xStocks Goes Live on Hyperliquid, Bringing the Market's Deepest Tokenized Equities Framework to Traders

xStocks, the tokenized equities framework built by Payward, is now live on Hyperliquid meeting traders where they are. This is the first time many of the most-traded tokenized U.S. stocks and ETFs are available as native spot markets on HyperCore's onchain order books, bringing 24/7 access to these assets on one of the leading decentralized exchanges.

"Hyperliquid has one of the most engaged onchain trader bases found anywhere, and strong product-market fit as a venue for price discovery when traditional markets are closed," said Val Gui, General Manager of xStocks. "With this launch, xStocks is answering untapped demand on a major decentralized trading venue: enabling traders to access spot markets for tokenized equities around the clock, and unlocking those assets as collateral for DeFi protocols on HyperEVM."

Five spot assets live, with more on the way

The initial rollout brings five tokenized stocks and ETFs to HyperCore, all quoted against USDC: Nvidia (NVDAx), the S&P 500 index (SPYx), the Nasdaq-100 index (QQQx), SK Hynix (SKHYx) and Micron (MUx).

This first batch reflects a mix of assets with proven demand from HIP-3 perp activity, with further deployments planned in the coming weeks as part of a wider push into the Hyperliquid ecosystem.

Why spot, and why this fills a gap

Perpetuals give traders exposure and leverage, but they don't give you an asset you can hold, move, or build with. That's the gap we’re attempting to fill.

• Composable wrapped xStocks on HyperEVM plug into lending, collateral and structured products across DeFi, with partnerships to announce across the HyperEVM ecosystem soon.
• Transparent order book depth is visible onchain in real time.
• Each xStock is backed 1:1 by its underlying reference asset and held in regulated custody.
• Liquidity depth from day one is supported by leading market makers helping traders execute size around the clock.

Moving xStocks into HyperCore

xStocks are deploying across two places on Hyperliquid: HyperEVM (Hyperliquid’s general purpose network) and HyperCore (Native trading engine that powers Hyperliquid). This first launch focuses on HyperCore, and represents the start of our wider push into the ecosystem.

An xStock on HyperCore is directly tied to its wrapped counterpart on HyperEVM (NVDAx on HyperCore = wNVDAx on HyperEVM). Moving between them means wrapping (or unwrapping) the token and bridging it across.

Here’s how it works:

1. Bridge from supported network into HyperEVM: https://defi.xstocks.fi/bridge
2. Wrap supported xStocks on HyperEVM: https://defi.xstocks.fi/wrap
3. Bridge from HyperEVM into HyperCore: https://app.hyperliquid.xyz/portfolio
   ‍(Select EVM and Core, the asset and the direction)

If you want to move your assets out of HyperCore, please follow the steps in reverse.

The portfolio UI within Hyperliquid is the recommended route. You can learn more about bridging into Hyperliquid in our documentation.

Bridging between your supported network to HyperEVM is powered by Chainlink CCIP. By leveraging Chainlink CCIP, xStocks unlocks secure cross-chain token transfers for tokenized equities and ETFs, starting with NVDAx, SPYx, QQQx, SKHYx, and MUx.

The first network supported for direct bridging into HyperEVM is Solana. This will expand in the future. Bridging from EVM networks requires bridging into Solana first, and then into HyperEVM.

Understanding wrapped xStocks

Wrapped tokens don't trade 1:1 against the underlying xStock. To understand the price of the underlying wrapped you will need to use our APIs.

1. Take the estimated price of the token itself - from here: https://api.backed.fi/api/v2/public/assets/NFLXx/price-data
2. Take the multiplier from here: https://api.backed.fi/api/v2/public/assets/NFLXx/multiplier?network=XLayer
3. Multiply both values. So for wrapped NFLXx it will be ~72.80 * 10 = 728 USD

If the multiplier endpoint returns a forward-looking value, that signals an upcoming discontinuity, avoid trading through that window. And if an asset's trading-halted flag is set, disable trading on your end too, in line with the underlying market status.

Meeting traders where they are

This is the first step of a broader push into the Hyperliquid ecosystem: more tickers, deeper liquidity, and the DeFi partnerships across HyperEVM still to come.

Terms apply. See the Kraken Terms of Service at kraken.com/legal/disclosures to determine which legal entity you face, based on where you live. xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. ("PDSL"), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks represent economic exposure to the reference asset only and do not constitute ownership of, or entitlement to, the underlying shares, dividends or voting rights. xStocks are not nor will be registered with any local securities regulators. Not available in the U.S. or to U.S. persons. Geo restrictions apply. This is not investment advice; trading xStocks involves risk of loss, and the value of your xStocks may go up or down. Read Kraken's xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at assets.backed.fi/legal-documentation to learn more.