Spot xStocks on Hyperliquid complete the hold, hedge and basis stack
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xStocks are Backed-issued tokenized US equities backed 1:1 by custodied shares. Adding spot to Hyperliquid's existing equity perps lets traders hold, hedge and trade the basis, on the venue with the deepest crypto equity perp markets.
Key claims
SPCX perp printed $1.4B on IPO day
RWAs are more than half of Hyperliquid volume via HIP-3
Some CEXes cancelled tokenized SpaceX products for lack of share supply
Next big step for the house of all finance.
For those unfamiliar, xStocks are tokenized US equities issued by @BackedFi. Each token is backed 1:1 by real shares sitting at regulated custodians. So not synthetic exposure, an actual claim on the underlying stock that you can hold and move onchain.
Until now equities on @HyperliquidX meant perps only. Great for trading, but purely synthetic and funding driven. You never own anything. Spot xStocks add the missing leg. And once you have the asset and its derivative on the same orderbook, you get what every mature market is built on: hold it, hedge it, trade the basis.
And there’s no better venue for it either. HL already runs the deepest equity perp markets in crypto. $SPCX printed $1.4B on IPO day while some major CEXes had to cancel their tokenized SpaceX products because they couldn’t source shares. RWAs are already more than half of HL volume (via HIP-3). Spot now completes the stack.
Hyperliquid.
QUOTING @xStocksFi
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