What Trade.xyz does

Trade.xyz is a private, non-custodial trading platform that operates as the first and largest deployer of perpetual contract markets on Hyperliquid's HIP-3 permissionless builder framework, launched October 2025. The platform offers 24/7 leveraged trading (up to 10x on selected contracts) across equities, commodities, forex, and pre-IPO assets, with all positions settled in stablecoins (primarily USDC) rather than underlying securities. Its product suite spans the officially licensed S&P 500 perpetual derivative contract (via a March 2026 licensing agreement with S&P Dow Jones Indices), XYZ100 (Nasdaq-100 tracking), single-stock perpetuals on equities including Nvidia, Tesla, Applied Materials, and SK Hynix ADRs, commodity contracts exemplified by Brent crude oil, and a category-pioneering pre-IPO perpetual futures product launched May 1, 2026 covering SpaceX, OpenAI, Anthropic, and ChangXin Memory Technologies (CXMT).

Underlying the platform is Hyperliquid's Layer 1 blockchain, capable of processing 200,000 orders per second, with HIP-3 enabling permissionless market deployment and HIP-4 adding prediction-market functionality from May 2026. Trade.xyz controls more than 90% of the $1.43 billion in HIP-3 builder-deployed open interest, with cumulative HIP-3 volume exceeding $309 billion and Trade.xyz driving the bulk of that flow. Monthly trading volume reached approximately $77.85 billion in June 2026, establishing a new monthly high and contributing to a Q2 2026 quarterly record of $190.61 billion (+73.8% QoQ).

The business model rests on builder fees captured from the HIP-3 fee framework; the platform is fully self-serve with no manual onboarding, KYC gatekeepers for the core product, or broker involvement, and is distributed via its own web interface and TradingView integration (live since July 2026 with HIP3XYZ: and HYPERLIQUID: chart prefixes). Primary customer segments are retail crypto traders, active day traders/crypto natives seeking 24/7 equity and commodity access, and leveraged-trading enthusiasts, with US investors explicitly excluded due to regulatory constraints.

Name

Trade.xyz

Website

https://trade.xyz

Company type

Private

Operating status

Operating

Short description

Trade.xyz is a non-custodial, self-serve platform that is the first and largest deployer of Hyperliquid's HIP-3 permissionless perpetual markets, offering 24/7 leveraged trading of equities, commodities, forex, and pre-IPO assets to retail crypto traders globally via stablecoin settlement.

Ownership category

akta.pro rank

Product category

Decentralized Perpetual Futures Trading

NAICS

Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Perpetuals & Derivatives DEXs (FSADABAE)

akta.pro secondary industries

Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC), Decentralized Exchanges (DEX) & AMMs (FSAPADAB)

Keywords

• Perpetual futures trading
• Decentralized derivatives
• Pre-IPO contracts
• Tokenized equity perpetuals
• On-chain leveraged trading

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Transaction Fees on Perpetual Contracts: Trade.xyz generates revenue through transaction fees on perpetual contract trades executed on its platform. The platform operates a builder fee structure through Hyperliquid's HIP-3, where the network captures transaction fees while burning HYPE tokens to reduce circulating supply. Trade.xyz controls over 90% of builder-deployed volume on HIP-3.
2. Builder Fee Revenue (HIP-3): As the largest HIP-3 deployer on Hyperliquid, Trade.xyz earns builder fees from its tokenized equity and pre-IPO perpetual markets deployed on Hyperliquid's infrastructure, sharing in the fee revenue generated by its markets.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Trade.xyz provides a non-custodial interface for trading leveraged perpetual contracts on Hyperliquid markets. The platform enables 24/7 trading across equities, commodities, forex, and pre-IPO assets with leverage up to 10x, all settled in stablecoins. As the first and largest HIP-3 deployer on Hyperliquid, it controls over 90% of builder-deployed open interest and offers officially licensed products such as the S&P 500 perpetual contract.

Product overview

Trade.xyz is a decentralized perpetual futures trading platform built on Hyperliquid's blockchain infrastructure, offering 24/7 leveraged trading across equities, commodities, forex, and pre-IPO assets. The core product suite includes HIP-3 perpetual markets (the underlying infrastructure for permissionless market deployment), XYZ100 (Nasdaq-100 index tracking), single-stock perpetual contracts for major equities (Nvidia, Tesla, Applied Materials, SK Hynix), pre-IPO perpetual futures for private companies (SpaceX, OpenAI, Anthropic, CXMT), S&P 500 perpetual futures (officially licensed via S&P Dow Jones Indices), and Brent crude oil contracts. All products are settled in stablecoins and offer leverage up to 10x, enabling retail investors to access global markets without traditional gatekeepers or brokerage accounts.

Differentiator

Problem solved

Functional benefit

Products and services

• HIP-3 Perpetual Markets Perpetual futures markets deployed via Hyperliquid's HIP-3 permissionless framework, enabling 24/7 leveraged trading across equities, commodities, forex, and pre-IPO assets settled in stablecoins for retail crypto traders.
• XYZ100 (Nasdaq-100 Perpetual) Perpetual futures contract tracking the Nasdaq-100 index, providing 24/7 leveraged exposure to the 100 largest US non-financial companies with on-chain stablecoin settlement.
• Single-Stock Perpetual Contracts Individual equity perpetual futures contracts for publicly traded companies including Nvidia, Tesla, Applied Materials, SK Hynix, Micron, Intel, Google, AMD, and SanDisk, offering up to 10x leverage with 24/7 trading.
• Pre-IPO Perpetual Futures Perpetual futures tracking expected share prices of private companies (SpaceX, OpenAI, Anthropic, CXMT) ahead of their public listings, settled in USDC with no ownership rights to underlying shares.
• S&P 500 Perpetual Futures Officially licensed S&P 500 perpetual futures contract via S&P Dow Jones Indices licensing partnership, providing 24/7 leveraged exposure to the S&P 500 index with on-chain settlement.
• Brent Oil Contract Commodity perpetual futures contract offering retail-accessible exposure to Brent crude oil prices with 24/7 leveraged trading on Hyperliquid's blockchain.

Quantifiable outcome

• Pre-IPO perpetuals for SpaceX generated $29.4 million in 24-hour volume upon launch
• +4 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Four partnerships are on record, tiered minor, core and flagship.

• Hyperliquid Policy CenterminorStrategic or Co-development Partner · 15 July 2026Representatives from the Hyperliquid Policy Center and TradeXYZ met with the SEC's Crypto Task Force on July 15, 2026 to discuss regulatory approaches for crypto assets. The participants presented SEC officials with a document outlining possible regulatory frameworks for the sector. This engagement was initiated by Hyperliquid to address regulatory scrutiny including UK FCA concerns, synthetic stock perpetuals operating in a gray zone, and oracle manipulation risks.
• TradingViewcoreGTM or Marketing Partner · 4 July 2026TradingView integrated Hyperliquid and Trade[XYZ] market data on July 4, 2026, enabling users to view real-time price trends for decentralized perpetual contracts, crypto spot assets, and real-world asset markets (stocks, commodities, forex, pre-IPO) 24/7 via HYPERLIQUID: and HIP3XYZ: chart prefixes. The integration covers over 300 markets on Hyperliquid's layer-1 blockchain ecosystem.
• S&P Dow Jones IndicesflagshipOEM/ Whitelabel/ Licensing Partner · 18 March 2026S&P Dow Jones Indices licensed the S&P 500 index to Trade[XYZ] for the launch of the first officially licensed perpetual derivative contract based on a major index benchmark, available 24/7 on the Hyperliquid blockchain. The product enables eligible non-US investors to gain leveraged exposure to the S&P 500 through a digitally native platform, marking the first time institutional-grade index data powers a perpetual derivatives contract on-chain. XYZ markets exceeded $100 billion in volume since October 2025 with an annualized run rate exceeding $600 billion.
• HyperliquidcoreTechnology or Integration · 1 October 2025Trade.xyz is the first and largest deployer of Hyperliquid's HIP-3 (permissionless perpetual market framework launched October 2025) and HIP-4 (prediction market functionality launched May 2026) infrastructure. Trade.xyz controls over 90% of the $1.43 billion builder-deployed open interest, operating XYZ100 (Nasdaq-100 tracking), single-stock perpetuals, and pre-IPO contracts as the primary HIP-3 application on the blockchain. Hyperliquid captures transaction fees while burning HYPE tokens.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Synthetix: Decentralized derivatives liquidity protocol on Optimism powering synthetic assets and perpetuals (via Kwenta and other front-ends). Comparable through synthetic asset exposure and on-chain derivatives infrastructure.
• Perpetual Protocol: Decentralized perpetuals exchange using a vAMM model on Optimism. Directly comparable product (perpetual futures) but with smaller market share and different technical architecture.
• Kwenta: Decentralized derivatives trading interface built on Synthetix (Optimism). Offers perpetual futures on crypto and synthetic assets — partial overlap with Trade.xyz's perpetuals product but smaller scale.

Direct peers

• Aevo: Decentralized derivatives exchange offering perpetual futures and options on a custom L2. Direct peer given overlapping product (perpetuals), target customer (retail crypto traders), and on-chain infrastructure approach.
• Drift Protocol: Solana-based decentralized perpetuals exchange offering leveraged trading. Competes for retail crypto-native traders seeking perpetual exposure with similar self-custody and on-chain settlement.
• Hyperliquid: The underlying Layer-1 blockchain and order book on which Trade.xyz operates. Hyperliquid runs the native perpetuals DEX, and Trade.xyz is built as a HIP-3 deployer on top of it — directly comparable in product (perpetual futures) and customer (retail crypto traders).
• dYdX: Decentralized perpetual futures exchange operating its own application chain. Directly competes with Trade.xyz for retail crypto-native perpetuals traders, with similar leverage and order book mechanics.
• GMX: Decentralized perpetuals and spot exchange using a GLP liquidity pool model. Competes for the same retail trader base seeking leveraged exposure on crypto and synthetic assets via on-chain infrastructure.

Broad incumbents

• Bitfinex: Long-standing centralized exchange with perpetual swaps and derivatives products. Comparable on the perpetuals product dimension but operates with custodial rather than non-custodial infrastructure.
• Bybit: Major centralized exchange offering perpetual futures across crypto and tokenized assets. Competes with Trade.xyz for retail leverage traders, though through a centralized rather than decentralized model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trade.xyz