What is Nikkei 225?
This market follows the Japan 225, a price-weighted index of 225 large companies listed on the Tokyo Stock Exchange, published as the Nikkei 225 by Nikkei Inc. Price weighting means stocks with higher share prices have more influence. The level is used in yen index points with no currency conversion, and profit and loss settle in USDC.
The xyz:JP225 perpetual tracks the price of Nikkei 225, 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:JP225on XYZ (builder exchange)- Tracks
- The price of Nikkei 225
- Settlement
- USDC, no expiry
- Leverage
- 20× at any size
- Margin
- Isolated only
- Size step
- 0.00001 JP225
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a JP225 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 62,255, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 61,010
- Size
- 0.00777 JP225 ($483.72)
- Loss at the stop, fees included
- $10.00
- Leverage
- 18× isolated, $26.87 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 JP225
What is the maximum leverage on JP225?
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 JP225?
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 JP225 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 Nikkei 225 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 Nikkei 225 when I trade this market?
No. A perpetual tracks the price of Nikkei 225 and settles gains and losses in USDC. You never hold the underlying asset, and positions can be closed out if losses use up their margin.
