By Keel Research Team · Updated May 9, 2026
Trade the Nasdaq-100 as a perpetual on Hyperliquid — the highest-OI HIP-3 product, up to 30x leverage.
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. Deployed by TradeXYZ under HIP-3, XYZ100 quickly became the largest HIP-3 market by open interest ($213M+ at peak), reflecting strong demand for 24/7 tech-equity exposure. Leverage maxes at 30x — higher than most single-stock perps — and the contract settles in USDC. Funding rebalances hourly to track 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 is positioned as a synthetic tracker rather than an officially licensed Nasdaq-100 contract — meaningful for institutional users but rarely a blocker for retail traders.
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, optimize parameters across thousands of variants, 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 (TradeXYZ) | 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, settles in USDC, and supports up to 30x leverage. Different product class, same exposure.
XYZ100 is TradeXYZ’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.
Funding is computed hourly from the gap between perpetual price and an oracle reference. When the perp trades above the oracle, longs pay shorts; below, shorts pay longs. The rate is small per hour (typically ±0.01% range) but compounds over a 24-hour period. The exact mechanics match Hyperliquid’s standard perpetual funding model.
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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