Stocks and commodities

Apple, Tesla, gold, oil or an index are bought on Every as HIP-3 perps: Hyperliquid markets that follow the price of something that lives off the chain. They are in Invest → Perps, under the Stocks, Indices and Commodities tabs.

What you actually buy

You do not buy the share or the bar. You open a position that follows its price: if Apple goes up, your position gains; if it goes down, it loses. The market’s own page says so, under About this asset → What it is: Follows the price.

The What you are actually buying card on Invest sums it up in two lines worth reading as they are:

• “You are not a shareholder: no dividends and no vote.”
• “A small holding cost applies while the investment is open.”

That cost is funding, charged every hour while the position is open. See Funding and liquidation.

HIP-3 and names like xyz:AAPL

HIP-3 is how Hyperliquid lets others publish perp markets. Each publisher has its own space (a dex) and its markets carry its prefix: xyz:AAPL is Apple on the xyz dex, xyz:GOLD is gold. Whoever publishes the market decides where its price comes from, its maximum leverage and its fees; Every does not set them.

The same name can be published on several dexes. The Perps room’s tabs group by what the thing is (stock, index, commodity), not by dex, so Apple does not show up split in three. The full catalogue (Invest → Investments → HIP-3) does list them separately.

How you buy one

A stock or a commodity opens like any other perp, with Long or Short. There is no Buy button: that one is for Spot only.

1. Open the market (Apple, say) and tap Long if you think it will go up, or Short if you think it will go down.

2. The order screen opens with the leverage wheel at 1x. At 1x your position is worth what you put in: $100 follows $100 of Apple.

3. Type the amount. Below it you see the estimated Liquidation price and the Fee.

4. Tap Open long (or Open short). The app moves the money if it needs to, sets the leverage and sends the order. It usually takes about 20 seconds. The receipt says Long opened.

The position has to be worth more than $10. If you type less, the button says Minimum X with the figure it needs.

You can move the wheel above 1x, up to the market’s maximum. That multiplies what you gain and what you lose and brings the liquidation closer: see Leverage and margin. The rest of the flow (closing, adding, stop loss) is the one in Perps.

Why 1x is almost a purchase, and where it is not

Every position in the app uses isolated margin: what you risk is what you put into that position and nothing else. At 1x long, the margin covers almost the whole fall to zero, so the liquidation price sits next to zero. On a real xyz:AAPL position at 1x, with Apple near $307, the liquidation was at $0.0283. When the margin covers the whole fall, the screen says None.

Where it does not behave like owning the share:

• Funding is paid out of the margin. Month after month, that cost shrinks what is in the position and slowly brings the liquidation closer.
• A short at 1x does have a liquidation nearby. If the price climbs to nearly double, the position is liquidated.
• The price is set by Hyperliquid’s market, around the reference the market’s publisher uses. It can drift a little from the exchange’s price.

Trading hours

The app has no trading hours: you can open and close at any time, weekends included, as long as the market is open on Hyperliquid. How the price is formed while the stock’s exchange is closed is up to whoever publishes the market. Bear in mind that when the exchange reopens, the price can jump.

Why your account is unified

On Hyperliquid, each HIP-3 dex keeps its money apart from the rest. With a regular account, your main balance does not back a position on xyz:AAPL: money would have to be moved by hand to each dex before buying, and nothing in Every could do it for you.

That is why Every puts your account in unified mode: one balance backs Spot, the crypto perps and every HIP-3 market. The app does it on its own when your first money arrives, or at the latest on your first purchase, because Hyperliquid accepts no change on an account that has not received money yet. There is nothing for you to turn on, approve or choose.

What you see as a result: a single Available, good for everything.

Caution

A stock on Every is a position, not a stake in the company. There are no dividends, no votes and no share you can move to another broker. If you raise the leverage, you can lose the whole margin of the position.