China ADR Stock Perpetuals
Trade Alibaba, PDD, JD.com, NIO, and XPeng around the clock.
Chinese ADRs are U.S.-listed shares of Chinese companies. They trade during U.S. hours but are highly sensitive to overnight news from Beijing, Hong Kong, and the broader China policy stack. The 24/7 perpetual market is well-suited to assets whose biggest catalysts land outside U.S. hours.
All china adrs perpetuals on Hyperliquid
 Alibaba Group Holding Ltd BABA· Retail | $146.91 | +8.53% | $9.6M | +0.0017% | 10x | Trade |
Alibaba Group Holding Ltd BABA· Retail | $146.91 | +8.44% | $1.4M | +0.0008% | 10x | Trade |
How china adrs perpetuals work
When you open a perpetual position you don't take delivery of the underlying asset. You're posting margin against a contract whose price tracks the underlying. Profits and losses are settled in USDC on Hyperliquid as the price moves.
Hyperliquid runs a fully on-chain order book with sub-second matching. Every trade, fill, and funding payment is verifiable on the Hyperliquid L1 chain. There are no off-chain matching engines, no withdrawal queues, and no custodian holding your funds.
Liquidiction routes orders through Hyperliquid as a builder code, which means you sign trades from your own wallet and Hyperliquid charges a small builder fee on close. Funding is paid hourly. Liquidations occur if your margin falls below the maintenance threshold.