Accessing equity markets with MetaMask Perps
MetaMask Perps now allows you to speculate on tickers in addition to tokens.
- Perpetual trading isn’t available to users in the following regions: USA, UK, Ontario (Canada), Belgium and countries on the USA sanctions list.
- Equity perps are a new and experimental market, making it risky. Don’t trade with money you aren’t prepared to lose. Always do your own financial research before deciding if a specific trading technique is right for you.
What are equity perps?
Equity perpetuals (perps) work like crypto perps: they allow you to speculate on the price movement of assets without actually owning them.
With equity perps, you can trade price movements of individual stocks like Tesla ($TSLA), Nvidia ($NVDA), or a basket of companies with XYZ100 (an index tracking 100 public companies).
The fundamentals are the same as crypto perps:
- You don’t own the underlying asset, you’re just speculating on its price
- You pick your direction, margin, and leverage: long if you think the price will go up; short if you think the price will go down
- You pay or receive a funding rate: the mechanism which keeps the perp price in line with the spot price.
If you’re new to perpetual futures, read our What is perpetual trading? explainer.
Trading hours and market differences
The U.S. stock market operates between 9:30am and 4:30pm EST, Monday through Friday, while crypto markets trade 24/7.
With equity perps, you can speculate on stock prices even when traditional markets are closed. However, trading outside of market hours carries additional risks like lower liquidity and price volatility.
How to trade equity perps on MetaMask
Equity perps work the same way as crypto perps in MetaMask. You’ll use your existing perps balance to open a position.
- Open the MetaMask mobile app
- Tap the 'Perps' tab and then 'Start a new trade'
- Scroll to view available markets and tap 'See all'
- Toggle to the 'Stocks' tab
- Select the stock you want to trade to view details like 24hr volume and open interest
- Choose your direction and leverage:
- Long if you think the price will go up
- Short if you think it will go down
For a full walkthrough on opening, managing, and closing position(s) check out our perps trading guide.
How is it possible to trade stock perps in MetaMask?
Merging tradfi and defi can feel complicated as they seem like two different worlds but the mechanics are transparent.
MetaMask Perps are powered by Hyperliquid, a decentralized perpetuals exchange. With the introduction of HIP-3 or “Builder-Deployed Perpetuals”, builders can now launch new markets directly on Hyperliquid. XYZ, the team behind stock perps you see in MetaMask, is the first deployer to introduce equity perps.
Keep in mind:
- You’re trading contracts, not actual stocks.
- A custom oracle and mark price mechanism adjust for traditional stock market hours, enabling 24/7 perpetual pricing even when stock markets are closed.
- Funding rates work to keep prices aligned with the real stock market’s price.
Equity perps are a new and experimental market, making it risky. Don’t trade with money you aren’t prepared to lose. Always do your own financial research before deciding if a specific trading technique is right for you.
FAQ
How many stocks can I trade?
New stock markets will appear under the ‘Stocks’ tab in the Perps section of your MetaMask app. Check back often as new tickers are added regularly.
What is an OI cap?
Open interest (OI) represents the total amount of capital active in a market. An OI cap sets a limit on total trading activity allowed for that market. When the cap is reached:
- You can only close or reduce existing positions
- You can’t open new positions until the open interest falls below the cap
How are prices updated?
XYZ, the HIP3 DEX currently integrated in MetaMask, uses a custom oracle and mark price to track stock prices and account for traditional market hours. This ensures equity perps remain tradable 24/7 while staying tied to stock market activity. Learn more in XYZ’s documentation here.