What XYZ100 is and how its price is built
People search for "Hyperliquid Nasdaq" and land on a market called xyz:XYZ100. The name is deliberate. trade.xyz, which deployed it on its xyz HIP-3 dex on October 13, 2025, describes it as the XYZ U.S. 100 Index, trade.xyz's own index of 100 large non-financial US-listed companies (the docs do not call it the Nasdaq-100). Its S&P 500 market carries a licence statement from the index owner; this one carries none, and the documentation never calls XYZ100 the Nasdaq-100 (Nasdaq appears there only as the listing venue of single stocks and ETFs). So the honest description is: a trade.xyz index built the way the Nasdaq-100 is described, priced at the Nasdaq-100's level.
How close the level is in practice
The cleanest test is the US close, when XYZ100's oracle uses the spot index value. On October 19, 2026 the last full minute before the close ended at 29,533 on Hyperliquid, and the Nasdaq-100 closed at 29,529.35. A gap of a few index points is within the normal spread between a perp's last trade and an official index print. That makes Nasdaq-100 levels, charts and news usable as a reference. It does not make XYZ100 a licensed Nasdaq product: the constituents, weights and rebalancing are trade.xyz's, and the docs publish no constituent list to check against, so a corporate event or an index rebalance could in principle be handled differently.
Two pricing methods in the first year
XYZ100 started with a simpler design. Its first version read only dated index futures through a Pyth feed and converted them to a spot level with a set carry rate of 4%, which the docs said could be updated from time to time. On February 19, 2026 trade.xyz moved it to the method used today: during US cash hours the oracle is the spot index itself, and outside those hours the future is discounted with the interest rate minus the forward dividend yield (d = r − q), read from the gap between the future and the spot index, measured in the previous cash session instead of being set by trade.xyz. The candles themselves are always Hyperliquid trades, but before the switch the oracle, and so the mark price and funding, came from futures alone, even during US cash hours. The basis to the index therefore behaved differently in early history, and a backtest that spans the switch mixes two definitions of the price the market was anchored to.
A wider weekend band than the S&P 500
When futures stop on Friday evening, XYZ100 keeps trading on an internal price that follows its own order book. The band around the last external price is ±3.5%, against ±2% on SP500, with one re-anchor per direction: up to about +7.12% or −6.88% across a whole weekend. For traders in Asia that window is Saturday 06:00 to Monday 07:00 Japan/Korea time (an hour later once US daylight saving time ends on November 1, 2026), and the cash session itself runs 22:30 to 05:00 in Japan and Korea, and 23:30 to 06:00 once US daylight saving time ends on November 1, 2026. The daily one-hour futures break, Monday to Thursday, uses the same internal price. The wider band goes with a lower leverage cap: at 30x an isolated position at full leverage sits about 1.69% from liquidation, so a single weekend step covers 2.1 times that distance.
After the close: futures first, then an hour on the book
The hours that matter most for a tech-heavy index are the ones right after the US close, when large US companies tend to publish quarterly results. The Nasdaq-100 itself is no longer calculated then, but its futures keep trading, and XYZ100 follows them as a discounted spot level. That lasts until the futures' daily break, after which the market spends an hour on its internal price, Monday to Thursday, before futures pricing returns for the evening session. A big move in that hour comes from the Hyperliquid order book alone, inside the same ±3.5% band, and the oracle snaps to the futures-derived level when external pricing restarts. Positions with tight stops are the ones that feel this: a stop is triggered by the mark, and the mark follows the internal price during the break.
QQQ, USTECH and the scale problem
Searches for "Hyperliquid QQQ" lead to a different market. mkts:USTECH on the Markets by Kinetiq dex references the QQQ ETF price (Nasdaq: QQQ), a different scale from XYZ100. At the October 19 close QQQ ended at $718.36 and mkts:USTECH at 718.17, while XYZ100 traded at roughly 41 times that price at build time. The percentage moves line up, the units do not: a stop placed at an XYZ100 level means nothing on USTECH, and position sizes have to be converted by notional, not by contracts. USTECH also prices overnight hours from fund quotes on alternative trading systems instead of index futures, uses a slower internal price at weekends, and orders sent through the markets.xyz website pay that front end's builder fee of 0.05% at the entry tier.
Funding and size on XYZ100
trade.xyz scales Hyperliquid's funding formula by 0.5x on every market, so when the perp trades at the index, longs pay a baseline of about 0.00063% per hour, roughly 5.5% a year; the 7-day table below shows how far the real rate strayed from it. Open interest is capped at $1B, tied second-largest on the xyz dex on October 20, 2026, with WTI oil and SK hynix, after SP500. The market runs in growth mode, so its fee is at least 90% below a standard HIP-3 market. Elsewhere, Lighter and Ondo Perps list their own index perps under the name US100, and Aster and edgeX offer QQQ-based perps only; each runs its own oracle and hours.