Hyperliquid, a leading on-chain trading ecosystem, has significantly expanded its offerings by integrating over 260 tokenized stocks and ETFs from Ondo Finance through the Felix Protocol. This marks the first time tokenized equity assets in spot format are available within Felix, providing non-US traders with direct, on-chain access to major US capital markets without requiring traditional off-ramping.
The integration allows users to trade tokenized versions of assets like Apple (AAPL), Nvidia (NVDA), Tesla (TSLA), the SPDR S&P 500 ETF (SPY), and the Invesco QQQ Trust (QQQ), as well as commodities like gold and silver. Each token is fully backed by the corresponding underlying asset, which is custodied off-chain, granting holders economic exposure to price movements and dividends.
The technical process involves Ondo Finance tokenizing the assets on the Ethereum blockchain via its Ondo Global Markets platform. These tokens are then bridged into the Hyperliquid ecosystem, where they are traded natively alongside crypto markets. This reinforces Ethereum's role as central infrastructure bridging traditional and decentralized finance (TradFi and DeFi).
Charlie, co-founder of Felix, highlighted that the platform now offers access to over 250 U.S. spot markets with 24/5 availability, drastically reducing the friction typically associated with accessing traditional financial systems. A key advantage cited is execution cost: Felix demonstrates a net execution cost of less than 10 basis points for a $1 million trade in tokenized Google (GOOGL), a figure competitive with traditional institutional equity execution.
The move is a strategic expansion for Hyperliquid, which has built a highly active user base comfortable with sophisticated products like perpetuals. Adding spot markets for real-world assets (RWAs) broadens the ecosystem's scope. Furthermore, Hyperliquid's weekend markets for equity derivatives have shown an ability to anticipate Monday's opening prices in conventional markets; the new tokenized spot positions are expected to deepen this price discovery function.
Upcoming updates to Felix will include features like limit orders, dollar-cost averaging strategies, and the ability to use tokenized assets as collateral. Ondo Global Markets, launched in September 2025, has seen rapid adoption, surpassing $700 million in Total Value Locked (TVL) and recording over $13 billion in volume, exceeding all other tokenized securities platforms combined.
