The short answer
Hyperliquid is the largest on-chain perpetual futures exchange. Upcomers Perpetuals streams its live order book and prices, so what you see is a real market with real depth rather than a broker quote. We add no markup to those prices.
Your fills are simulated against that live book, in line with how every Upcomers account works.
Why we built on it
A CFD price is whatever a broker feed says it is. A perp price on Hyperliquid is set by an open order book where anyone can see the bids, the asks and every trade. Building on that feed means three things:
You trade against real depth. Your order is filled against the Hyperliquid book as it stands, at the prices sitting in it. A larger order walks through the book and gets a weighted average price, exactly as it would on the exchange itself.
Slippage is honest. The gap between the top of the book and your fill price is real market depth, not a dealing desk decision.
There is no spread markup. You buy at the ask and sell at the bid of the live book. Our cost is a transparent maker or taker fee per trade, listed for every symbol in The perpetuals symbol catalog.
Hyperliquid also hosts perps on far more than crypto. Stocks, indices, gold, oil and currencies trade there as perpetual contracts, which is how we can offer all of them 24/7 on a single platform.
The three prices you will see
Perps use three related prices. Knowing which is which saves confusion later.
Price | What it is | What it is used for |
Last price | The most recent trade on the order book | The chart and the ticker |
Mark price | A fair-value price that blends the Hyperliquid book with other reference prices for that market | Your floating P&L, margin, liquidation, and stop and take-profit triggers |
Oracle price | A reference price for the underlying, refreshed every few seconds | Funding payments |
The point of the mark price is protection. Because it blends several sources rather than trusting one print, a single odd trade or a brief wick cannot liquidate you or trigger your stop on its own. Your position is marked to fair value.
How the oracle price works on non-crypto markets
On crypto markets the oracle price is straightforward: it is the median spot price of the underlying token across major exchanges.
Stock, index, commodity and forex perps are different, because their underlying market is closed most of the week. For those, the oracle is derived from the most recent available reference pricing for that market, which is why a stock perp can keep trading and keep exchanging funding on a Saturday. The pre-IPO markets (SPCX, UNITREE, CXMT, ZHIPU) have no public underlying at all: their price is set entirely by their own order book, which makes them the most speculative contracts in the catalog.
If you plan to hold a non-crypto perp across a weekend, read Markets never close: trading 24/7 first.
Quick recap
Prices and liquidity come straight from Hyperliquid's order book, with no markup from us.
Your P&L, margin and stops run on the mark price, a blended fair value.
Funding runs on the oracle price, the reference price of the underlying.
Execution is simulated against that live book, and your payouts are real.
Where to go next
Read Funding rates, explained for how the oracle price turns into an hourly payment, Fees and how your order fills for what a fill actually costs you, and The perpetuals symbol catalog for the full market list.
Need help?
Contact Upcomers support through live chat, the help center, or at [email protected].