Leveraged trackers

A tracker is a NEP-141 token whose value follows a real market at a stated multiple. NVDAx5 moves five times as hard as Nvidia. TSLAx5S moves five times as hard, in the opposite direction. MSTRx2 moves twice as hard as Strategy.

They are what a bonded coin is paired to, and what turns its backing from idle dollars into a position.

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Reading the name

The symbol says everything about the terms: <TICKER>x<L>, with an S suffix for a short.

The token's name spells the same thing out, e.g. NVDA 5x or MSTR 2x Short, and the vault states it on chain too (state() returns underlying, target_leverage and is_short). The account id starts with the leverage digit on purpose: it makes every tracker sort between USDC and every coin, which keeps every pool the same way up (see The single pool). <factory> is the tracker factory's account, set at deployment.

Choosing the multiple

The creator picks the multiple when launching a coin, from 1× up to the market's cap. The cap is the lower of two numbers: the product ceiling, 5× (a constant in the launchpad, the factory and every vault), and the leverage a position can actually hold on that market on the venue. The factory's max_leverage_for(symbol) returns it, and the factory refuses to create a tracker above it, so a tracker never promises a multiple its hedge cannot hold.

What a position can hold is set just under the venue's own cap. Hyperliquid publishes a maximum leverage per market — 50× on the S&P 500, 30× on the Nasdaq 100, 25× on gold and silver, 20× on the large caps (Nvidia, Apple, Tesla, Alphabet, Meta, Amazon, Microsoft, SpaceX), on EWY, WTI and Brent, and 10× on the other single stocks. At exactly the cap a position has no margin to spare, and a tick of slippage or a funding payment would make the venue refuse the order, so the factory lists 90% of the cap, rounded down: 45×, 27×, 22×, 18× and 9×. The keeper sizes with the same 10% headroom. The S&P 500 trades at 50× on the venue and the cap is still 5×.

What backs a tracker

A perpetual position on Hyperliquid, on trade.xyz's xyz market — a HIP-3 market listing stocks, indices and commodities, margined in USDC. The position is held in one Hyperliquid master account whose address is derived by NEAR's Chain Signatures from the protocol's hedge contract: only that contract can have NEAR's signer network sign as the master account, and it only ever asks for two kinds of signature — approving the keeper's trading key, and sending USDC back towards the vaults. Each tracker's vault records the hedge contract as its hedge_funder, the only account it can ever send hedge money to. Every tracker shares the one master account (one cross-margin balance on xyz), the hedge contract keeps a per-vault book of what each tracker has sent and had back, and the keeper keeps a per-tracker ledger of each one's cash and position inside the account. The factory stores each market as the Hyperliquid asset name (xyz:NVDA), because Hyperliquid's numeric ids for these markets change as markets are listed.

The money moves in short, visible legs. The vault sends idle USDC to the hedge contract (fund_hedge, capped on chain by fundable_usdc() and impossible before the tracker bonds); the hedge contract sends it through NEAR Intents 1Click to Hyperliquid, where it is credited to the master account in about 30 seconds; on the way back, the hedge contract has the master account sign a transfer to a 1Click deposit address, 1Click delivers USDC to the hedge contract on NEAR in about 35 seconds, and the hedge contract pays it into the vault. Orders are placed with a separate agent key that can trade and cannot withdraw. The latencies are from dry quotes (2026-09-25), not live transfers. The details, and what you have to trust, are in The hedge book.

The tracker's NAV is its backing — its share of the master account's equity, plus the USDC in its vault, plus any USDC on its way between the two — divided by its supply, signed by the keeper and posted on chain to the vault, readable by anyone. Mint and redeem are open at NAV, which is what holds a tracker at its stated value: if the market price drifts from NAV, minting or redeeming at NAV is profitable, and the drift closes. A redeem is paid at once out of the vault's idle USDC. Each vault keeps an idle buffer — its buffer_bps share of what its supply is worth, 20% in the deployment defaults — and a redeem larger than the idle USDC joins a first-in-first-out queue that the keeper fills by bringing dollars back from Hyperliquid. How long that takes end to end has not been measured on NEAR yet; the transfer itself quoted about 35 seconds.

A first mint to an account that holds no shares must be at least 1 USDC: the vault pays that account's storage on the token, and the minimum stops that storage being farmed with dust.

The markets you can launch against

Every market the factory owner has listed (underlying(symbol) → {market_id, max_leverage, listed}): the 32 stocks, indices, metals and commodities in the catalogue, long or short, at any multiple up to that market's cap. One tracker exists per (market, direction, multiple). The 5× long and short trackers of every market are created at deployment; other multiples are created by the protocol when needed — a launch does not create one.

These figures are a snapshot of Hyperliquid's xyz market list (2026-09-25); the keeper re-reads the live one.

Order sizes. Hyperliquid accepts no order below 10 USDC of notional; the keeper rounds to each market's size step, skips what is too small, and splits what is too large. Every coin on a tracker shares that tracker's position.

Hyperliquid does not close, but stocks still have hours. The xyz markets keep trading through nights and weekends, so a tracker keeps marking at any hour. When the underlying's home market is shut, the price comes from trade.xyz's oracle and from trading on Hyperliquid itself, and it can gap when the home market reopens. How trade.xyz's oracle behaves over a closed market is its deployer's rule, not ours, and we have not documented it here. A market the venue or its deployer halts cannot be traded until it resumes.

One tracker, many coins

Every coin bonded onto NVDAx5 puts its backing behind the same Nvidia exposure. They pool. A tracker carries one position, not one per coin, which is why the hedge book sums their backing before doing any arithmetic. A coin on NVDAx3 is on a different tracker with its own vault, its own book and its own reference pool; the multiple is part of what a coin shares, not only the market and the direction.

That is worth understanding as a holder: your coin's floor moves with Nvidia at the multiple in its tracker's name, and so does every other coin bonded onto the same tracker. The concentration of the whole book is public, on the hedge book page.