Latin America’s crypto exchange is routing users to Hyperliquid’s order book without taking the other side of their trades
Bitso has integrated Hyperliquid, giving its users access to more than 200 on-chain perpetual futures markets. The launch puts derivatives trading inside the exchange’s own app instead of on someone else’s platform.
That matters because of who Bitso serves. The exchange counts a user base of over 10 million, and until now, anyone among them who wanted leveraged exposure had to move their money elsewhere first.
What Bitso actually launched
The feature is called “Perps through Bitso,” and it went live on November 9, 2026. It sits inside Bitso Alpha, the exchange’s trading interface built for more active users.
The menu goes beyond crypto. Traders can open positions tied to crypto assets, the S&P 500, gold and a range of foreign exchange pairs.
Leverage goes up to 50x, though the cap depends on the specific market. The contracts are perpetual, meaning they have no expiry dates and can be held open continuously.
A perpetual future is a bet on where an asset’s price is heading, without actually owning the asset. Unlike a traditional futures contract, it never reaches a settlement date, so a position can stay open as long as the trader keeps enough collateral behind it.
At 50x, a 1% price move works out to a 50% swing on the collateral backing a position.
Why the plumbing is the real story
Bitso is not running its own derivatives book. Orders are routed to Hyperliquid, which operates an on-chain order book that is described as the deepest in the market.
Funding works through a self-custodial wallet on Hyperliquid. Users control their own collateral, and Bitso does not act as the counterparty to any trade.
Previously, Bitso users who wanted derivatives exposure had to transfer funds off the platform, learn a new interface, and manage a separate account somewhere else. Now the path is shorter: open Bitso Alpha, fund the self-custodial wallet, pick a market.
The background: centralized front doors, decentralized back rooms
Bitso has built its position as a leading crypto exchange in Latin America. Plugging into Hyperliquid means Bitso gets to offer the product without building the machinery or holding the risk.
Centralized platforms are increasingly offering access to on-chain liquidity rather than recreating it in-house, and doing so in a way that keeps counterparty risk off their own balance sheets.
What this means for traders, Bitso and Hyperliquid
For Bitso users, the immediate upside is convenience. More than 200 markets, including traditional assets like the S&P 500 and gold, are now available without leaving the app they already use.
Self-custody shifts responsibility onto the trader: collateral sits in the user’s own wallet, which means the user owns the outcome, good or bad.
For Hyperliquid, the deal is a distribution win. An exchange with a base of over 10 million users becomes a new on-ramp to its order book.
There are open questions too. How regulators in Bitso’s markets view leveraged perps on equities, commodities and FX, routed through an on-chain venue, is one. How smoothly the self-custodial setup works for users accustomed to a fully custodial exchange is another.
Bitso brings the users, Hyperliquid brings the order book, and the traders bring their own collateral, along with their own risk.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
