Trade.xyz has launched perpetual futures tied to India’s NIFTY 50 stock index, allowing traders to take leveraged positions of up to 20 times with round-the-clock trading and settlement in USDC.
Summary
- Trade.xyz has launched NIFTY 50 perpetual futures with up to 20x leverage, allowing traders to take positions on India’s benchmark stock index around the clock.
- The new contract tracks the NIFTY 50’s native Indian rupee index level without applying foreign exchange conversion, while profits and losses are settled in USDC.
- Unlike traditional index futures, the perpetual contract has no fixed expiration date and remains available for trading even when Indian stock exchanges are closed.
- The launch expands trade.xyz’s equity derivatives offerings on Hyperliquid, where the platform recorded $202.36 billion in trading volume during the second quarter of 2026.
In an October 27 announcement on X, the decentralized trading platform confirmed that its NIFTY market was live and would remain available 24 hours a day, seven days a week, including weekends and public holidays.
The new contract tracks the NIFTY 50, India’s benchmark stock index comprising 50 leading companies listed on the National Stock Exchange of India.
Unlike traditional index futures, which have fixed expiration dates, the perpetual contract allows traders to maintain their positions without a scheduled expiry, provided they meet the necessary margin requirements.
Trade.xyz NIFTY perpetuals settle in USDC
According to a follow-up explanation from trade.xyz, the contract references the NIFTY 50’s native Indian rupee index level, with no foreign exchange conversion applied to its pricing.
Profits and losses from movements in index points are instead settled in USDC, the U.S. dollar-pegged stablecoin issued by Circle.
This means traders can speculate on movements in India’s benchmark equity index without having to hold Indian rupees or purchase the underlying shares.
The contract provides leveraged exposure to the index’s performance, but does not give traders ownership of any of the 50 companies included in the benchmark.
With leverage capped at 20x, traders can control a position worth 20 times their posted margin. For example, a trader depositing $100 could open a position with $2,000 in notional exposure.
Leverage works in both directions, however, meaning losses can accumulate just as quickly as profits. A relatively small adverse price movement can trigger liquidation if the trader’s remaining margin falls below the required maintenance level.
Trade.xyz has made the contract available throughout the week, including periods when India’s traditional stock exchanges are closed.
During those hours, traders can continue placing orders and taking positions even though the underlying NIFTY 50 index is not receiving regular cash-market updates.
NIFTY 50 tracks India’s largest listed companies
The NIFTY 50 is maintained by NSE Indices Limited and represents companies from several major sectors of the Indian economy, including financial services, information technology, energy, and consumer goods.
According to NSE Indices, the benchmark uses a free-float market capitalization methodology, which determines each company’s weighting based on shares available for public trading.
As of March 30, 2026, the index represented approximately 53.73% of the free-float market capitalization of stocks listed on the National Stock Exchange.
Traditional NIFTY derivatives are already traded through established exchanges, including the NSE and NSE International Exchange.
Trade.xyz’s offering introduces a separate crypto-based perpetual futures market where collateral and settlement are handled using USDC.
The platform operates through Hyperliquid’s HIP-3 infrastructure, which allows independent market deployers to create perpetual futures contracts referencing assets outside the cryptocurrency market.
HIP-3 deployers are responsible for configuring their markets, including reference pricing mechanisms, leverage limits, and other trading parameters.
Trade.xyz expands its equity derivatives business
The NIFTY listing follows a period of substantial trading activity across trade.xyz’s existing markets.
As crypto.news previously reported, trade.xyz recorded $202.36 billion in trading volume during the second quarter of 2026, representing a 79.2% rise from the preceding quarter.
According to research published by the Hyperliquid Research Collective, equity perpetual futures accounted for $58.9 billion of that total, with trading volume in the category rising 377% quarter over quarter.
The platform’s share of HIP-3 trading volume grew from 84.5% to 95.1% during the same period, while open interest reached $2.96 billion at the end of June.
Its expansion into traditional financial assets has included perpetual contracts referencing individual stocks, market indexes, commodities, and other financial instruments.
However, the platform’s pricing infrastructure has previously faced scrutiny following unusual movements in an equity-linked contract.
In July, an SK Hynix perpetual contract on Hyperliquid briefly dropped approximately 17.9% after an unusually low transaction in South Korea influenced its oracle pricing.
The contract, operated by trade.xyz, tracked the U.S. dollar value of SK Hynix shares and offered leverage of up to 10 times.
Hyperliquid continues developing traditional asset markets
The latest listing follows other developments involving traditional financial products on Hyperliquid.
On October 26, Hyperliquid outlined a proposal from Payward, Kraken’s parent company, to introduce regulated perpetual futures markets for U.S. customers through Bitnomial.
The proposal involves a permissioned version of HIP-3, with Bitnomial responsible for creating and administering the proposed contracts, subject to regulatory approval.
Earlier in September, Hyperliquid introduced preliminary permissioning features that would allow independent deployers to restrict access to selected perpetual markets using onchain allowlists.
The proposed framework leaves existing HIP-3 markets unchanged, as deployers can choose whether to apply the new access restrictions.
