The builder books on Hyperliquid list more than equities. Beside the stock and index perps there are perps on gold, silver and oil. They use the same contract design, settle in the same stablecoin and show the same fields. For a trader used to seeing metals and energy on a separate screen from stocks, having them in one list is new.
What is the same
A commodity perp has a mark price, an oracle price, a premium, funding, open interest and 24-hour volume, exactly as a stock perp does. It has no expiry. It holds no metal and no barrels. A long position is a claim on price change, paid in a stablecoin, and nothing is ever delivered.
What differs: the market underneath
A share has one obvious reference, its last trade on the stock market. A commodity is less tidy. Gold and silver trade through dealers and through futures. Oil is priced mainly through dated futures contracts, each with its own month. An oil reference therefore has to be built from contracts that expire, and which one a book follows is set in that market’s own specification.
The hours differ too. Stocks shut every evening. Metals and oil futures trade almost around the clock on weekdays and stop for the weekend. So a commodity perp’s reference is live for more of the week than a stock perp’s, and the quiet window is mostly the weekend.
No roll, with funding in its place
A trader holding oil futures has to roll from one month to the next, and the price gap between months is a cost or a gain. A perp has no months. Its carry is funding, charged hourly. On 4 October 2026 the gold perp showed the same resting funding as most large stock perps, about 5.5% a year. That is the formula at rest, as the resting rate explains, and it says nothing about gold.
A different thing from tokenized gold
A gold perp and a gold-backed token are not the same instrument. The token is a claim on metal held by an issuer, described in PAXG and tokenised commodities. The perp is a leveraged contract with funding and a liquidation price. One is held. The other is carried.
The cross-read
The value of having them in one list is comparison. On a weekend, an index perp falling while the gold perp rises is a different picture from both falling together. The first resembles a move toward safety, the pattern discussed in gold, yields and risk-off. The second resembles selling of everything.
Treat that as a market price on another venue. Weekend books are thin, and a commodity perp is small beside the futures market that reopens on Sunday evening.
Where to see them
The Stocks On-Chain tab of the Crypto Market Map lists the commodity perps in the same table as the stock and index perps, with the same columns, so funding, premium and open interest can be compared across all of them.