Markets

On January 12, 2026, Markets.xyz officially launched, becoming the fifth HIP-3 exchange deployed by Kinetiq in the Hyperliquid ecosystem, focusing on 24/7 perpetual trading of traditional assets such as equities, indices, FX, and commodities, with 23 tickers initially and Kaiko as oracle provider.

On March 1, 2026, during a geopolitical crisis in the Middle East while traditional markets were closed, the platform's oil perpetual became a venue for real-time price discovery, with gold and silver also active; commodities drove about 47% of platform volume, drawing Bloomberg coverage and validating the value of 24/7 cross-asset infrastructure.

In mid-2026, the platform's collateral USDH stablecoin began being wound down, with Kinetiq yet to announce a migration plan; similar events had led to forced settlement on another Hyperliquid exchange, making this a key risk node for future development.