GM Markets is a permissionless, wallet-native interface to tokenized stocks, ETFs, commodities, and FX, plus on-chain yield vaults across credit, lending, delta-neutral, market-neutral, looping, and active-trading strategies. Connect any supported wallet to trade or allocate. Tokens stay self-custodial in your wallet at all times.
Hyperliquid is the right choice if you want leveraged perpetual futures on crypto with deep liquidity and tight execution on its own L1. GM Markets is the right choice if you want spot exposure to real US stocks, commodities, and FX — without paying a funding rate, on the EVM chains you already use, with the underlying actually held at a regulated broker.
Permissionless trading + onchain yield, one wallet.
GM Markets is a permissionless trading interface for tokenized US stocks, ETFs, commodities, and FX. Spot execution against real shares custodied at Interactive Brokers and Alpaca, settled to your existing EVM wallet. No funding rate, no leverage, real underlying.
On-chain perpetual futures exchange on its own L1
Hyperliquid is a fully on-chain perpetual futures exchange running on its own L1. It runs a CLOB with sub-second execution and offers leveraged perps on crypto, indexes, and a small number of equity-style perps. Wallet-connect, no signup. The CLOB is best-in-class today.
hyperliquid.xyz ↗| Dimension | GM Markets | Hyperliquid | Edge |
|---|---|---|---|
| Product type | Spot trading of tokenized real-world assets — no funding rate | Perpetual futures with funding rate (often 15–40% annualized; eats into margin and yield) | GM |
| Asset coverage | 8,000+ US stocks, ETFs, commodities, FX (real underlying) | Crypto perps (BTC, ETH, alts) and a focused set of ~10–15 equity-style perps | GM |
| What backs your position | Real share at Interactive Brokers and Alpaca, 1:1, custodied by Flo | Synthetic perpetual contract collateralized by USDC inside the L1 | GM |
| Chain / wallet | EVM-native: Ethereum, BSC, Base, Arbitrum — use your existing wallet, no bridging | Hyperliquid L1 (separate chain); funds must be bridged from Ethereum and bridged back to exit | GM |
| Composability | ERC-20: tokens usable as collateral on Aave, Morpho, Pendle anywhere on EVM | Position lives inside Hyperliquid; not portable across DeFi | GM |
| Yield products | Growing set of vault categories: RWA (private credit, public RWA), DeFi, Trading — same wallet, same UI | HLP (single market-making vault) | GM |
| Settlement and access | USDC-settled bearer tokens, 24/7 wallet operations on EVM | USDC margin held inside the L1; positions are non-bearer perp contracts on Hyperliquid's exchange | GM |
| Product depth across chains | Same product (stocks, ETFs, commodities, FX, vaults) on every supported EVM chain | Single-chain product on Hyperliquid L1; depth concentrated in crypto perps | GM |
| Custody | Self-custodial: token in your own EVM wallet; ForDeFi MPC for vault funds | Self-custodial: position held in your account on Hyperliquid L1 with sequencer trust | Even |
| Order book | Back-to-back execution against the broker chain today; on-chain CLOB on the roadmap | On-chain CLOB with sub-second execution — best-in-class today | Hyperliquid |
| Leverage | Spot only, no leverage at the protocol layer | Up to 50× on most pairs | Hyperliquid |
| Access model | Permissionless: wallet connect only | Permissionless: wallet connect only (US persons restricted) | Even |
| Best for | Traders who want real stock, commodity, FX, and yield exposure on EVM without paying a funding rate | Traders who want leveraged crypto perps with deep liquidity and don't mind a separate chain | Even |
Anyone with a wallet can connect and trade. There is no signup, no account, and no identity collection at the GM Markets layer. Restricted-jurisdiction users are gated at the asset level (geo-blocked rows), not at the user level.
A funding rate is a periodic payment between long and short perp holders that keeps the perp price tethered to the underlying spot. On crypto perps, funding rates can be sustained at 15–40% annualized, which directly compresses returns on a held position. Spot exposure on GM Markets has no funding rate — you own the asset.
No. GM Markets is spot only. Each tokenized asset is backed 1:1 by the real underlying held at a regulated broker. There is no leverage at the protocol layer and no funding rate.
No. GM Markets runs on Ethereum, BSC, Base, and Arbitrum — the EVM wallet you already use. There is no separate chain and no bridge required.
Yes. They serve different needs: Hyperliquid for leveraged crypto perps with a CLOB, GM Markets for spot tokenized stocks, commodities, FX, and on-chain yield with real-underlying backing.
A growing set of vault categories on the same wallet, same UI: RWA vaults (private credit and public RWA sub-categories), DeFi vaults (curator-operated across whitelisted protocols), and Trading vaults (programmable, SMA-style). New vaults are added continuously as curators and issuers come online.
You do. GM Markets is non-custodial. Tokens live in your wallet from deposit to withdrawal. The underlying real-world shares behind tokenized public assets sit at Interactive Brokers and Alpaca via Flo's regulated issuance layer. Vault funds use ForDeFi MPC custody with a published signer quorum.
Permissionless. Wallet connect. No signup. Trade tokenized stocks, commodities, FX, and deposit to onchain yield vaults from one wallet.