Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$1.22MBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $1.22M | -- | -- | -- |
| Sep 2026 | $2.09M | -- | -- | -- |
| Aug 2026 | $3.05M | -- | -- | -- |
| Jul 2026 | $3.49M | -- | -- | -- |
| Jun 2026 | $2.91M | -- | -- | -- |
| May 2026 | $1.95M | -- | -- | -- |
Comparison
Parent Company
Follow Updates
Follow Lists
People
About trade.xyz
trade.xyz is a perpetual contract platform built on Hyperliquid through the HIP-3 framework, offering leveraged trading on real-world assets such as US stocks, indices, commodities, and FX pairs, all settled in USDC. Its core business is operating markets on Hyperliquid's infrastructure rather than running its own matching engine, with trade.xyz handling asset selection, oracle configuration, and leverage limits while HyperCore manages execution and settlement. The platform is non-custodial, meaning users keep their own keys throughout. Its main competitive edge lies in being the largest HIP-3 deployer by a wide margin, holding over 90% of HIP-3 open interest, and in March 2026 it became the first platform to secure an official license from S&P Dow Jones Indices for a perpetual tracking the S&P 500. This addresses the pain point of limited access to traditional market exposure without a brokerage account, while also enabling 24/7 trading even when underlying markets are closed. However, the platform faces significant risks: synthetic equity perps sit in a regulatory gray zone, and the UK's FCA has listed Hyperliquid's websites as unauthorized for UK consumers. In July 2026, a pricing glitch on a SK Hynix market caused the mark price to drop ~18.7%, triggering liquidations of about 960 accounts with losses between $57 million and $80 million; trade.xyz later reimbursed affected traders. Over the past six months (March to September 2026), the platform captured 55% of Hyperliquid's total trading volume in August, generating $5 million in fees (shared 50/50 with Hyperliquid), and expanded its market lineup to include regional equities and pre-IPO markets.
Trade.xyz, a perpetual contract DEX built on Hyperliquid's HIP-3 framework, has evolved through several pivotal milestones. Its launch of SK Hynix perpetual trading marked the platform's expansion into single-stock products, establishing a template for equity-linked derivatives on-chain. The platform gained significant attention after a flash crash in the SK Hynix contract caused abnormal liquidations; Trade.xyz not only fully compensated affected users but also accelerated reforms to its pricing mechanism, demonstrating a commitment to risk management and setting a precedent for crisis response in decentralized finance. A more strategic milestone was the introduction of Pre-IPO perpetual contracts, starting with Cerebras Systems and later SpaceX, which created continuous price discovery for companies before their public listings. This innovation, however, sparked a pricing controversy that exposed the inherent weaknesses of such instruments, prompting a broader industry debate. Most recently, Trade.xyz, alongside Hyperliquid Policy Center, submitted a formal proposal to the U.S. SEC, advocating for a dedicated regulatory framework for Pre-IPO perpetuals. This move represents a significant step toward legitimizing the asset class and engaging with U.S. regulators, potentially shaping the future of on-chain derivatives. Throughout its growth, Trade.xyz has consistently accounted for over 90% of HIP-3 trading volume, cementing its dominance within the Hyperliquid ecosystem.
Over the past six months (2026-03-04 to 2026-09-04), trade.xyz, a perpetual contract platform built on Hyperliquid, has made significant strides. In March, it obtained official authorization from S&P Dow Jones Indices to launch the first officially licensed S&P 500 perpetual contract, enhancing market trust. In May, it introduced IPOP (Pre-IPO perpetual) markets, allowing trading on pre-IPO companies like Cerebras, which saw prices closely track eventual public listings. On August 18, trade.xyz and Hyperliquid Policy Center submitted a proposal to the SEC, advocating for IPOP as a supplement to traditional IPO price discovery, and outlined five regulatory considerations: product classification, disclosure frameworks, listing qualifications, investor access, and market integrity. Additionally, it deployed the Price Discovery Boundary v2 mechanism on crude oil contracts to manage volatility. Future development focuses on expanding IPOP markets, strengthening regulatory engagement, and refining price discovery mechanisms to bridge traditional finance and decentralized trading.
Shoku (Co-founder, Twitter: https://x.com/sershokunin): Anonymous founder of TradeXYZ. Previously an early Bitcoin investor (2013) and NFT collector (CryptoPunk #8857). Known for high-leverage trades (e.g., 50x on taxi medallion puts). Founded Unit bridge and TradeXYZ, expanding Hyperliquid ecosystem to stocks, forex, and pre-IPO contracts.
JJ (Core contributor, Twitter: https://x.com/hyperliquidbull): Core contributor to TradeXYZ, active in the Hyperliquid ecosystem.
shadow (Core contributor, Twitter: https://x.com/0xmev): Core contributor to TradeXYZ, involved in product development and strategy.