Hyperliquid lists Extended ($XTEN) hyperp with 3x leverage

Extended ($XTEN) hyperp has been launched on Hyperliquid, allowing users to trade with up to 3x leverage. This new contract does not depend on external data for its oracle price, making it distinct from traditional perpetual contracts.

In this setup, the funding rate is determined by a moving average of the hyperp mark price, which helps maintain price stability and reduces the risk of manipulation. Traders should be aware of the funding rates, especially during periods of significant price movement, as they can incentivize positions in the opposite direction for the next eight hours.

Trading is limited to low leverage and isolated margin, and users should be cautious of low liquidity, high volatility, and potential liquidation risks. Note that the XTEN-USDC contract will transition to a vanilla perp upon its listing on centralized exchanges. For more information on the hyperp mechanism, please refer to the documentation.