What is iShares MSCI Japan ETF?
The iShares MSCI Japan ETF, from BlackRock, holds large and mid-sized Japanese companies and tracks an MSCI index of that market, with stakes in carmakers, banks, electronics and industrial firms. Because the fund is priced in dollars, moves in the yen exchange rate also affect it. It trades on NYSE Arca under the ticker EWJ.
The xyz:EWJ perpetual tracks the share price of iShares MSCI Japan ETF, settles in USDC and never expires. It is listed on XYZ, a builder exchange: a market run by an outside team on Hyperliquid's order book. You can go long or short with up to 20× leverage, around the clock.
Contract details
- Market
xyz:EWJon XYZ (builder exchange)- Tracks
- The share price of iShares MSCI Japan ETF
- Settlement
- USDC, no expiry
- Leverage
- 20× at any size
- Margin
- Isolated only
- Size step
- 0.001 EWJ
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a EWJ trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 92.930, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 91.071
- Size
- 5.135 EWJ ($477.33)
- Loss at the stop, fees included
- $10.00
- Leverage
- 18× isolated, $26.52 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about EWJ
What is the maximum leverage on EWJ?
20×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on EWJ?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade EWJ on Hypurr Desk?
At the exchange's base tier, 0.034% of the position value for market orders and 0.028% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Can I trade iShares MSCI Japan ETF when its home market is closed?
Yes. The perpetual trades around the clock, every day, including weekends and holidays. Prices can jump when the main market reopens, so a stop may fill away from its price.
Do I own iShares MSCI Japan ETF when I trade this market?
No. A perpetual tracks the share price of iShares MSCI Japan ETF and settles gains and losses in USDC. You never hold any shares, and positions can be closed out if losses use up their margin.
