Hyperhub/DEXes/xyz

83 live markets

DEX Profile

Trade XYZ

The largest HIP-3 DEX for traditional assets and 24/7 trading

24h Volume

$266.8M

Venue

Total OI

$2.79B

Open

Assets

Listed

Exclusive

Assets

Growth

Markets

Collateral

USDC

Margin

01 /

Live Markets

All active markets listed by Trade XYZ. Click column headers to sort by volume, open interest, or funding.

Asset	Category	Price				Max Lev	Cross	Trade
SP500 SP500	IndicesExclusive	$7,591.000	$43.3M	$497.6M	+0.0006%	50x	Yes	Trade↗
XYZ100 XYZ100	IndicesExclusive	$30,503	$31.4M	$394.5M	+0.0017%	30x	Yes	Trade↗
WTIOIL CL	CommoditiesExclusive	$88.719	$30.1M	$181.0M	+0.0035%	20x	Isolated only	Trade↗
BRENTOIL BRENTOIL	CommoditiesExclusive	$92.9560	$20.8M	$302.7M	+0.0082%	20x	Yes	Trade↗
NATGAS NATGAS	CommoditiesExclusive	$3.26430	$16.8M	$7.6M	+0.0002%	10x	Isolated only	Trade↗
MU MU	Stocks	$984.940	$13.5M	$170.5M	+0.0047%	10x	Isolated only	Trade↗
NVDA NVDA	Stocks	$216.960	$11.6M	$182.1M	+0.0120%	20x	Yes	Trade↗
SILVER SILVER	Commodities	$75.3750	$8.9M	$84.3M	+0.0006%	25x	Yes	Trade↗
SPCX SPCX	Pre-IPOExclusive	$202.2200	$6.1M	$59.0M	-0.0000%	5x	Isolated only	Trade↗
INTC INTC	Stocks	$115.5800	$5.8M	$40.9M	+0.0001%	10x	Isolated only	Trade↗
MSFT MSFT	Stocks	$465.020	$5.8M	$65.0M	+0.0045%	10x	Yes	Trade↗
CRWV CRWV	StocksExclusive	$114.330	$5.2M	$14.0M	-0.0176%	10x	Isolated only	Trade↗
ORCL ORCL	StocksExclusive	$234.03	$5.1M	$51.5M	+0.0101%	10x	Isolated only	Trade↗
GOLD GOLD	Commodities	$4,538.20	$4.6M	$91.0M	+0.0006%	25x	Yes	Trade↗
SKHX SKHX	StocksExclusive	$1,594.000	$4.3M	$58.8M	+0.0007%	10x	Isolated only	Trade↗
ARM ARM	StocksExclusive	$373.5600	$3.8M	$14.2M	+0.0006%	10x	Isolated only	Trade↗
CRCL CRCL	Stocks	$112.800	$3.8M	$32.2M	+0.0030%	10x	Isolated only	Trade↗
AMD AMD	StocksExclusive	$526.010	$3.6M	$23.5M	+0.0006%	10x	Isolated only	Trade↗
BB BB	CryptoExclusive	$9.89540	$3.5M	$18.1M	+0.0292%	10x	Isolated only	Trade↗
PLTR PLTR	Stocks	$160.290	$3.3M	$12.0M	+0.0117%	10x	Isolated only	Trade↗
HOOD HOOD	Stocks	$95.891	$3.1M	$17.5M	+0.0126%	10x	Isolated only	Trade↗
DRAM DRAM	IndicesExclusive	$66.25500	$3.0M	$37.2M	+0.0087%	20x	Isolated only	Trade↗
GME GME	StocksExclusive	$22.4130	$2.9M	$3.1M	-0.0467%	10x	Isolated only	Trade↗
EWY EWY	Indices	$209.450	$2.9M	$16.4M	+0.0021%	20x	Isolated only	Trade↗
TSLA TSLA	Stocks	$435.960	$2.7M	$34.6M	-0.0040%	10x	Yes	Trade↗
PURRDAT PURRDAT	StocksExclusive	$11.025000	$2.7M	$5.9M	+0.0006%	10x	Isolated only	Trade↗
TSM TSM	StocksExclusive	$428.940	$2.4M	$15.1M	-0.0025%	10x	Isolated only	Trade↗
SNDK SNDK	StocksExclusive	$1,701.100	$2.1M	$52.0M	+0.0011%	10x	Isolated only	Trade↗
GOOGL GOOGL	Stocks	$383.030	$1.1M	$46.7M	+0.0001%	10x	Yes	Trade↗
COIN COIN	Stocks	$190.01	$1.0M	$4.9M	-0.0010%	10x	Isolated only	Trade↗
QNT QNT	CryptoExclusive	$102.5200	$935.0K	$4.5M	-0.0000%	5x	Isolated only	Trade↗
CBRS CBRS	StocksExclusive	$239.8500	$904.4K	$36.7M	+0.0006%	10x	Isolated only	Trade↗
USAR USAR	StocksExclusive	$28.6760	$876.2K	$1.7M	-0.0068%	10x	Isolated only	Trade↗
MSTR MSTR	StocksExclusive	$159.690	$808.9K	$18.1M	-0.0014%	10x	Isolated only	Trade↗
META META	Stocks	$639.180	$757.0K	$28.6M	+0.0055%	10x	Yes	Trade↗
COPPER COPPER	Commodities	$6.3640	$700.5K	$20.7M	+0.0006%	20x	Isolated only	Trade↗
MRVL MRVL	StocksExclusive	$203.8800	$620.7K	$13.5M	-0.0027%	10x	Isolated only	Trade↗
LITE LITE	StocksExclusive	$867.610	$585.1K	$12.5M	-0.0047%	10x	Isolated only	Trade↗
RKLB RKLB	StocksExclusive	$146.6700	$565.2K	$5.2M	+0.0083%	10x	Isolated only	Trade↗
AAPL AAPL	Stocks	$311.510	$515.0K	$33.1M	-0.0062%	20x	Yes	Trade↗
RIVN RIVN	StocksExclusive	$16.285	$447.4K	$1.5M	+0.0006%	10x	Isolated only	Trade↗
SMSN SMSN	StocksExclusive	$219.700	$429.4K	$10.0M	-0.0052%	10x	Isolated only	Trade↗
AMZN AMZN	Stocks	$272.890	$398.4K	$18.9M	+0.0009%	10x	Yes	Trade↗
BABA BABA	Stocks	$125.580	$385.7K	$5.6M	+0.0006%	10x	Isolated only	Trade↗
BIRD BIRD	StocksExclusive	$4.03250	$353.9K	$505.2K	+0.0227%	10x	Isolated only	Trade↗
PLATINUM PLATINUM	Commodities	$1,933.30	$307.0K	$3.5M	-0.0020%	20x	Isolated only	Trade↗
JPY JPY	FXExclusive	$159.4200	$271.2K	$8.8M	0.0000%	50x	Isolated only	Trade↗
HIMS HIMS	StocksExclusive	$26.0460	$266.8K	$4.7M	-0.0107%	10x	Isolated only	Trade↗
DKNG DKNG	StocksExclusive	$24.4660	$236.1K	$55.6K	-0.0127%	10x	Isolated only	Trade↗
NFLX NFLX	StocksExclusive	$86.663	$226.9K	$3.3M	-0.0050%	10x	Isolated only	Trade↗
EUR EUR	FX	$1.1660	$210.9K	$8.8M	0.0000%	50x	Isolated only	Trade↗
HYUNDAI HYUNDAI	StocksExclusive	$480.500	$195.9K	$1.1M	+0.0154%	10x	Isolated only	Trade↗
LLY LLY	StocksExclusive	$1,110.90	$155.7K	$3.3M	-0.0081%	10x	Isolated only	Trade↗
ASML ASML	CryptoExclusive	$1,645.400	$97.4K	$280.5K	+0.0192%	10x	Isolated only	Trade↗
JP225 JP225	IndicesExclusive	$66,467.0	$72.3K	$1.9M	+0.0078%	20x	Isolated only	Trade↗
ZM ZM	StocksExclusive	$101.240	$68.0K	$1.0M	-0.0082%	10x	Isolated only	Trade↗
URNM URNM	CommoditiesExclusive	$61.1170	$54.8K	$1.6M	-0.0028%	10x	Isolated only	Trade↗
KR200 KR200	IndicesExclusive	$1,365.80	$44.1K	$475.6K	-0.0144%	20x	Isolated only	Trade↗
COST COST	StocksExclusive	$961.03	$32.5K	$137.4K	+0.0043%	20x	Isolated only	Trade↗
EWJ EWJ	IndicesExclusive	$93.288	$31.2K	$581.9K	+0.0006%	20x	Isolated only	Trade↗
PALLADIUM PALLADIUM	Commodities	$1,364.60	$29.7K	$2.0M	-0.0013%	20x	Isolated only	Trade↗
XLE XLE	IndicesExclusive	$56.2960	$25.1K	$1.5M	-0.0178%	20x	Isolated only	Trade↗
EWZ EWZ	IndicesExclusive	$35.3790	$5.8K	$153.2K	+0.0127%	20x	Isolated only	Trade↗
BX BX	StocksExclusive	$117.0500	$4.9K	$44.1K	+0.0056%	10x	Isolated only	Trade↗
GBP GBP	FXExclusive	$1.344500	$1.6K	$353.4K	-0.0031%	50x	Isolated only	Trade↗
EBAY EBAY	StocksExclusive	$108.9500	$1.3K	$140.1K	+0.0067%	10x	Isolated only	Trade↗
EWT EWT	IndicesExclusive	$102.8400	$624.55	$47.8K	+0.0006%	20x	Isolated only	Trade↗
URANIUM URANIUM	CommoditiesExclusive	$85.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
ALUMINIUM ALUMINIUM	CommoditiesExclusive	$3,080.00	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
DXY DXY	IndicesExclusive	$97.15	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
SOFTBANK SOFTBANK	StocksExclusive	$31.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
KIOXIA KIOXIA	StocksExclusive	$140.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
VIX VIX	IndicesExclusive	$20.00	$0.00	$0.00	0.0000%	3x	Isolated only	Trade↗
CORN CORN	CommoditiesExclusive	$4.61	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
WHEAT WHEAT	Commodities	$6.3	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
TTF TTF	CommoditiesExclusive	$57.00	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
VOL VOL	CryptoExclusive	$15.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
KRW KRW	FXExclusive	$1,507.4	$0.00	$0.00	0.0000%	50x	Isolated only	Trade↗
H100 H100	Indices	$2.6	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
NIFTY NIFTY	IndicesExclusive	$24,250.00	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
IBOV IBOV	IndicesExclusive	$175,000.00	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
MINIMAX MINIMAX	CryptoExclusive	$100.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
DELL DELL	CryptoExclusive	$417.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗

02 /

About Trade XYZ

A structured walkthrough of asset coverage, architecture, pricing, risk, and fees.

Protocol Overview & Architecture

24/7 traditional-asset perps on Hyperliquid via the trade[XYZ] interface.

Built on Hyperliquid's HIP-3 framework, the XYZ protocol is a decentralized perpetual exchange that enables 24/7 trading of traditional assets. trade[XYZ] serves as the non-custodial trading interface to access these markets, meaning it does not hold user funds, intermediate trades, or control execution.

All XYZ perpetuals are linear contracts that are fully margined and cash-settled in USDC. For non-USD assets such as Japanese or Korean indices, the protocol functions as a *quanto* derivative, giving traders direct exposure to the foreign asset's local-currency movement while all P&L is settled in USDC.

Markets & Asset Directory

Trade[XYZ] bridges traditional finance and DeFi across multiple asset classes.

Equities — Major US stocks such as AAPL, TSLA, NVDA, MSFT, and MSTR, plus Korean stocks such as SKHX and SMSN.
Equity Indices — The officially licensed S&P 500 perpetual contract (SP500), the XYZ U.S. 100 (XYZ100), and international indices such as JP225 and KR200.
Commodities — Precious metals such as Gold and Silver, plus industrial and energy commodities like WTIOIL, BRENTOIL, COPPER, and Natural Gas.
FX — Foreign exchange pairs such as EUR/USD and USD/JPY.
Roll Schedules — For commodities relying on dated futures contracts like oil and copper, trade[XYZ] employs a smooth blended roll schedule. The oracle transitions from the front-month to the next-month contract over a 5-day period from the 5th to the 10th business day of the month to prevent artificial price jumps.

Pricing & Oracle Mechanics

External Pricing (Regular Hours) — During standard market hours, the oracle aggregates executable quotes from robust institutional liquidity providers.
Internal Pricing (24/7 Trading) — When external markets close, the protocol switches to an internal pricing mechanism. The oracle uses a continuous-time exponentially weighted moving average (EMA) with a 1-hour time constant to track the platform's internal order-flow impact.
Mark Price Construction — To prevent manipulation, the mark price used for liquidations and PnL is the median of three elements: (1) the oracle price, (2) the oracle price adjusted by a 150-second EMA of the perpetual's basis, and (3) the median of the orderbook's best bid, best ask, and last trade.

Risk Controls & Protections

Discovery Bounds v2 — To protect users during internal-pricing sessions like weekends, the mark price is restricted within a safe range, generally ±(1/max leverage) of the last external close. If the oracle reaches 90% of the boundary, it re-anchors to the edge and establishes a new range, up to 2 resets, forming a hard cap. If a trader's liquidation price falls outside the active boundary, they cannot be liquidated.
Margin Modes — Depending on the asset, the protocol supports *Strict Isolated Margin*, *Normal Isolated Margin* allowing dynamic collateral additions, and *Cross Margin*.
Liquidations & ADL — Liquidations first attempt to close positions via market orders. For cross-margin assets, an on-chain backstop liquidator takes over underwater positions to prevent bad debt. Auto-Deleveraging (ADL) is inherited from Hypercore as a transparent last-resort mechanism.

Fees & Funding Rates

Trading Fees & Growth Mode — Standard fees on HIP-3 are twice the rate of validator-operated markets. However, trade[XYZ] features a Growth Mode for eligible traditional assets, which reduces all-in trading fees by 90%, offering highly competitive execution costs.
TradFi-Aligned Funding Rates — Because traditional assets have different borrow characteristics than crypto, trade[XYZ] applies a 0.5x scaling multiplier to the standard funding-rate formula. This reduces the baseline annualized funding rate from roughly 11% down to ~5.5%, roughly aligning with SOFR + 1-2%, minimizing funding drag for weekend positions. Funding is peer-to-peer, paid hourly, and hard-capped at ±4% per hour.

◆

Asset Coverage

Category distribution across Trade XYZ's listed perpetual markets.

Stocks43

Indices15

Commodities14

Crypto6

FX4

Pre-IPO1

✦

Cross Margin Note

How cross-margin is scoped on Trade XYZ.

Cross margin scope depends on your account mode. Standard Account: cross margin stays within the same HIP-3 DEX only. Unified Account / Portfolio Margin: DEXes sharing the same collateral (e.g. USDC or USDH) can cross-margin together. DEX Abstraction is not compatible with cross margin. Deployers enable cross margin per market — not every listing supports it.

Under Standard Account, USDC margin crosses within Trade XYZ only. Under Unified Account, it can be shared with other USDC DEXes (Paragon). Enablement is per market, so not every listing on Trade XYZ will necessarily support cross margin at launch.