# xStocks on Hyperliquid: Tokenized Stocks Land on HyperCore Spot > xStocks has deployed 10 tokenized equity tokens on Hyperliquid spot. What is live, how they differ from HIP-3 equity perps, and why none of them have traded yet. *Source: https://hyperliquidguide.com/ecosystem/xstocks-tokenized-stocks-hyperliquid* **Ten tokenized equity tokens from xStocks are now deployed on Hyperliquid's HyperCore spot markets**, announced in Hyperliquid's August 12, 2026 ecosystem update. NVDAX, SPYX, QQQX, SKHYX, MUX, SNDKX, SPCXX, TSLAX, AAPLX and CRCLX are all live tickers quoted against USDC. They are share-backed tokens, not perpetual contracts, which makes them the first real alternative to the [equity perps](/guides/trading/equity-perps-guide) that have carried Hyperliquid's stock exposure since October 2025. They also have no liquidity. Every one of those ten tokens shows **zero 24-hour volume** on Hyperliquid spot. The books are open and nobody is trading in them. > **Key takeaway:** xStocks tokens are spot assets backed 1:1 by real shares, so there is no funding rate, no leverage and no liquidation. Hyperliquid's HIP-3 equity perps are oracle-tracked futures with all three. Both now live on the same exchange, and they suit completely different jobs. ## What Actually Went Live The deployments happened quietly over four weeks before the announcement, roughly one ticker every two days, all from the same deployer address. Here is every wrapped xStock token on HyperCore, with the date its spot ticker was created: | Ticker | Tracks | Spot ticker created | |---|---|---| | **NVDAX** | NVIDIA | Jul 15, 2026 | | **SPYX** | S&P 500 (SPY) | Jul 17, 2026 | | **QQQX** | Nasdaq-100 (QQQ) | Jul 20, 2026 | | **SKHYX** | SK hynix | Jul 22, 2026 | | **MUX** | Micron Technology | Jul 24, 2026 | | **SNDKX** | SanDisk | Jul 29, 2026 | | **SPCXX** | SpaceX | Jul 31, 2026 | | **TSLAX** | Tesla | Aug 4, 2026 | | **AAPLX** | Apple | Aug 6, 2026 | | **CRCLX** | Circle | Aug 8, 2026 | *Ticker list and deploy timestamps read from the Hyperliquid API on August 12, 2026. On that date not one of the ten had recorded a single trade: zero 24-hour volume and no mid price across the board.* Look at the middle of that list. NVIDIA, SK hynix, Micron and SanDisk are four of the ten, and they are all memory and AI supply chain names. Hyperliquid already runs perp markets for [CXMT](/ecosystem/trade-cxmt-pre-ipo-hyperliquid) and a DRAM contract, so whoever picked this basket was reading the same demand signal the perp side has been serving for months. The rest is index exposure (SPYX, QQQX), the two most recognizable single names in retail crypto's field of view (TSLAX, AAPLX), the stablecoin issuer everyone in this ecosystem has an opinion about (CRCLX), and [SpaceX](/ecosystem/trade-spacex-pre-ipo-hyperliquid), which is not a listed company at all. There is also an eleventh, older token. **USPYX**, labelled "Unit SP500 xStock," has been listed since July 2025 through [Unit](/ecosystem/unit-protocol-guide) and does trade, though in the tens of dollars per day rather than anything meaningful. It is a separate wrapper from the ten new ones and should not be confused with SPYX. --- ## Tokenized Stock or Stock Perp: Which One Do You Want? This is the question worth getting right, because Hyperliquid now offers both and they are not substitutes. A **tokenized stock** is a bearer asset. Backed holds the real share, issues a token against it, and you own the token. Its price should track the share because anyone with the ability to redeem can arbitrage a gap. You cannot be liquidated out of it, you pay no funding, and you can hold it for years in a wallet. A **[stock perp](/guides/trading/equity-perps-guide)** is a contract. Nobody buys a share of Tesla when you go long TSLA on trade.xyz. An oracle publishes the price, a funding rate keeps the contract tethered to it, and you post margin. You can use leverage, you can go short, and you can be liquidated. | | xStocks spot (AAPLX) | HIP-3 equity perp (xyz:AAPL) | |---|---|---| | **What you hold** | Token backed 1:1 by a share | A margined contract position | | **Leverage** | None | Up to 30x on some markets | | **Liquidation risk** | None | Yes | | **Funding rate** | None | Paid or received every hour | | **Short selling** | Not directly | Yes | | **Fees** | 0.070% taker / 0.040% maker | 0.090% taker / 0.030% maker | | **Hours** | 24/7 order book | 24/7, including [weekends](/guides/trading/after-hours-trading-guide) | | **Who is excluded** | US and UK persons, per the issuer | No KYC gate on Hyperliquid | | **Liquidity today** | None | $4.1B open interest across HIP-3 | The fee lines deserve a note. Spot looks more expensive at the taker rate, but spot volume counts **double** toward [VIP tier progression](/guides/fees/fee-tiers), and the perp figure is not a fixed schedule either. It comes from trade.xyz choosing a [deployer fee scale](/ecosystem/hip-3-builder-codes) of 1.0, a number that has been configurable per market since August 2026. That ticker is the perp market, and it is where the actual volume is. > **Warning:** **Deployed is not the same as tradeable.** All ten wrapped xStock tokens currently have empty or near-empty order books on Hyperliquid spot, with no established mid price. A ticker existing on HyperCore means someone paid for a [spot deployment slot](/ecosystem/hyperliquid-auctions-explained), nothing more. Check the depth on both sides before you send an order, and expect terrible slippage until a market maker shows up. **Trade Where the Liquidity Actually Is** — Hyperliquid's equity perps clear billions in open interest while the spot tokens wait for market makers. Sign up with our referral code for a 4% lifetime discount on every trade. [Get the 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Who Issues xStocks, and Who Cannot Buy Them xStocks are issued by **Backed Assets (JE) Limited**, a Jersey company, and distributed through Payward Digital Solutions (licensed by the Bermuda Monetary Authority) and Payward Europe Digital Solutions in Cyprus (regulated under MiFID II). Payward is Kraken's corporate parent, which is how xStocks ended up listed on Kraken and Bybit before it ever reached HyperCore. The naming convention is simple: take the ticker, append an x. Apple becomes AAPLx, Tesla becomes TSLAx. Hyperliquid's HIP-1 tickers render them in caps, so you will see AAPLX and TSLAX in the spot list. You do not have to dig for the restriction. It is the first thing xstocks.com puts in front of you, before the site will even let you read the marketing copy: ![xStocks homepage disclaimer modal stating the product is not intended for distribution in the United States or to any US person](/images/ecosystem/xstocks-tokenized-stocks-hyperliquid/xstocks-homepage.webp) *Source: [xstocks.com](https://xstocks.com), used under fair use for educational purposes* **xStocks are not offered to United States or United Kingdom persons**, along with anywhere else the offering would need authorization the issuer does not hold. That restriction lives with Backed and its distributors, not with Hyperliquid, which does not run KYC. The practical consequence is that a token can circulate on a permissionless order book while the primary market that mints and redeems it stays closed to you. If you cannot redeem, you are relying entirely on secondary liquidity and on someone else's arbitrage to keep the price honest, which is a materially different risk profile from holding the share through a broker. > **Note:** This is the structural difference from Hyperliquid's perps in one line: a perp needs an oracle and a funding rate to stay tethered to the underlying, and a tokenized share needs a working redemption path. Both are trust assumptions. They are just different ones. --- ## How to Trade Them on Hyperliquid The mechanics are the same as any other [HIP-1 spot token](/ecosystem/hip-1-native-token-standard). Nothing special is required. Standard spot fees apply: **0.070% taker and 0.040% maker** at the base tier, reduced by your [VIP tier, HYPE staking tier and referral discount](/guides/fees/fees-explained). Spot volume counts twice toward tier progression, which is the one structural advantage spot has over perps on the fee side. --- ## Why This Matters for HyperCore Hyperliquid has spent a year proving it can host [traditional asset exposure](/ecosystem/hyperliquid-traditional-markets) through derivatives. HIP-3 built stock, commodity, index and FX perps into a market with $4.1 billion in open interest, and it did that without ever touching a real share. That was a deliberate design choice, and it kept the whole thing out of securities territory by construction. Tokenized spot equities are the other approach, and importing them changes what the exchange is. A perp DEX with an oracle is a trading venue. A venue where share-backed tokens change hands is closer to a settlement layer for someone else's regulated product. Hyperliquid is not taking on that regulatory weight itself here, since Backed and Payward carry it, but HyperCore is now the book those tokens trade on. One piece of the plumbing may be arriving on its own. Days after the xStocks announcement, Hyperliquid's founder proposed [`scaleWei`, a HIP-1 extension](/ecosystem/hip-1-native-token-standard) that would let a deployer distribute a token across the balances of another token in one atomic operation. That single function covers dividends, stock splits and reverse splits, all applied to holders without a claim step, which is precisely the set of corporate actions a share-backed token eventually has to handle. It is a proposal rather than a shipped feature, and it has a real gap on the HyperEVM side, but the direction is hard to miss. Whether any of this becomes significant depends entirely on whether liquidity shows up. Ten empty order books are a statement of intent, not a market. The comparison that matters six months from now is not xStocks against nothing, it is xStocks spot volume against the perp volume on the same tickers, and right now that comparison is not close. **Start with the Markets That Are Already Deep** — Whichever side of the tokenized-versus-perp question you land on, the fee discount is the same. Join Hyperliquid through our referral for 4% off every trade, permanently. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only and is not financial, investment or legal advice. Tokenized securities carry issuer, custody and redemption risk on top of normal market risk, and availability depends on your jurisdiction. Verify the issuer's terms and your own eligibility before buying anything. Never trade with more than you can afford to lose.