# Leveraged Gold Onchain? *Author: Bankless* *Published: Jan 15, 2026* *Source: https://www.bankless.com/read/leveraged-gold-onchain* --- [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/01/Group-680.png)](https://www.bankless.com/sponsor/the-defi-report-1767388444?ref=read/the-crypto-industry-after-crypto-natives&email=true) Leveraged Gold Onchain? Published on Jan 15, 2026 [ View in Browser ](https://bankless.com/read/briefs) --- [**Sponsor: The DeFi Report**](https://www.bankless.com/sponsor/the-defi-report-1767388444?ref=read/the-crypto-industry-after-crypto-natives&email=true) — Industry-leading crypto research trusted by finance pros. [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](javascript:;) [Learn More](https://www.bankless.com/sponsor/the-defi-report-1767388444?ref=read/the-crypto-industry-after-crypto-natives&email=true) .  .  . NEED TO KNOW Clarity Dead? [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/01/Group-21--16-.png)](https://www.bankless.com/)- 👨‍⚖️ **Coinbase Withdraws Support for Senate Crypto 'Clarity' Bill.** Brian Armstrong just [yoinked](https://www.bankless.com/read/news/coinbase-reverses-support-for-senate-clarity-bill) his company's support for the Digital Asset Market Clarity Act. - 🐦 **Twitter Bans Several 'InfoFi' Crypto Apps from Platform. **Product lead Nikita Bier [announced](https://www.bankless.com/read/news/twitter-x-bans-reward-apps-to-cut-spam-killing-infofi) X had revoked API access for apps rewarding posts, citing AI spam surge. - 🍫 **Tom Lee's Bitmine Invests $200M in Beast Industries. **The ETH treasury firm [is now an investor](https://www.bankless.com/read/news/tom-lees-bitmine-invests-200m-in-beast-industries) in MrBeast's media and consumer empire. 📸**Daily Market Snapshot: **Crypto stocks flailed Thursday as the Senate's draft crypto structure bill appeared doomed to die. Coinbase, which publicly withdrew its support for the bill, saw its stock dip 6.5%, Robinhood stock dropped 7.8%, and Circle stock fell 9.7% on the day. Prices as of 5pm ET 24hr 7d ![](https://banklesspublic.b-cdn.net/cmc.png) **Crypto** $3.23T ↘ 2.2% ↗ 5.0% ![](https://banklesspublic.b-cdn.net/btc.png) **BTC** $95,530 ↘ 2.0% ↗ 4.7% ![](https://banklesspublic.b-cdn.net/eth.png) **ETH** $3,301 ↘ 2.0% ↗ 5.8% .  .  . CHEAT SHEET Onchain Reputation Scores *Once a week, Premium subscribers get access to the top Market Plays, Hot Reads, Farming Opps, and Airdrop Hunts that our analyst team is tracking! Don't miss out!* 👇 [Get Bankless Premium](https://www.bankless.com/join) .  .  . PLAY OF THE WEEK Your Favorite TradFi Assets Meet Crypto Perps Bankless Analyst: [ David Christopher](https://www.bankless.com/author/david) [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/01/image---2026-01-15T164207.455.png)](https://www.bankless.com/read/your-favorite-tradfi-assets-meet-crypto-perps)Crypto's favorite derivative, perpetual contracts, are coming to your favorite TradFi markets — stocks, indices, and commodities. While several venues are already offering these markets, Hyperliquid has been setting itself up as a leading venue for this crossover. Through HIP-3, its [permissionless perpetuals framework](https://www.bankless.com/read/the-hip-3-era-hyperliquid-markets), builders have deployed custom markets that tap into the chain's deep liquidity, and offer leveraged exposure to assets like Tesla stock, gold, and the S&P 500. If you're unfamiliar with how perp contracts work, check out [this guide](https://www.bankless.com/read/getting-to-know-crypto-perps) first – then, take a look at our breakdown below of traditional finance markets live on Hyperliquid right now. ## HIP-3 Markets for Traditional Assets While HIP-3 supports a range of market types, three providers have emerged as the go-to destinations for traditional asset perps: **Trade**, **Felix**, and **Kinetiq**. Each takes a slightly different approach. - [**Trade**](http://trade.xyz/) (from Unit) offers USDC-margined perps across stocks, indices, and commodities. It currently has the deepest liquidity among the three, making it the default choice for traders prioritizing tight spreads (*the small difference between buy and sell prices*) and minimal slippage (*when the final trade price stays very close to the expected price*). No points program has been announced, though given Unit's role in building out Hyperliquid's spot listings, many expect an eventual airdrop for active users. - [**Felix**](https://www.usefelix.xyz/) specializes in USDH-margined perps, covering commodities and select equities. (*ICYMI*: USDH is Hyperliquid's native stablecoin, designed to reduce the exchange's reliance on USDC while keeping yield within its own ecosystem.) Felix also explicitly offers points for trading with its markets, which will likely be considered when the token goes live. - [**Kinetiq**’s **Markets**](https://markets.xyz/) focuses on index perps, also denominated in USDH. Beyond providing index exposure, Kinetiq runs an ongoing *kPoints program *(season 2 launched November 2025), where users earn points through trading volume. While these points will likely contribute toward potential future airdrops, remember that future airdrops never prove as lucrative as the genesis one. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/01/Xnapper-2026-01-15-17.13.20-1.png)](https://x.com/kidponga/status/2011327679602311639)**A note on fees:** All HIP-3 markets are currently in "growth mode," which slashes fees by roughly 90% to bootstrap liquidity. This makes trading costs near-zero across the board — meaning the usual USDH fee advantages (20% lower taker fees versus USDC markets) are negligible in absolute terms right now. If markets eventually exit growth mode, that gap will widen. But for now, fees shouldn't be a major factor when choosing between providers. Given this, the main differentiators become liquidity (where Trade leads), points and airdrop potential (Kinetiq's ongoing program and Felix's expected TGE), and market selection (where each provider has its own focus). **Now that we've covered the different providers, let's review the different offerings across indices, commodities, and stocks** 👇 ## Indices When it comes to indices, Hyperliquid currently lists [several major U.S. benchmarks](https://app.hyperliquid.xyz/trade/)... [Upgrade to Keep Reading](https://www.bankless.com/join) --- *This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=read/leveraged-gold-onchain)*