Palladium Futures (PALLADIUM) Perpetuals on Hyperliquid

Palladium is a rare precious metal critical for automotive catalytic converters. Trade palladium perpetual futures on Hyperliquid via trade.xyz.

PALLADIUM is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 20x leverage.

HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals.

Hyperliquid offers distinct advantages for commodity traders: gasless execution means zero transaction costs beyond the maker/taker spread, no KYC or identity verification is required to open an account, and trading is available 24/7 including weekends and holidays when traditional commodity markets are closed. Self-custody ensures you retain full control of your funds at all times.

PALLADIUM-PERP tracks the spot palladium oracle on trade.xyz. Palladium is the most concentrated and, in my experience, the most violent of the precious metals to trade. Supply is heavily Russian, with Nornickel a dominant producer, so sanctions chatter, export-license news, and anything touching Russian metal flows can gap the price hard. Demand is almost entirely autocatalysts, and here palladium sits on the wrong side of a structural threat: it goes into gasoline engines, so every point of EV share growth chips at its core market, while high prices have pushed automakers to 'thrift' palladium loadings and swap in cheaper platinum where they can. That substitution is why I watch the platinum/palladium ratio on both tickers at once rather than trading palladium in isolation. The catalysts are Russian supply headlines, auto-production and vehicle-mix data, and the annual PGM balances from the refiners. Thin physical liquidity makes the metal prone to squeezes and air-pockets, so the leverage cap on the page deserves respect. The perp saves you the LME-style roll and delivery mechanics, settling in USDC with hourly funding, and trades around the clock including the weekends when the underlying market is closed.