Hyperliquid launched 11 tokenized US stocks and ETF spot markets via EQX Labs, expanding beyond perpetual futures into real-asset trading.
DeFi & Yields ·
Hyperliquid rolled out 11 tokenized equity products on October 26, bringing spot trading of real-asset-linked tokens to its platform. The initial offering included tokens tracking major US stocks—NVIDIA, Tesla, Apple, Microsoft, Amazon, Alphabet, and Meta—alongside two ETF-tracking instruments benchmarked to the S&P 500 and Nasdaq 100. All instruments were issued by EQX Labs and denominated in USDC, with trading commencing at 9:30 AM Eastern Time.
The tokens are structured as limited-recourse debt obligations issued by a British Virgin Islands entity, with each unit backed 1:1 by underlying shares held in custody. This arrangement allows exposure to equities without direct ownership, a design choice that sidesteps certain regulatory frameworks. The products are restricted to non-US participants.
The launch represents Hyperliquid's expansion beyond its core perpetual-futures offering into spot markets for real assets. Whether sustained liquidity and trading volume materialize in these new pairs, and how regulatory treatment may evolve, remain to be determined.