Hyperliquid Stock Perps vs bStocks: HIP-3 & RWA Explained
Hyperliquid stock perps are derivatives; bStocks are tokenized securities; RWA is a broader real-world asset tokenization category. Similar underlying prices do not create identical holding rights.
Stock perps vs tokenized stocks
| Item | Hyperliquid stock perpetuals | Binance bStocks |
|---|---|---|
| Holding | Perpetual contract position | Tokenized security linked to an underlying asset |
| Direct company shareholder? | No | No |
| What to identify | Full market name, margin, mark price and funding | Issuer structure, underlying security and token ticker |
| Trading location | Corresponding perpetual market | Supported Spot pair |
RWA alone does not define ownership rights. See the official bStocks structure FAQ and the Binance stock product menus for the separate Stocks section.
What is a Hyperliquid HIP-3 stock perp?
HIP-3 lets deployers establish perpetual markets and define their oracles, contract parameters and leverage limits. Markets have independent order books and margin settings. Collateral assets can differ. The official HIP-3 specification describes these responsibilities.
For a history symbol such as xyz:SOXL, xyz is the market namespace. Preserve the full symbol: matching only SOXL can incorrectly combine different markets.
Check a stock perp trader’s history
Enter a public address in the Hyperliquid wallet tracker, open position history and inspect the full symbol. Global holdings discovery currently covers native perpetuals; recognized builder-market records appear in individual wallet history. These views have different coverage.
Read the trade history, orders and CSV guide or liquidation price and distance guide.
FAQ
Do Hyperliquid stock perps give me shares?
No. A stock perpetual is a derivative position providing price exposure, not shareholder ownership. Margin, oracle and settlement rules depend on the market.
Can I combine xyz:SOXL with SOXL from another market?
Do not merge records by the ticker suffix alone. xyz identifies a market namespace. Keep the complete symbol when inspecting positions, history and charts.