Bitso opens 200-plus on-chain perpetual markets via Hyperliquid

By Elena Vasquez

Bitso’s integration with Hyperliquid has opened more than 200 on-chain perpetual markets, with leverage reaching 50x depending on the market. Orders route to Hyperliquid’s on-chain order book, and users post collateral through a self-custodial wallet. Bitso does not act as the trade counterparty.

What can traders now trade?

More than 200 contracts are available within Bitso’s app across four broad categories:

• Crypto assets
• The S&P 500
• Gold
• A range of foreign exchange pairs

Each contract is perpetual, so it has no expiry date and, unlike a traditional futures contract, never reaches settlement. A trader can keep exposure open while maintaining enough collateral, without taking ownership of the underlying asset.

Perpetual futures function as a directional wager on where an asset’s price is heading. The position remains open as long as the trader maintains sufficient collateral.

At 50x, a 1% price move works out to a 50% swing on the collateral backing the position. The 50x ceiling depends on the specific market, so it does not describe every contract in the catalogue.

The practical point: Bitso is adding traditional-market exposure through perpetual contracts, but higher leverage magnifies gains and collateral losses.

How does the integration work?

Bitso is not running a derivatives book. It routes orders to Hyperliquid, which operates the on-chain order book described as the deepest in the market. No venue comparison, timestamp or volume snapshot accompanies that description, so the depth claim is not independently verified by the information provided.

Collateral funding runs through a self-custodial wallet on Hyperliquid. Users control their collateral, while Bitso remains outside the trade as counterparty.

Before the integration, Bitso users seeking derivatives exposure had to transfer funds off-platform, learn a different interface and manage a separate account elsewhere. The new route has three steps:

1. Open Bitso Alpha.
2. Fund the self-custodial wallet.
3. Select a market.

The new process removes those setup barriers, although it still requires users to operate a custody model different from a fully custodial exchange.

The practical point: traders can reach Hyperliquid from Bitso Alpha, but must still fund and control a self-custodial wallet.

What does the partnership change?

Bitso, described as a leading crypto exchange in Latin America, can offer derivatives without building the matching machinery or taking the other side of customer trades. Hyperliquid gains a distribution channel through an exchange with more than 10 million users.

Centralized platforms increasingly offer access to on-chain liquidity rather than recreating it in-house. The model keeps trade counterparty risk off the platform’s balance sheet.

Bitso supplies the familiar interface and user base; Hyperliquid supplies the order book. Customers supply collateral and bear the trading outcome, whether favorable or not.

Neither company disclosed expected trading volumes, revenue terms, geographic rollout or a launch calendar in the available material. The user reach therefore represents a distribution opportunity, not evidence of immediate order-book volume.

The practical point: the arrangement separates customer access from trade execution, expanding both product breadth and potential order-book reach.

Who bears the trading risk?

Self-custody shifts responsibility onto the trader. Collateral sits in the user’s own wallet, so the user controls the assets and owns the outcome, good or bad.

Bitso’s absence as counterparty does not remove trading losses or the need to maintain collateral. It changes who owns the collateral and which venue processes the order.

The integration leaves open whether users accustomed to fully custodial exchanges can fund and manage that wallet without operational friction.

The practical point: Bitso simplifies market access, while the customer retains custody and bears the risk.

What remains unresolved?

Regulatory treatment is the principal open question. The available description asks how regulators in Bitso’s markets view leveraged perps tied to equities, commodities and foreign exchange when routed through an on-chain venue.

It identifies no regulator, specific jurisdictional permissions or implementation deadline. It also gives no eligibility limits or product terms for those non-crypto markets.

Those omissions matter because a broad catalogue does not establish which contracts Bitso can offer in each market. The integration expands access first and leaves legal reach unresolved.

The practical point: product availability within the app does not establish that every listed market is legally available in every jurisdiction.

The next market-structure checkpoint is regulatory clarity: authorities in Bitso’s markets will need to clarify how leveraged equity, commodity and foreign-exchange perps are treated when routed on-chain. Until that perimeter is clear, the integration changes distribution more than it settles the legal status of perpetual derivatives.