A high-performance perpetuals exchange for crypto traders, with deep liquidity and an integrated order book.
Last updated 2026-06-24
Hyperliquid is the reference on-chain perpetuals venue. Order book is fast, fees are competitive, and the derivatives surface (cross-margin, up to 50x leverage, advanced order types) is built for active crypto traders. For perp trading on crypto pairs, it is hard to beat.
GM Markets is a different product entirely. Hyperliquid trades synthetic perpetual exposure; GM Markets gives you beneficial ownership of real shares via a 1:1 backing structure (SPV + security agent + segregated broker-dealer custody). There is no leverage, no liquidation cascade, and no funding-rate drag. When you sell, proceeds redeem to USDC in your own wallet — not margin collateral in a protocol vault.
No. GM Markets is a separate venue with a different model. Execution is RFQ through regulated tokenized-security issuers, not an on-chain order book. Settlement is back-to-back against the underlying broker-dealer custody, not a protocol vault. There is no shared infrastructure or relationship.
GM Markets is a spot venue for tokenized real-asset ownership, not a derivatives venue. Leverage would require derivative wrappers, margin maintenance, and liquidation mechanics — each of which adds counterparty risk on top of the simple "own the share" promise. We chose not to add it.
For crypto perpetuals, Hyperliquid is the better fit. For long-term ownership of tokenized US stocks and ETFs with corresponding shareholder economics (dividends, corporate actions absorbed into NAV), GM Markets is the access path Hyperliquid does not offer.
On GM Markets, your tokens live in your own self-custodied wallet — they are independent of the venue. The underlying shares are held in segregated customer custody at regulated broker-dealers (not on the GM Markets balance sheet), and the redemption path runs through a Swiss security agent (GenTwo). On Hyperliquid, your USDC margin is in the protocol; resolution depends on the protocol's contract design.
