By Keel Research Team · Updated May 9, 2026
Trade Tesla (TSLA) as a perpetual contract on Hyperliquid — TradeXYZ (USDC) or Felix (USDH).
Also live: Felix (USDH) — Felix offers a dual-listed TSLA perpetual settled in USDH with lower taker fees (~20% lower) and higher maker rebates (~50% higher). Same underlying, different fee economics.
TSLA is the flagship single-stock perpetual on Hyperliquid and the first HIP-3 market ever deployed (by Felix in November 2025). Both TradeXYZ and Felix run TSLA perpetuals — same underlying, different settlement assets. TradeXYZ uses USDC and dominates HIP-3 volume; Felix uses USDH and offers a fee discount for traders who maintain USDH balances. Either market tracks Tesla via oracle during market hours and floats on-book off-hours. Up to 20x leverage; funding rebalances hourly. TSLA tends to attract high-conviction directional flow given Tesla’s well-known volatility profile, and the dual-venue setup lets traders choose stablecoin exposure (USDC vs USDH) alongside their TSLA position.
Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Backtest a strategy that trades TSLA 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 20x | Self-custody |
| Hyperliquid (Felix) | Perpetual (USDH) | 24/7 | Up to 20x | 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.
TSLA is dual-listed: TradeXYZ (USDC-settled) launched first under HIP-3 and runs the dominant book; Felix (USDH-settled) launched as the very first HIP-3 deployment in Nov 2025. They’re independent markets — different order books, different funding, different settlement — but track the same underlying Tesla stock.
TradeXYZ (xyz:TSLA) has deeper liquidity and tighter spreads at most times — start there unless you have a stablecoin preference. Felix (flx:TSLA) is worth a look if you already hold USDH or want the lower-taker / higher-maker fee structure.
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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