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
 Coinbase Global Inc COIN· Financial Services | $201.87 | -2.98% | $15M | +0.0042% | 10x | Trade |
 Robinhood Markets Inc HOOD· Financial Services | $76.76 | -1.67% | $13M | +0.0006% | 20x | Trade |
 Strategy Inc MSTR· Technology | $178.78 | -3.06% | $9.2M | +0.0025% | 10x | Trade |
Robinhood Markets Inc HOOD· Financial Services | $76.75 | -1.72% | $6.1M | +0.0014% | 10x | Trade |
Coinbase Global Inc COIN· Financial Services | $201.81 | -3.04% | $933k | +0.0000% | 10x | 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.