Crypto-Adjacent Stock Perpetuals
Trade Coinbase, MicroStrategy, and Robinhood as perpetuals.
Crypto-adjacent stocks track digital-asset markets but trade as equities. Coinbase generates revenue from crypto trading volume; MicroStrategy holds Bitcoin on its balance sheet; Robinhood earns from retail crypto and equity flow. They're effectively levered crypto-beta plays that respond to Bitcoin moves and crypto regulatory news.
All crypto-adjacent perpetuals on Hyperliquid
| Deployer | |||||||
|---|---|---|---|---|---|---|---|
 Strategy Inc MSTR· Technology | xyz | $84.02 | +1.81% | $7.5M | -0.0124% | 10x | Trade |
 Robinhood Markets Inc HOOD· Financial Services | xyz | $98.58 | +0.57% | $2.1M | -0.0041% | 10x | Trade |
 Coinbase Global Inc COIN· Financial Services | xyz | $149.94 | +0.71% | $1.2M | -0.0069% | 10x | Trade |
Robinhood Markets Inc HOOD· Financial Services | cash | $98.67 | +0.19% | $268k | -0.0000% | 20x | Trade |
How crypto-adjacent 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.