Where can you trade a Robinhood (HOOD) perpetual, and what does it cost to hold?

01Where to look for a Robinhood perpetual

The quickest place to check is the Perpetuals tab in Binance Wallet. The list of pairs has a stock group, and each pair shows its maximum leverage next to the name, so you can read the cap before you touch anything. Some pairs there are priced in USDT, others in USD1 — both are dollar stablecoins, and the pair tells you which one your margin has to be in. The current list of what is actually live, with the exact caps, is in our live table of wallet markets; execution comes from Binance's partner, the Aster protocol, but you trade from your own wallet balance with no separate account.

On Hyperliquid, stocks arrive through a third party: trade.xyz deploys markets with tickers like xyz:TSLA and xyz:NVDA, margin there is USDC, and most of those stock markets are capped at 10x or 20x. Binance Futures runs its own stock perpetuals with a separate fee schedule and leverage tiers. Whichever venue has the pair, you are trading a price and not a share — nothing is delivered to you, and when you close, the difference between your entry and exit is paid in cash. The wider picture is in stocks on a crypto exchange.

If the same company turns up in more than one place, the thing to compare is the 24-hour volume of each pair: a busier pair usually means a tighter price and a fill closer to what you expected. The table below puts the venues side by side with volume and the leverage cap for each one. If the table is empty, the pair is not live on the venues we track — that is your answer, and you can check again later. Some companies have both a USDT and a USD1 pair, and the two can be busy to very different degrees.

02What it costs to hold the position, in money

Funding is a payment between traders holding the contract, not a charge from the venue. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs and a long receives money instead. Each pair has its own schedule — some settle every 8 hours, some more often, and every Hyperliquid market pays hourly — and the pair page shows the current rate and when the next payment is due. The table below puts the current rates next to each other so you can see which side is paying right now; if it comes back empty, the contract simply is not live where we look, and the mechanics are still worth reading in what funding is.

Here is what that looks like with money, using an illustrative rate. Say a pair has been sitting around 0.01% per settlement, with three settlements a day. On a 500 USDT long that is 5 cents each time, about 15 cents a day, roughly 4.5 USDT over a month — small, but it keeps arriving, and the rate is recalculated every settlement and can flip sign. Check the rate shown for your pair before you open, and again before you hold it through a weekend.

On a trade this size the fee is small. In the wallet tab, stock and commodity pairs cost 0.0125% to take the price on screen — about 6 cents to open and 6 cents to close a 500 USDT trade. The maker fee for stock pairs is shown on the fee screen in the app, so check it there before you plan a limit entry. On Hyperliquid the schedule is different and is laid out in Hyperliquid fees; for a one-day trade the fee is most of what you pay, and for a month-long hold funding is.

03How much leverage, and what weekends change

The leverage number is where your loss limit gets decided, so set it last. Take a 500 USDT position at 5x: 100 USDT of your own money is set aside as margin, and a move of roughly 20% against you would eat it — the venue steps in slightly earlier, because of fees and the buffer it keeps. At 20x the same thing happens on a move of about 5%. Decide the loss you can accept first and pick leverage to fit it, which is the whole idea behind what leverage to use for your first trade.

One feature of stock perps is worth planning for. The contract trades around the clock, weekends included, while the company's shares trade on a normal exchange schedule, so news that lands while the stock market is shut shows up in the perpetual straight away. Quarterly results are the obvious case: the report comes out on a known date, and the contract reacts whether that is Tuesday morning or Sunday night. Why these contracts trade at night and on weekends goes through the mechanism.

In practice that means keeping the position small, using isolated margin so only the margin you assigned to this trade is at risk, and putting a stop-loss in before you walk away from the screen. A stop can fill worse than your trigger price on a fast move, which is another reason to size the trade so a bad fill is uncomfortable rather than damaging.

04Opening a first small stock perp position step by step

1. Create the wallet and back it up

   Binance Wallet is created inside the Binance app by a verified user. It is keyless — there is no 12-word seed phrase — and the Perpetuals tab stays locked until you finish a backup: biometric quick backup, cloud with a recovery password, or a QR code.

2. Fund it on BNB Smart Chain

   Move dollars into the wallet on BNB Smart Chain — check first whether the pair you want settles in USDT or USD1, because your margin has to be in the same one. For a first test, 50–100 is plenty.

3. Find the pair

   Open the Perps list, go to the stock group or use the search field, and type HOOD. If the pair is listed, the leverage badge next to it tells you the cap; if the search returns nothing, you have your answer and can look at another venue.

4. Set leverage, margin mode and size

   Choose isolated margin, set the leverage you decided on, and type the position size. The order window will not let you go below the pair's minimum — type a small amount and see what it accepts. Make sure the number you enter is the position and not your margin: 500 at 5x means 100 of your money is committed.

5. Attach a stop-loss and a take-profit

   Do this in the same order window, before the trade is live. Then note when the next funding payment is due, so a settlement does not surprise you.

6. Close when your plan says so

   Closing is a second trade with its own fee. A walkthrough of the whole screen is in how to open a trade in Binance Wallet.

If you would rather look at the Hyperliquid side, the market list with leverage caps and hourly funding for every trade.xyz contract is in our live Hyperliquid market table, and you can go to Hyperliquid with a wallet and USDC instead of an exchange account. Keep the routes separate in your head: signing up at Binance does not carry over to a DEX, and connecting a wallet to Hyperliquid has nothing to do with your Binance Wallet balance.

Availability is worth checking before you plan anything. The Perpetuals tab is open to Binance accounts across much of the world, while Aster's terms exclude residents of, and people located in, Russia, Ukraine, the USA, Canada, the United Kingdom, China, North Korea, Cuba, Iran, Venezuela and Syria. The reliable test is to open Binance Wallet and see whether the tab, and then the pair, appear for your account.