What is USD/JPY?
USD/JPY is the exchange rate between the US dollar and the Japanese yen, quoted as the number of yen one dollar buys. The price rises when the yen weakens against the dollar and falls when the yen strengthens. It tends to respond to interest-rate differences between the US and Japan and to Bank of Japan policy.
The xyz:JPY perpetual tracks the USD/JPY exchange rate, 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 50× leverage, around the clock.
Contract details
- Market
xyz:JPYon XYZ (builder exchange)- Tracks
- The USD/JPY exchange rate
- Settlement
- USDC, no expiry
- Leverage
- 50× at any size
- Margin
- Isolated only
- Size step
- 0.01 JPY
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a JPY 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 157.50, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 154.35
- Size
- 3.09 JPY ($486.58)
- Loss at the stop, fees included
- $9.97
- Leverage
- 25× isolated, $19.46 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 JPY
What is the maximum leverage on JPY?
50×. 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 JPY?
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 JPY 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 USD/JPY 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 USD/JPY when I trade this market?
No. A perpetual tracks the USD/JPY exchange rate 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.
