MSTR perpetual futures on Hyperliquid
MSTR is listed on Hyperliquid as the perpetual market xyz:MSTR, a equity contract deployed by the xyz builder DEX under HIP-3. It settles in USDC and allows up to 10x leverage, grouped under the CRYPTO theme in the BT365 terminal.
Market snapshot
| Mark price | $136.22 |
|---|---|
| 24h change | +3.48% |
| 24h volume | $12.48M |
| Open interest | $42.75M |
| Funding rate (hourly) | 0.0010% |
| Max leverage | 10x |
| Collateral | USDC |
Figures are a snapshot taken at 2026-11-04 13:14 UTC from BT365's public market data and are rebuilt nightly. The live number is in the app.
What you are actually trading
A perpetual future is a contract on the price of MSTR, not the asset itself. There is no expiry; instead, longs and shorts pay each other a funding rate at intervals so the contract price tracks the reference price. A positive rate means longs pay shorts. Nothing on this page is a position in the underlying shares.
Because xyz:MSTR lives on the xyz builder DEX, its margin is held in that DEX's own clearinghouse, separate from Hyperliquid's core perpetuals. Within the DEX, positions share one collateral balance under unified margin, so a loss on another xyz market can liquidate a position here. The article If one leveraged position goes wrong, what happens to the others? works through exactly that case.
What a market order here will cost
The mark price above is the price of the next unit, not of your order. Before a perps order is placed, BT365 walks the order book: it fills the order level by level against the live book and reports the average fill price against the mid, in whole basis points, together with the visible depth that decides whether the order is safe to send at all. The reasoning is in How do you know what a market order will cost before you send it?
Trade it on BT365
Open MSTR in the BT365 terminal, with a live order book, the slippage walk, stop-loss and take-profit, or run it from a trading agent. The terminal and the agents read the same market data this page was built from.
All Hyperliquid markets on BT365
BT365 is not available in every jurisdiction, and nothing on this page is investment advice. Trading perpetual futures, prediction markets and newly launched tokens carries risk of loss.