Bitso Opens More Than 200 Perpetual Futures Markets Through Its Alpha Trading Interface
Key Facts
Bitso announced on November 9, 2026, the launch of a service allowing customers to trade more than 200 perpetual futures markets through the Bitso Alpha interface, expanding the range of assets available in one place. The company said the service is available on the web, including mobile browsers. Markets include cryptocurrencies, stocks, indices, commodities and foreign exchange. The launch puts multiple asset classes in front of Bitso users through the same trading interface, while execution takes place on Hyperliquid. Alexander Maher, Bitso’s general manager, said the service brings together Hyperliquid’s onchain liquidity, more than 200 markets and trading tools in one place.
Examples cited by Bitso include the S&P 500, gold, oil and the USD/EUR pair, along with markets for U.S. and international stocks and some markets linked to pre-IPO companies. The company describes a broad range of asset classes, including metals and foreign exchange, without implying that every market is available to every user or in every country. Accounts are managed through the Bitso Alpha interface, but trades are executed on Hyperliquid. Maher said the company’s users showed strong interest in the service during its trial phase. He linked that interest to the availability of markets and trading tools within a single interface.
The separation between the interface and the venue where trades are executed remains important to the service’s structure: collateral stays in a self-custody Perps wallet on Hyperliquid and is not deposited with Bitso. The company also said it is not the counterparty to trades. Markets are priced in U.S. dollars, while settlement is in USDC, with a unified USDC balance used across markets. Customers therefore manage trading through Bitso’s interface, while collateral management and execution are tied to infrastructure on Hyperliquid. These arrangements determine where the assets used to cover positions are held and which platform executes them.
Maximum leverage varies by market and reaches 50x, according to Bitso; the limit for each market is shown next to its name. The company warns that leverage magnifies gains and losses, and that Hyperliquid automatically liquidates a position if margin falls far enough. A trader may lose all collateral upon liquidation. There is also an hourly funding payment between holders of long and short positions, with the cost continuing as long as a position remains open. Bitso said funding costs may exceed trading fees, making them an additional cost of holding a position.
The service’s launch follows Hyperliquid’s expansion into markets beyond cryptocurrencies. According to a registration disclosure filed with the U.S. Securities and Exchange Commission, the platform launched the HIP-3 framework in November 2025, allowing third-party developers to create perpetual markets on its order book, including contracts linked to stocks, commodities, indices and other real-world assets. HIP-3 markets recorded more than $514 billion in cumulative volume from launch through August 23, 2026. They accounted for about 48.0% of total Hyperliquid trading over the 30 days ended on that date. These figures provide context for the expansion of markets that Bitso now makes accessible through its interface.
According to the same disclosure, cumulative perpetual futures trading volume on Hyperliquid exceeded $5.4 trillion through August 23, 2026, compared with more than $4.3 trillion through May 19, 2026. Bitso said its existing users showed strong interest in the service during the trial version, before the November 9 launch announcement. Two days later, Bitso’s status log showed an outage at an external provider that made Perps and Vaults services unavailable on November 11, 2026. The company recorded the incident as resolved the same day, after 19 minutes, between 15:19 and 15:38 UTC. This was an operational update following the launch, while the product continued to rely on Hyperliquid for trade execution and collateral management.