What is TradeXYZ?

TradeXYZ lets traders take leveraged long or short positions on traditional assets through perpetual futures on the Hyperliquid blockchain. These contracts have no expiry date. Hourly funding payments between longs and shorts keep them aligned with the underlying price, without delivery of the asset.

HIP-3 made the venue possible by opening Hyperliquid market listings to outside teams. Deployers stake 500,000 HYPE to define their own contracts and price feeds. Hyperliquid's validators handle matching, margin, and settlement. TradeXYZ was the first to deploy when the framework went live on mainnet on October 13, 2025, and remains by far the largest.

Unit Labs, the group that built Hyperliquid's asset tokenization layer Unit, is behind TradeXYZ. XYZ Ltd operates the venue under Terms governed by British Virgin Islands law, while its founder has maintained a low public profile. A Colossus profile of Hyperliquid founder Jeff Yan reported that TradeXYZ grew roughly 38% a week during its first six months, becoming the network's most prolific deployer.

On March 18, S&P Dow Jones Indices licensed the S&P 500 to TradeXYZ for the first officially licensed perpetual on a major index benchmark. Pre-IPO perpetuals followed in May. Those contracts priced Cerebras, SpaceX, and SK hynix ahead of their listings and later became the subject of a formal submission to the US Securities and Exchange Commission.

How Does TradeXYZ Work?

Your trades rely on Hyperliquid for execution and TradeXYZ for contract terms and prices. Hyperliquid's HyperCore engine manages order books, margin accounts, funding transfers, liquidations, and auto-deleveraging.

TradeXYZ selects listings and publishes settlement prices. It sets each contract's leverage, margin mode, and risk limits. The same contracts trade through app.trade.xyz, the main Hyperliquid interface, or other trading interfaces.

• Two deployments: HIP-3 perpetuals use the deployment xyz; HIP-4 event contracts use txyz. Both settle on HyperCore.
• USDC settlement, USD pricing: Margin and payouts are in USDC. Reference prices use US dollars without USDC/USD conversion.
• Three price inputs: Every market has an external price from the underlying venue. An oracle price determines funding and position value, while a mark price governs liquidations and triggers. The mark takes the median of several inputs, preventing one bad quote from liquidating positions.
• Relayer updates: Servers called relayers publish computed XYZ prices to HyperCore roughly every three seconds, the interval HIP-3 expects from a production oracle.
• External and internal sessions: The oracle follows live external prices while the underlying market is open. After it closes, pricing switches to an internal model driven by TradeXYZ's own order book. This allows stock and oil contracts to keep trading on a Sunday.
• Discovery bounds: Off-hours mark prices stay within a band of plus or minus one divided by max leverage around a reference price. For a 20x contract such as WTIOIL, that means ±5% of its Friday close. A position cannot be liquidated while its liquidation price sits outside the active band.
• Re-anchoring: Discovery Bounds v2 shifts the band to a new reference once the oracle reaches 90% of the distance to its edge. Each market limits shifts per direction. With two resets, WTIOIL can move around ±15.8% over a weekend before reaching a hard cap.
• Margin modes: Liquid markets with reliable prices, such as SP500, NVDA, TSLA, and gold, support cross margin. Less liquid or more volatile markets use isolated modes so one position cannot drain shared collateral.
• Open interest caps: Each XYZ market has an open interest ceiling. Once reached, traders can only reduce or close positions until open interest drops below it.
• Backstop liquidator: A separate onchain backstop liquidator for each HIP-3 deployment absorbs underwater cross-margin positions before auto-deleveraging becomes necessary. XYZ markets are not covered by Hyperliquid's HLP vault.

TradeXYZ Supported Markets

Traders could access 109 perpetual markets as of late September. These covered US stocks and Korean, Japanese, Hong Kong, and Shanghai-listed shares, plus sector ETFs, equity indices, metals, energy, FX, and pre-IPO names.

Foreign shares are converted to US dollars by the oracle at the prevailing exchange rate. SK hynix and Kioxia contracts therefore quote in dollars even though the underlying shares trade in won and yen.

US names use external prices 24/5 from Sunday 8:00 PM ET to Friday 8:00 PM ET, switching to internal pricing over the weekend. Hong Kong, Shanghai, and Tokyo names follow local exchange sessions. Index and commodity contracts use the futures calendar, including a daily maintenance window from 5:00 PM to 6:00 PM ET.

The Specification Index records individual contract details, holiday closures, futures roll schedules, and corporate actions. Kioxia's 3-for-1 stock split on September 28 triggers pre-announced position settlement, order cancellation, and market reopening.

XYZ100 is TradeXYZ's Nasdaq-100 proxy, a modified market-cap-weighted index of 100 of the largest non-financial US-listed companies. It is not licensed. SP500 is, which explains why its documentation carries S&P Dow Jones Indices trademark disclaimers absent from the other index products.

TradeXYZ Pre-IPO Perpetuals

Pre-IPO Perpetuals, or IPOPs, allow speculation on where a private company's shares will trade after listing. Each market opens only once the company has filed to go public. With no public share price available, TradeXYZ sets a discretionary starting price and uses its internal pricing model. The contract becomes a standard equity perpetual with external pricing when regular stock trading begins.

Cerebras (CBRS) was the first IPOP, opening in the first week of May and converting after the chipmaker's Nasdaq debut on May 14. According to Coin Metrics' State of the Network, the contract priced Cerebras within 1.3% of its $350 opening price. TradeXYZ accounted for about 95% of all Hyperliquid pre-IPO volume at the time.

SpaceX provided the headline test. Launched on May 18 with a $150 reference price, SPCX traded near $162 the day before the June 12 listing. That was roughly 20% above the fixed $135 IPO price, according to CNBC. Within days of TradeXYZ's launch, Binance, OKX, and Crypto.com introduced competing SpaceX contracts, as CoinDesk noted. The listing itself is covered in our SpaceX IPO explainer.

• No external oracle: Until listing, the order book supplies the price. The oracle uses a 30-minute exponentially weighted moving average that advances with the market's impact price, the level a mid-sized order would fill at.
• Low leverage: Most IPOPs allow up to 5x. SK hynix's Nasdaq American depositary share contract (SKHY) permitted 10x because a liquid Seoul-listed reference already existed.
• Wide bands: Recent IPOPs such as OURA, SHEIN, and UNITREE opened with ±50% discovery bounds and two or three permitted resets, far wider than the ±5% to ±10% bands on listed names.
• Reduced funding: Newer IPOPs use a 0.005 funding multiplier, one percent of the standard 0.5. Holding a position through the pre-listing period therefore costs little.
• Isolated margin only: IPOP positions use isolated modes and cannot share cross margin with other positions.
• Alternative settlement: Predefined rules allow settlement if a listing is cancelled, structured differently than expected, or delayed beyond a 60-day grace period. Settlement typically uses a time-weighted average of the market's own price.

Seven IPOPs have completed the full cycle, covering Cerebras, Quantinuum, SpaceX, SK hynix, CXMT, Unitree, and SHEIN. Oura (OURA), the sole live pre-IPO market as of late September, has a $50 starting price and an anticipated October 2 Nasdaq listing.

Every parameter appears in the Pre-IPO Specification Index. TradeXYZ states that these contracts provide no shares, allocations, voting rights, or claims on the issuer.

TradeXYZ Events and HIP-4

Events let you bet on yes-or-no outcomes from your perpetuals account. They launched on September 10. These fully collateralised HIP-4 contracts pay a fixed amount when a defined condition is met and nothing otherwise.

They have no leverage, funding, liquidation, or auto-deleveraging. That makes them closer to prediction markets than perpetuals.

Initial markets included Up/Down contracts on equities, commodities, and pre-IPO names, plus a few sports outcomes. Financial Events settle against TradeXYZ's HIP-3 perpetual prices without a separate external oracle. A contract on whether SK hynix closes above a specified level resolves against the live SKHYNIX perpetual.

Events launched with a zero deployer fee scale, so TradeXYZ currently takes no outcome-trading fee share. Hyperliquid's base outcome rates apply instead, following the spot schedule of 0.070% taker and 0.040% maker before staking discounts.

Fees apply only on closing or settlement. Maker rebates do not apply. Users must be at least 18. TradeXYZ may also restrict individual Events by jurisdiction.

How to Trade on TradeXYZ

You need a self-custody wallet and USDC on Hyperliquid to trade on TradeXYZ. No account creation or identity verification is required. The interface checks IP locations and screens wallets under its restricted-persons rules.

1. Get USDC onto Hyperliquid: Use the native bridge to deposit USDC from Arbitrum, or choose an option from our bridge to Hyperliquid guide. Unit accepts BTC, ETH, and SOL deposits, which can be sold for USDC onchain.
2. Connect a wallet: Visit app.trade.xyz and connect MetaMask, Rabby, Phantom, or another supported wallet. You can also create a wallet through a Privy email login. Compare options in our Hyperliquid wallets guide.
3. Move collateral to the XYZ balance: Hyperliquid crypto perps, XYZ perps, and spot each have separate balances on TradeXYZ. Transfer USDC to the XYZ balance through the account panel. These transfers are instant and free.
4. Pick a market and check the session: Check whether the underlying exchange is open. Closed sessions use internal pricing, with the current tradeable range displayed in the interface.
5. Set leverage and margin mode: Select cross or isolated margin where both are available. Cross margin shares collateral across positions and is offered only on the most liquid names.
6. Place the order: Choose a market, limit, or trigger order and enter the size. Before confirming, review the liquidation price, estimated fee, and funding rate.
7. Manage the position: The position panel displays funding, which is charged hourly. Monitor open interest caps on smaller markets, as reaching the cap limits trading to reductions.
8. Withdraw: Return USDC to the main Hyperliquid balance, then withdraw to Arbitrum or through Unit. The TradeXYZ interface is not required for withdrawals.

TradeXYZ Fees

You pay HIP-3 trading fees on perpetuals and Hyperliquid's outcome-trading fees on Events. Hourly funding goes to other traders. The fee documentation publishes every schedule, using the same rolling 14-day volume tiers and HYPE staking discounts as the rest of Hyperliquid.

Our maker vs taker fees guide explains both roles and their pricing.

Standard HIP-3 Fees

HIP-3 standard rates are twice those on Hyperliquid's validator-run perpetuals. Fees are split equally between TradeXYZ as deployer and Hyperliquid, whose share funds HYPE buybacks. Tiers are assessed daily in UTC using the preceding 14 days of weighted volume across a user's perps, HIP-3, and spot trades.

• Tier 0: 0.090% taker and 0.030% maker with no volume requirement.
• Tier 1: Above $5 million in 14-day volume, 0.080% taker and 0.024% maker.
• Tier 2: Above $25 million, 0.070% taker and 0.016% maker.
• Tier 3: Above $100 million, 0.060% taker and 0.008% maker.
• Tier 4: Above $500 million, 0.056% taker and 0.000% maker.
• Tier 5: Above $2 billion, 0.052% taker and 0.000% maker.
• Tier 6: Above $7 billion, 0.048% taker and 0.000% maker.

Growth Mode

Eligible markets receive an all-in fee reduction of at least 90% under growth mode. Tier 0 falls to 0.0090% taker and 0.0030% maker, or roughly nine cents to trade $1,000 of exposure. Rebates and volume credits decrease proportionally.

Enabled across TradeXYZ's eligible markets in November 2025, growth-mode pricing is one of its main advantages against centralised stock perps.

Standard rates apply to crypto perpetuals, crypto index or ETF baskets, and contracts mixing crypto with other assets. Vehicles that mainly hold crypto, such as Strategy (MSTR), are also excluded. Gold is ineligible because PAXG-USDC already tracks its price.

Staking Discounts

HYPE staking discounts apply to both product lines. Wood tier offers 5% off for more than 10 HYPE staked. Discounts rise through Bronze (10%), Silver (15%), Gold (20%), and Platinum (30%) to Diamond, which requires more than 500,000 HYPE for 40% off. Diamond plus growth mode reduces the Tier 0 taker fee to 0.0054%.

Funding Rates

Hourly funding transfers reflect the gap between an XYZ perpetual's price and its oracle price. Longs pay shorts above the oracle price. Shorts pay longs below it. Payments are position size multiplied by the oracle price and capped at 4% per hour.

Standard XYZ markets apply a 0.5 multiplier to Hyperliquid's baseline funding formula. This halves the baseline holding cost from around 11% annualised to about 5.5%. Pre-IPO markets use a 0.005 multiplier. The wider schedule is covered in our Hyperliquid fees explainer.

TradeXYZ Restricted Countries

TradeXYZ bars residents of the United States, Canada, and the United Kingdom, along with anyone in a jurisdiction under comprehensive sanctions. Its Terms of Use, last updated September 6, classify these groups as Restricted Persons and prohibit interface access.

The block applies to the interface because XYZ markets run on a permissionless blockchain. The Terms also prohibit bypassing it through a VPN, proxy, or Tor.

• Product-level restrictions: Specific perpetual markets or individual Events may exclude additional jurisdictions. Those users are not necessarily Restricted Persons across all products.
• Wallet screening: TradeXYZ's August SEC submission states that geo-blocking and wallet screening are used to keep US persons off the interface.
• Existing positions: Losing interface access does not close a position, which remains on HyperCore under the user's address. It can be managed or exited through the Hyperliquid app or API.
• Hyperliquid's own list: The main Hyperliquid interface has a similar US block and also restricts Ontario. See our Hyperliquid restricted countries guide and our answer on Hyperliquid in the USA.

Outside restricted jurisdictions, no identity verification is needed. Users remain responsible under the Terms for confirming that leveraged derivatives trading is lawful where they live. US readers seeking regulated venues can consult our best crypto exchanges in the USA ranking.

Is TradeXYZ Regulated?

TradeXYZ operates without regulatory supervision. Traders in permitted countries therefore rely on Hyperliquid's onchain settlement rather than a license. The company's Terms state that it is not registered with the SEC, CFTC, or any other financial regulator. TradeXYZ describes its service as a non-custodial interface to a permissionless protocol, rather than a broker, exchange, or counterparty. Disputes are subject to binding arbitration under British Virgin Islands law.

On August 18, XYZ Ltd and the Hyperliquid Policy Center submitted a joint comment letter with the SEC, responding to Chairman Paul Atkins' request for IPO modernization proposals. It documents the pricing record of completed TradeXYZ pre-IPO markets and proposes five pillars for a US framework: classification, disclosure, listing eligibility, market integrity, and eventual onshore access for all investors.

The SEC's September 17 Innovation Exemption is a five-year conditional order allowing Tokenized Securities Venues to trade tokenized US stocks through permissioned liquidity pools without exchange registration. It covers tokenized shares with the same rights as the underlying stock, but excludes cash-settled perpetuals. TradeXYZ's US block consequently remains in place, and its pre-IPO filing is still awaiting a response.

TradeXYZ Statistics

You can inspect all TradeXYZ figures onchain. These figures are from DefiLlama, Coin Metrics, and Hyperliquid's public API as of September 27, 2026.

• Cumulative volume: Perpetual volume has reached $540.9 billion since launch, including $50.5 billion over the trailing 30 days.
• Open interest: XYZ markets hold $3.83 billion in open interest, the highest of any onchain venue for non-crypto perpetuals.
• Cumulative fees: Trading has generated $62.9 million in fees. TradeXYZ's deployer share totals $24.4 million after Hyperliquid's cut and referral discounts.
• Quarterly growth: Gross fees increased from $3.1 million in Q4 2025 to $15.9 million in Q1 and $20.1 million in Q2. The current quarter has generated $23.9 million to date.
• Share of Hyperliquid: Coin Metrics' August analysis put XYZ's share of Hyperliquid perpetual volume at 55% for the month and around 30% for the year. Approximately $460 billion had traded since January.
• Market count: In August, XYZ accounted for 108 of Hyperliquid's 484 markets. Native listings totaled 232, with the remaining 144 deployed by other HIP-3 builders. TradeXYZ won 8 of that month's 23 listing auctions.
• Traders: The Loris HIP-3 dashboard recorded roughly 102,000 unique addresses and 24.7 million trades on XYZ markets over the past 30 days.
• HIP-3 concentration: Between 95% and 98% of HIP-3 volume has consistently passed through TradeXYZ. Felix Perps wound down earlier in the year. Ventuals, the only other pre-IPO deployer of note, closed its OpenAI and Anthropic markets in June.
• September cooling: As the AI chip and memory names behind summer activity calmed, weekly volume dropped from about $21 billion in mid-August to roughly $13 billion in September's first week. XYZ's share of Hyperliquid perp volume fell back toward a quarter. WTI crude became the most traded contract during that stretch, overtaking SK hynix.
• Data access: Since TradingView added Hyperliquid and TradeXYZ market data in July, traders have been able to chart XYZ contracts beside the underlying stocks and futures.

Our Hyperliquid statistics roundup covers the wider network. For equity and pre-IPO perps, see how Hyperliquid stacks up against Binance.

Does TradeXYZ Have a Token?

There is no TradeXYZ token to buy. Its documentation, Terms, and public statements describe no planned token. The venue earns revenue from the deployer half of trading fees. Its only token exposure is the 500,000 HYPE stake required by HIP-3.

Although airdrop speculation dates back to the waitlist phase and the Terms allow promotional programmes, none has been announced.

The absence matters more to HYPE holders than TradeXYZ users. Fifty cents of each XYZ fee dollar funds Hyperliquid's buyback, so the venue's growth has increased HYPE buybacks. Introducing a native token that redirected user incentives or fee share would alter that relationship.

Risks of TradeXYZ

You face leveraged-perpetual risks plus price uncertainty when TradeXYZ prices traditional assets internally while their exchanges are closed.

• Liquidation: At 10x to 50x leverage, a small adverse move can wipe out margin. Shared collateral also means a losing cross-margin position can pull down other trades.
• Weekend gap risk: Discovery bounds limit price movement when external markets are closed. News that pushes the underlying beyond those bounds can produce a jump when the contract reopens on Monday. Weekend positions may have been unable to exit at a fair price.
• Oracle dependence: TradeXYZ's relayers supply prices. Stale feeds, faulty external data, or outages can misprice funding and margin, as well as liquidations.
• Deployer risk: TradeXYZ alone defines contracts and parameters and can halt or settle markets. Hyperliquid may slash its stake for irregular inputs. Slashed HYPE is burned, however, rather than distributed to affected users.
• Pre-IPO risk: IPOPs begin at a discretionary price without an external reference price and can diverge sharply from the eventual IPO price. Delayed or restructured listings may trigger alternative settlement terms.
• Open interest caps: Once a market reaches its cap, new positions are blocked. Traders may be unable to add to a hedge or average an entry during volatility.
• Concentration: TradeXYZ accounts for 95% or more of HIP-3. An operational or legal problem at the company would affect most of Hyperliquid's non-crypto trading at once.
• Regulatory exposure: Operating without licences, the venue blocks the US, Canada, and UK. Rule changes elsewhere could reduce eligible users or force delistings with little notice.
• Liquidity on smaller names: Smaller stocks and country ETFs have thinner order books and wider spreads. Market orders also face greater slippage, the difference between the expected and executed price.
• Auto-deleveraging: Auto-deleveraging (ADL) is the final backstop when the deployment's liquidator cannot absorb losses. Profitable positions can be force-closed during extreme moves.

Final Thoughts

TradeXYZ gives traders non-custodial access to a HIP-3 product that traditional finance takes seriously. Its S&P Dow Jones licence, formal SEC submission, TradingView integration, and pre-IPO record pricing SpaceX close to its debut distinguish it from a typical DeFi side project. Everything settles on Hyperliquid's public order books.

Fees are competitive only under growth mode, and weekend price discovery is bounded by design. One company also controls almost the entire category on Hyperliquid.

Eligible traders outside restricted jurisdictions who accept those limits gain leveraged exposure to stocks, commodities, currencies, and unlisted companies at 3 AM on a Sunday, something no centralised broker offers. Our ranking of the best decentralized perpetuals exchanges covers the alternatives.