](https://hypertake.net/docs/perps/the-terminal.md): Chart, book, trade flow and positions.