Trade.xyz chooses the listing, the oracle, and the hours. Hyperliquid's engine matches the order, holds the margin, and settles it. Nothing behind the position is a share.
No backing24/7 trading24/5 external priceNo KYCNo dividend
Ownership, access, yield
Ownership
No backing
Nothing is held. The position tracks an oracle.
Access
24/7 trading24/5 external priceNo KYC
The book stays open on weekends. US names take the live stock price from Sunday 8:05 PM ET to Friday 8:00 PM ET. Outside that window, and on equity holidays, the price is internal, and you can still be liquidated. Korea, Hong Kong, Japan, and China names use the local exchange for the external price and the internal price the rest of the time.
Yield
No dividend
Funding rates replace dividends. A long hold is a different bet from owning the stock.