Zhipu AI (ZHIPU) Perpetuals on Hyperliquid

Zhipu AI (Hong Kong: 2513) is the Tsinghua-spun-out Chinese developer behind the GLM and ChatGLM large language models, and the first large-language-model company to go public. Trade ZHIPU perpetual futures 24/7 on Hyperliquid via trade.xyz.

ZHIPU is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage.

HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals.

Zhipu is the purest listed proxy for China's "sovereign AI" trade, and it behaves like nothing else in the trade.xyz equity book. It is a Tsinghua-spun-out lab — maker of the GLM and ChatGLM models, rebranded internationally as Z.ai — that became the first large-language-model company anywhere to IPO when it listed in Hong Kong (stock code 2513) in January 2026. Since listing the shares have run roughly 2,000%, briefly pushing the market cap past HK$1 trillion (about US$128B) against 2025 revenue of only ~RMB 724M and a sizable net loss, so the contract trades on momentum, policy, and narrative far more than fundamentals. The angles I actually trade it on have almost no overlap with the US AI names: GLM model releases (GLM-5 was reportedly trained entirely on Huawei Ascend silicon rather than NVIDIA, which makes Zhipu a partial inverse-NVDA China-decoupling expression), the planned Shanghai STAR Market secondary listing and a possible Hong Kong follow-on placement (dilution vs. fresh capital), sell-side rerating calls out of the Hong Kong desks, and US-China headlines given Zhipu has sat on the US Entity List since January 2025. ZHIPU-PERP on Hyperliquid via trade.xyz is cash-settled in USDC and trades around the clock, so the Asia-hours and weekend news that moves a Hong Kong-listed share is tradable in the same wallet as your crypto and US-equity perps — without a Hong Kong brokerage account or Stock Connect access.

ZHIPU-PERP tracks the Hong Kong-listed Zhipu AI share price (2513.HK) via the trade.xyz oracle with hourly funding. Because the underlying is a recent, hyper-volatile IPO, expect outsized gaps: single-day moves of 25-45% have followed both GLM model launches and analyst upgrades since listing. Catalysts I watch — new GLM model versions, STAR Market listing approval and pricing, any Hong Kong follow-on placement (watch for dilution), US Entity List and export-control developments, and the broader Chinese-AI policy backdrop (the STAR Market opening to pre-profit AI issuers). Liquidity is thinner and realized volatility much higher than the mega-cap US equity perps, so size small, lean on limit orders, and treat funding-rate spikes during momentum runs as a sign of crowded perp longs rather than a free carry.