XYZ U.S. 100 Index: What It Is and How It Tracks the Nasdaq-100

If you have looked at Hyperliquid’s market list and wondered what XYZ100 is, the answer is simpler than the name suggests: it tracks the Nasdaq-100, the index of the largest non-financial companies listed on Nasdaq. It is the index behind QQQ.

The name is a trademark workaround, not a different product. “Nasdaq-100” belongs to Nasdaq, and a third-party market cannot use it without a licence, so the deployer called it the XYZ U.S. 100 Index. Everything else about it is what you would expect.

Two things make it worth its own page. It was the first HIP-3 market ever deployed — the template for every stock and commodity contract on the venue that followed. And at roughly $214 million of daily volume it is the largest index market here, ahead of the S&P 500 contract.

What it actually tracks

The Nasdaq-100 is 100 of the largest companies listed on Nasdaq, excluding financials. In practice that means it is a technology index with a long tail attached, and the tail matters less than most people assume.

It is modified-capitalisation-weighted, so the largest members dominate. The concentration in the top handful of names has been historically high in recent years, and those names share drivers — the same AI capital expenditure cycle, the same hyperscaler budgets, the same memory supply chain underneath. When people say the Nasdaq-100 is diversified across 100 companies, the arithmetic disagrees.

The practical consequence for a trader: this contract and a position in NVIDIA are far less independent than the labels suggest. Holding both is a concentrated bet wearing a diversified label.

Contract specs

Mark price	$31,249
24h volume	$210,308,785
Open interest	$220,777,904
Max leverage	30x
Funding rate (1h)	0.0006%

Data from Hyperliquid API, as of 2026-10-06. Ticker: XYZ100

The routes

QQQ and Nasdaq-100 ETFs

The default, and for most purposes the right answer. Invesco QQQ is one of the most liquid ETFs in existence, tracks the index closely, and any brokerage account can buy fractional shares of it.

What it costs you: US market hours, and a brokerage in a jurisdiction where US-listed ETFs are available — which is the real barrier for a large part of the world, and the honest case for everything below.

CME futures

The E-mini Nasdaq-100 (NQ) is $20 times the index — roughly $593,000 of notional at current levels, which is larger than the E-mini S&P at about $388,000. The Micro (MNQ) is a tenth of that, around $59,000.

What it costs you: a futures account with approval and exchange market-data fees, and quarterly rolls. Genuinely good products if you have the account; the account is the gate.

CFDs

Widely available, small minimums, banned for US retail. You trade against the broker, so pricing, spread widening and stop behaviour are set by your counterparty rather than by a book.

The XYZ100 perpetual

USDC-settled, continuous including weekends, no futures account, up to 30x.

What it costs you: no dividends — the index yields less than the S&P does, but not nothing, and you receive none of it. Funding accrues hourly. And a liquidation price that an ETF holder does not have.

Where this contract earns its place

Not as a way to hold US technology exposure. Over any horizon where you would hold QQQ, QQQ wins: no funding, no liquidation, and a dividend you actually receive.

It earns its place in three situations:

The market is shut and something is happening. This is the main one, and it is the whole argument for this venue. Nasdaq closes at 16:00 New York and stays closed for 65 hours across a weekend. Megacap earnings land after the close by convention. A QQQ holder watches and waits; this contract lets you act. Our weekend and after-hours guide covers what that market looks like and how Monday’s open can undo it.

You want to be short an index. Shorting QQQ means margin, borrow and a broker that permits it. Here short is the other side of the book.

You cannot access a US brokerage. Unglamorous and the most common real reason.

The leverage number deserves attention

This contract allows 30x, which is the highest of any index on the venue. A 30x maximum carries a 1.67% maintenance margin, so at full leverage you are liquidated roughly 1.7% against you.

Roll cost versus funding

A futures position is rolled quarterly, and the roll embeds financing and expected dividends — billed four times a year, at a moment you can plan for and shop a fill on.

A perpetual never expires, so instead you pay funding continuously. Neither is structurally cheaper; they price the same financing exposure. What differs is attention. A roll is an event you schedule. Funding is a drip you can ignore right up until you annualise it, which is what the funding table exists to make unavoidable.

Where the price comes from when Nasdaq is closed

During US hours the contract is anchored to a live index. Outside them it keeps trading on index futures, on correlated markets that are still open, and on positioning — and the anchor has stopped moving.

Those prices are real in the only sense that matters: trades execute and liquidations happen at them. They are not the index’s value in any accounting sense, and when Nasdaq reopens the reference jumps to wherever the real market says it should be, with no prices in between. A stop does not protect you across that gap. Position sizing does.

Common questions

What is XYZ100 on Hyperliquid?

A perpetual futures contract tracking the Nasdaq-100 index — the same index behind QQQ. It is named XYZ100 rather than Nasdaq-100 because the index name is trademarked and a third-party market cannot use it without a licence. It was the first HIP-3 market deployed and is the largest index market on the venue.

Is XYZ100 the same as the Nasdaq-100?

It tracks the same index. You are holding a derivative rather than the index or a fund that owns its constituents, so you receive no dividends and carry funding and liquidation risk that a QQQ holder does not.

Why not just buy QQQ?

For holding US technology exposure, buy QQQ. It has no funding cost, no liquidation price, and pays the dividend. The perpetual is better only if you need to trade while Nasdaq is closed, want to be short without borrow, or cannot access a brokerage offering US-listed ETFs.

How big is the Nasdaq-100 futures contract?

The E-mini (NQ) is $20 times the index, roughly $593,000 of notional at current levels — larger than the E-mini S&P 500. The Micro (MNQ) is $2 times the index, around $59,000. Both need a futures account with exchange data fees.

Is 30x leverage usable on this index?

No. A 30x maximum carries a 1.67% maintenance margin, so the position is liquidated about 1.7% against you. The Nasdaq-100 moves more than that regularly on CPI prints, Fed days and single-name earnings.

Does XYZ100 trade on weekends?

Yes, continuously. Nasdaq is shut for about 65 hours from Friday afternoon to Monday morning, and the contract keeps trading on order flow and index futures throughout. Monday's open can gap away from wherever it traded.

Related

The S&P 500 contract is the broader index with the same structure and a 50x limit. NVIDIA is the single name that moves this index most. The DRAM index prices the memory cycle underneath the AI capital spending that drives both.