Last updated: 2026-05-04Last reviewed: 2026-05-04
Important distinction
A stock perp is a synthetic derivative. It is not a broker account, not a share certificate, and not ownership of the company named by the ticker.Direct answer
A stock perp is a perpetual futures-style contract whose oracle is intended to reference an equity or equity-like index. Traders get long or short price exposure through the perp, not ownership of the underlying stock.
How to think about the risk
- Funding can make a position expensive to hold even if the price is flat.
- Basis can open between the perp and the underlying equity reference price.
- Oracle quality matters because the perp needs a reliable external reference.
- Liquidity can differ sharply from the underlying stock market.
- Corporate actions, market holidays, and after-hours moves can create extra complexity.
Stock perp vs stock
| Question | Stock perp | Traditional stock |
|---|---|---|
| Ownership | Derivative exposure | Equity ownership |
| Funding | Can apply | No perp funding |
| Expiry | No standard expiry | No expiry |
| Voting rights | No | Usually yes for common shares |
| Main risk lens | Margin, funding, oracle, liquidity | Company, market, broker, settlement |
Risk notice
Crypto perpetuals and leveraged trading are high risk. You can lose money through liquidation, funding, slippage, oracle issues, protocol failures, and market volatility.Related tools
What is HIP-3?
Learn the builder-deployed perp framework behind these markets.
Open interest
See where positioning is concentrated across live markets.
Liquidation calculator
Estimate how leverage can compress the distance to liquidation.
Risk disclaimer
Review the high-level risks behind leveraged derivatives.
Sources
- Hyperliquid Docs: HIP-3 builder-deployed perpetualsAccessed 2026-05-04
- Hyperliquid Docs: Contract specificationsAccessed 2026-05-04
- Hyperliquid Docs: RisksAccessed 2026-05-04