ETF perps on Hyperliquid

Prices and volume come from our hourly snapshot pipeline; the referenced fund and leverage come from the operator specification for each market. Informational only — not investment advice.

What the oracle actually tracks

These markets reference the listed ETF share — iShares MSCI Korea, MSCI Japan, MSCI Taiwan and MSCI Brazil for the country funds; VanEck Semiconductor, the Energy Select Sector SPDR, Sprott Uranium Miners and Roundhill Memory for the sector funds. The oracle takes external market data for that share while its listing exchange is open.

US-listed ETFs trade the same hours as US single names, and the specification index lists most of them on a 24/5 schedule from Sunday evening ET to Friday evening ET. Outside the cash session, external pricing is unavailable and the same internal order-book mechanism carries the price forward until the listing exchange reopens.

One consequence worth stating plainly: a country ETF is priced in New York, but the companies inside it trade in Seoul, Tokyo or Taipei. When those markets move overnight, the ETF share does not reprice until the US session — so the perp reflects the fund, with the fund’s own lag, not the underlying market in real time.

Why trade an ETF as a perp

Breadth in one position. A single semiconductor or Korea market replaces a basket of individual names, which reduces the single-stock event risk of an earnings miss or a company-specific headline while keeping the sector or country view intact.

Documented leverage on these markets sits around 10x to 20x, generally lower than on broad equity indices, reflecting the thinner liquidity of a fund share relative to an index future. Each market carries its own discovery bound.

For a non-US trader, these markets also remove the account problem: exposure to a US-listed country fund without a US brokerage relationship, settled in the same collateral as everything else.

Risks specific to ETF perps

Leveraged and inverse funds decay. At least one market here references a daily-leveraged product, and daily-reset leverage compounds against you in a choppy market: the fund can lose value over a period even when the index it tracks finishes flat. Read what the fund is before holding a leveraged ETF perp for more than a few sessions.

Tracking error and fees are structural. An ETF is not its index — expense ratios, cash drag, sampling and, for country funds, currency hedging decisions all put a wedge between them. On a long hold, that wedge is a cost you carry silently.

The rest of the equity-perp risks apply unchanged: closing gaps at the reopen, thinner overnight books, no distributions passed through to the position, and hourly funding that compounds. Underlying fund closures and reconstitutions are possible too, and the market operator resolves those through the contract specification rather than through a shareholder process.