Extended (XTEN) hyperp contract listed on Hyperliquid with up to 3x leverage, trading against a moving average oracle rather than external price feeds.
DeFi & Yields ·
Extended (XTEN) has launched as a hyperp contract on Hyperliquid with up to 3x leverage available to traders. The contract differs from conventional perpetual futures in that it relies on a moving average of the hyperp's own mark price rather than external spot or index oracles to determine funding rates, a design intended to reduce price manipulation and increase stability relative to traditional pre-launch futures.
Traders should be aware that funding rates in hyperp contracts respond dynamically to price momentum; if significant directional movement occurs, funding will shift sharply to incentivize positions against that momentum over the next eight-hour period. Trading is limited to low leverage and isolated margin only, and the contract carries elevated risks including low liquidity, high volatility, and potential extreme funding rates that increase liquidation exposure.
The listing specifies that XTEN-USDC will convert to a vanilla perpetual contract upon any future CEX listing, and users are cautioned to review documentation before trading. The exact mechanics of the hyperp mechanism and the full scope of risks remain documented separately, with the community advised not to trade contracts they do not understand.