HIP-3 Leveraged Tokens: Trade Stocks, Indexes, Commodities, and RWAs on HyperEVM.

Bounce is adding support for leveraged tokens on Hyperliquid’s HIP-3 markets. This will allow users to trade stocks, indexes, commodities, and RWAs directly from their wallet with full self-custody. Unlike HIP-3 perps which require active management and carry liquidation risk, Bounce leveraged tokens do not require margin management, are non-liquidating, and are fully composable within DeFi. To understand this better, let’s do a quick overview of what exactly HIP-3 is and how Bounce utilizes it to support leveraged tokens.

What is HIP-3 on Hyperliquid?

HIP-3 means builder-deployed perpetuals: approved teams can launch their own perpetual markets on Hyperliquid—same trading experience users already know, but the listings can include equities, indices, commodities, and more (not just crypto).

In practice, HIP-3 is why you keep hearing about trading stocks in crypto: names you recognize (NVDA, GOOGL, and TSLA) sit alongside gold, oil, and index-style products like the S&P 500. It is a big step toward real world assets living on-chain.

However, it comes with its own problems. Because these are all perps, users are forced to take on margin management and liquidation risk in order to trade these assets. Furthermore, perps themselves are not composable. Meaning, there’s no way to transfer your position to other wallets or use it within other DeFi applications. That’s where Bounce comes in.

HIP-3 Leveraged Tokens

HIP-3 expands what you can trade on Hyperliquid; Bounce expands how you hold it. Through HIP-3 leveraged tokens, users can trade HIP-3 assets through a single token. Select the asset you want to trade, choose long or short, select your leverage, and buy.

When you buy a Bounce leveraged token, your exposure exists as a token in your wallet. That means it can be transferred, integrated, tracked, and used across other on-chain applications. Instead of a position locked inside a trading interface, you get a composable asset that represents your directional view. Unlike perps, there is no liquidation price forcing the position closed.

This is especially important for RWAs. If stocks, indexes, and commodities are going to live on-chain, they should not only exist as isolated trading positions. They should become assets that users can actually hold and interact with across wallets, apps, and protocols.

Leveraged tokens still carry market risk and can move significantly in either direction, but they remove the need for users to manage margin or liquidation levels directly.

A simpler way to trade stocks, indexes, and RWAs on-chain

The end result is a much simpler user experience. Instead of manually opening a TSLA perp, managing margin, watching liquidation levels, and closing the trade yourself, a user can simply buy a TSLA leveraged token.

Want long exposure to an index? Buy the token.

Want short exposure to a stock? Buy the token.

TradFi offers access to these markets, but with limited hours, brokerage restrictions, and fragmented custody. Perps bring 24/7 leverage on-chain, but they still require margin management and keep positions locked inside a trading account. Bounce leveraged tokens combine the best parts of both: leveraged exposure, self-custody, 24/7 access, and DeFi composability.

Over the coming weeks, Bounce will roll out leveraged tokens for indexes like the S&P 500 and Nasdaq, commodities like oil and silver, and single-name stocks like NVDA and GOOGL. Supported HIP-3 leveraged tokens will allow users to go long or short with up to 5x leverage.

HIP-3 brings the markets. Bounce brings the tokens.