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EQX Labs to List Tokenized U.S. Stocks and ETFs on Hyperliquid in 2026
EQX Labs plans to bring tokenized U.S. stocks and ETFs to Hyperliquid, offering around-the-clock trading. The equity-backed instruments will not confer direct ownership of the underlying shares.
The plan, announced on Oct. 14, 2026, covers 11 markets on the platform’s native spot order book and excludes U.S. persons. Planned listings include SPY, QQQ, Apple, NVIDIA and Tesla. The tokens are offshore debt instruments backed by equities, and holders typically sell them on the secondary market rather than redeem them for shares. According to The Defiant, the markets will pair tokens with USDC on HyperCore. EQX filings show a structure in which brokers hold the underlying shares, approved institutions handle creation and redemption, and other eligible users trade on the secondary market.
How the markets will trade
The 11 planned markets use Hyperliquid’s HIP1 token standard, with equity-backed spot tokens issued natively on HyperCore. Initial products cover the SPY and QQQ ETFs along with single names such as Apple, NVIDIA and Tesla.
The design differs from other equity-like products in the ecosystem. In March, Felix launched Ondo-supported stocks and ETFs on HyperEVM, using securities tokenized on Ethereum and bridged into the ecosystem, as described by Ondo. In May, Trade.xyz launched a synthetic pre-IPO perpetual market for SpaceX. EQX’s distinguishing feature is its backing mechanism: the tokens give exposure tied to over-the-counter held shares, not perpetual stock exposure.
Stock backing and offshore issuer
The tokens legally constitute debt obligations rather than direct equity ownership. The issuer is EQX SPC Ltd., a segregated portfolio company incorporated in the British Virgin Islands. The instruments are limited-recourse notes, each corresponding to a separate portfolio tied to its own ticker. A Cayman Islands purpose trust owns the issuer. EQX Labs provides the technology but does not issue the securities.
EQX says brokerage accounts opened in the issuer’s name will hold the underlying stocks. Custody sits with Alpaca Securities LLC, StoneX Financial Ltd. and Clear Street LLC.
Eligibility, redemption and voting
U.S. persons and anyone located in the United States are not eligible to take part. The offering also excludes residents of and persons located in the British Virgin Islands, sanctioned persons, and anyone in jurisdictions fully sanctioned by the United States, the United Nations, the United Kingdom or the European Union.
Only authorized participants—entities approved to create and redeem tokens—can normally exchange tokens for shares. Other holders exit by selling on the secondary market. EQX says the creation and redemption mechanism helps keep token prices close to the value of the underlying shares during U.S. trading hours. Dividends are reinvested into the same stock after applicable withholding taxes. Holders can submit voting instructions by signing with their wallet.
Fees and disclosure
EQX charges issuers nothing for token creation, redemption or holding. Revenue will come from a share of Hyperliquid’s trading fees, while users still pay standard spot trading fees. At launch, EQX plans to release broker statements and dashboards that distinguish settled underlying stocks from those due to settle on the next U.S. business day.
This article was generated with the assistance of artificial intelligence and reviewed by the editorial team.