What is Cloudflare?
Cloudflare runs a global network that sits in front of websites and applications. It speeds up content delivery, blocks attacks such as denial-of-service traffic, and offers tools for developers to run code close to users. The company is based in San Francisco, and its Class A shares trade on the New York Stock Exchange under the ticker NET.
The xyz:NET perpetual tracks the share price of Cloudflare, 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 10× leverage, around the clock.
Contract details
- Market
xyz:NETon XYZ (builder exchange)- Tracks
- The share price of Cloudflare
- Settlement
- USDC, no expiry
- Leverage
- 10× at any size
- Margin
- Isolated only
- Size step
- 0.01 NET
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Where NET trades
Cloudflare is listed on 2 exchanges. They are separate contracts with their own prices, funding and balances, so the desk shows the exchange next to the ticker.
Size a NET 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 281.21, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 275.59
- Size
- 1.70 NET ($478.16)
- Loss at the stop, fees included
- $9.99
- Leverage
- 10× isolated, $47.82 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 NET
What is the maximum leverage on NET?
10× on XYZ and 10× on Paragon. 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 NET?
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 NET 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 Cloudflare 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 Cloudflare when I trade this market?
No. A perpetual tracks the share price of Cloudflare and settles gains and losses in USDC. You never hold any shares, and positions can be closed out if losses use up their margin.
