Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
SPX perpetual on Hyperliquid
Live market data and verified contract mechanics for the SPX perp — one of the markets on Hyperliquid's on-chain order book.
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Contract specs
| Contract type | Linear perpetual, no expiry — cash-settled, funding every hour |
| Collateral | USDC |
| Oracle | USDT-denominated oracle against USDC collateral (a quanto-style detail from Hyperliquid's contract specifications) |
| Max leverage | 5x (set per asset by the exchange; leverage is any integer from 1 up to this cap) |
| Size precision | 1 decimal places |
Specs from Hyperliquid's public API meta and official contract-specification docs. Build-time reference (2026-07-21): mark price 0.36303, 24h volume $2.9M — the live strip above supersedes these on load.
How trading SPX perps works here
Like every Hyperliquid perp, SPX-USD trades on a fully on-chain central limit order book with no gas fee per trade — costs are the maker/taker fee (fee schedule) plus hourly peer-to-peer funding. Margin can be cross or isolated; maintenance margin is half the initial margin at this market's 5x cap — the full liquidation math is in our leverage & liquidation guide.
At 5x maximum leverage, initial margin for a SPX position is 1/5 of notional at minimum — and the higher the leverage, the closer liquidation sits to entry. New to the instrument entirely? Read perpetuals explained first, and our Hyperliquid review for the venue itself, including the risks.
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