By Keel Research Team · Updated October 3, 2026
Trade the Nasdaq-100 as a perpetual on Hyperliquid — 24/7, on-chain, self-custodial.
Venue facts read from Keel’s instrument table Oct 3, 2026, 06:09 UTC (hourly sync of Hyperliquid market metadata) · last listing change observed Oct 3, 2026, 06:00 UTC.
What it references (the builder’s own market note): XYZ100 tracks a modified market-capitalization-weighted index of 100 of the largest, most actively-traded, non-financial companies that are listed on a U.S. stock exchange, serving as a benchmark for large-cap U.S. technology and growth equities.
The XYZ100 perpetual tracks the Nasdaq-100 index — 100 of the largest non-financial companies listed on the Nasdaq exchange, dominated by mega-cap tech. It is a HIP-3 builder-deployed market on Hyperliquid, open 24/7 with funding pulling the contract toward the oracle. XYZ100 is the natural counterpart to SP500 for traders running paired trades or hedges between broad indices, and to single-stock perps (NVDA, MSFT, AAPL) for testing index-vs-stock exposure. The product references the Nasdaq-100 methodology synthetically rather than as a licensed index contract.
Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Backtest a strategy that trades Nasdaq-100 against funding, momentum, or rotation signals, change a parameter and re-run it, then deploy live with funding-aware execution and full risk controls.
Free to start — connect a Hyperliquid wallet when you’re ready to go live.
| Venue | Product | Hours | Leverage | Custody |
|---|---|---|---|---|
| Hyperliquid (xyz dex) | Perpetual (USDC) | 24/7 | Up to 30x | Self-custody |
| Robinhood / brokerage | Spot stock | US market hours | Margin (limited) | Custodial |
| CFD broker | CFD | Extended hours | Varies | Custodial |
Comparison shown for orientation. Not legal, tax, or investment advice. Confirm current product terms with each venue directly. See Hyperliquid vs Robinhood for a deeper side-by-side breakdown.
QQQ is an ETF (Invesco) that tracks the Nasdaq-100 and trades on Nasdaq during US market hours. XYZ100 is a perpetual contract on Hyperliquid that tracks the same index but trades 24/7 with funding and leverage. Different product class, same exposure.
XYZ100 is the builder’s own branding — the product references the Nasdaq-100 methodology synthetically rather than under an explicit licensing agreement. The branding sidesteps trademark questions while making the asset clear to traders.
Nasdaq-100 on the xyz dex offers up to 30x leverage, read from the venue’s market metadata. The market can be held cross or isolated. Margin requirements scale with position size; the live cap and margin tiers are on the Hyperliquid market page.
Funding is computed from the gap between the perpetual price and an oracle reference: when the perp trades above the oracle, longs pay shorts; below, shorts pay longs. Core Hyperliquid perps settle funding hourly; a HIP-3 builder sets the schedule for its own markets, so confirm the cadence on the market page. The per-period rate is small but compounds over multi-day holds.
Hyperliquid perpetuals trade 24/7. Off-hours (overnight, weekends, holidays), the perp may diverge from the underlying spot price since traditional markets are closed and price discovery happens here. Funding pulls the perp back toward the oracle over time.
Yes. You connect a wallet (e.g. via Hyperliquid’s native UI or a builder app); keys never leave your control. Hyperliquid is a non-custodial exchange.
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