Trade XYZ

USDCGrowth Mode · 60

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

24h Volume

$2.14B

Total OI

$1.92B

Assets

Exclusive

Growth Mode Assets

Protocol Deep Dive

About Trade XYZ

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

Protocol Overview & Architecture

XYZ is the HIP-3 DEX; trade[XYZ] is the frontend interface.

XYZ is a HIP-3 DEX on Hyperliquid, while trade[XYZ] is the frontend interface used to access those markets. The docs explicitly note that trade[XYZ] is not the exclusive access point to XYZ markets.

XYZ perps are linear contracts that are fully margined and cash-settled in USDC.

Markets & Asset Directory

Traditional-asset coverage across multiple categories.

XYZ focuses on traditional-asset perps, with official asset-directory sections for stocks, equity indices / ETFs, commodities, FX, and Korea markets.

Examples — The docs call out markets such as SP500, XYZ100, AAPL, NVDA, WTIOIL, COPPER, EUR, and JPY.
Commodity rolls — For futures-referenced commodities, XYZ publishes a blended roll schedule and currently rolls over the 5th-10th business day of the month.

Pricing & Oracle Mechanics

External reference prices during live sessions, internal pricing off-hours.

External pricing — During external trading sessions, the relayer uses prices derived from external venues and institutional data providers.
Internal pricing — When external pricing is unavailable, XYZ switches to an internal oracle based on a continuous-time EMA of the orderbook impact-price difference, initialized from the last external price and using a 1-hour time constant.
Mark price — The mark price is the median of oracle price, oracle plus 150-second EMA basis adjustment, and the median of best bid / best ask / last trade.

Risk Controls & Margining

Discovery Bounds — During internal-pricing sessions, mark price stays within +- (1 / max leverage) of the reference price. The current docs also describe Discovery Bounds v2, which can re-anchor the reference price when the oracle approaches the edge of the active band.
Liquidation protection — If a position's liquidation price is outside the active bounds, it cannot be liquidated while those bounds remain in force.
Margining — Current docs say XYZ100, Gold, and Silver use Normal Isolated Margin, while other XYZ markets currently use Strict Isolated Margin.

Fees & Funding Rates

Funding — Funding is paid hourly and is peer-to-peer. XYZ applies a 0.5x multiplier to the standard Hyperliquid funding formula for tradfi-style markets, producing a baseline around 5.5% annualized.
Growth Mode — XYZ documents a dedicated Growth Mode schedule for eligible non-crypto assets, while also explicitly excluding some products such as MSTR and gold-linked products where Hyperliquid already has a native alternative.

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Asset Coverage

Category distribution across Trade XYZ's listed perpetual markets.

Stocks33

Commodities14

Indices9

Crypto5

FX2

✦

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.

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
WTIOIL CL	CommoditiesExclusive	$88.980	$787.6M	$394.7M	+0.0024%	20x	Isolated only	Trade↗
BRENTOIL BRENTOIL	CommoditiesExclusive	$91.5720	$350.5M	$278.2M	+0.0015%	20x	Isolated only	Trade↗
SP500 SP500	IndicesExclusive	$6,992.300	$310.9M	$445.7M	-0.0016%	50x	Yes	Trade↗
SILVER SILVER	Commodities	$79.516	$221.1M	$88.3M	+0.0019%	25x	Yes	Trade↗
XYZ100 XYZ100	IndicesExclusive	$26,030	$143.9M	$221.6M	-0.0006%	30x	Yes	Trade↗
GOLD GOLD	Commodities	$4,806.90	$47.8M	$132.0M	+0.0006%	25x	Yes	Trade↗
CRCL CRCL	Stocks	$104.400	$38.0M	$30.7M	+0.0018%	10x	Isolated only	Trade↗
SNDK SNDK	StocksExclusive	$885.810	$34.2M	$24.3M	-0.0007%	10x	Isolated only	Trade↗
NVDA NVDA	Stocks	$199.770	$26.8M	$44.0M	-0.0002%	20x	Yes	Trade↗
TSLA TSLA	Stocks	$390.810	$22.8M	$24.3M	+0.0006%	10x	Yes	Trade↗
COPPER COPPER	Commodities	$6.1365	$20.4M	$13.7M	+0.0008%	20x	Isolated only	Trade↗
MU MU	Stocks	$447.940	$17.8M	$19.8M	+0.0021%	10x	Isolated only	Trade↗
HOOD HOOD	Stocks	$86.225	$16.1M	$12.2M	+0.0029%	10x	Isolated only	Trade↗
ORCL ORCL	StocksExclusive	$170.890	$10.4M	$10.7M	+0.0015%	10x	Isolated only	Trade↗
NATGAS NATGAS	CommoditiesExclusive	$2.7577	$10.3M	$9.4M	+0.0013%	10x	Isolated only	Trade↗
INTC INTC	Stocks	$65.2630	$8.2M	$9.5M	+0.0011%	10x	Isolated only	Trade↗
PLATINUM PLATINUM	Commodities	$2,118.40	$7.2M	$2.9M	+0.0012%	20x	Isolated only	Trade↗
EUR EUR	FX	$1.17980	$6.5M	$13.4M	0.0000%	50x	Isolated only	Trade↗
EWY EWY	Indices	$144.500	$6.5M	$6.9M	+0.0009%	20x	Isolated only	Trade↗
PLTR PLTR	Stocks	$140.28	$5.6M	$5.9M	+0.0007%	10x	Isolated only	Trade↗
COIN COIN	Stocks	$190.020	$5.3M	$4.5M	+0.0006%	10x	Isolated only	Trade↗
GOOGL GOOGL	Stocks	$333.510	$5.3M	$20.4M	+0.0006%	10x	Yes	Trade↗
MSFT MSFT	Stocks	$407.320	$4.9M	$16.9M	+0.0008%	10x	Yes	Trade↗
AMZN AMZN	Stocks	$248.38	$4.6M	$12.9M	+0.0006%	10x	Yes	Trade↗
MSTR MSTR	StocksExclusive	$138.330	$4.1M	$8.5M	+0.0006%	10x	Isolated only	Trade↗
META META	Stocks	$675.200	$3.5M	$7.3M	+0.0006%	10x	Yes	Trade↗
CRWV CRWV	StocksExclusive	$117.27	$3.2M	$4.3M	+0.0051%	10x	Isolated only	Trade↗
TSM TSM	StocksExclusive	$377.840	$3.2M	$15.5M	-0.0040%	10x	Isolated only	Trade↗
JPY JPY	FXExclusive	$158.9900	$3.0M	$6.0M	0.0000%	50x	Isolated only	Trade↗
SKHX SKHX	StocksExclusive	$769.660	$2.3M	$9.2M	-0.0224%	10x	Isolated only	Trade↗
AAPL AAPL	Stocks	$264.630	$1.8M	$6.8M	+0.0006%	20x	Yes	Trade↗
AMD AMD	StocksExclusive	$256.81	$1.5M	$3.9M	+0.0006%	10x	Isolated only	Trade↗
NFLX NFLX	StocksExclusive	$105.99	$1.5M	$4.4M	+0.0006%	10x	Isolated only	Trade↗
BABA BABA	Stocks	$133.050	$1.2M	$3.6M	+0.0006%	10x	Isolated only	Trade↗
RIVN RIVN	StocksExclusive	$16.198	$931.1K	$1.4M	+0.0006%	10x	Isolated only	Trade↗
EWJ EWJ	IndicesExclusive	$88.965	$750.7K	$751.5K	+0.0006%	20x	Isolated only	Trade↗
USAR USAR	StocksExclusive	$18.2200	$538.5K	$292.3K	+0.0025%	10x	Isolated only	Trade↗
SMSN SMSN	StocksExclusive	$142.870	$469.9K	$2.0M	-0.0162%	10x	Isolated only	Trade↗
HIMS HIMS	StocksExclusive	$21.917	$241.3K	$334.7K	+0.0099%	10x	Isolated only	Trade↗
JP225 JP225	IndicesExclusive	$58,381	$220.6K	$421.5K	+0.0006%	20x	Isolated only	Trade↗
LLY LLY	StocksExclusive	$903.98	$187.9K	$389.9K	-0.0035%	10x	Isolated only	Trade↗
URNM URNM	CommoditiesExclusive	$68.7500	$170.9K	$810.4K	-0.0021%	10x	Isolated only	Trade↗
PALLADIUM PALLADIUM	Commodities	$1,579.00	$119.5K	$600.4K	+0.0143%	20x	Isolated only	Trade↗
COST COST	StocksExclusive	$977.16	$68.8K	$121.9K	+0.0006%	20x	Isolated only	Trade↗
HYUNDAI HYUNDAI	StocksExclusive	$344.910	$53.5K	$366.6K	-0.0018%	10x	Isolated only	Trade↗
KR200 KR200	IndicesExclusive	$919.51	$50.8K	$54.8K	+0.0432%	20x	Isolated only	Trade↗
DKNG DKNG	StocksExclusive	$23.7050	$15.4K	$1.1K	-0.0067%	10x	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↗
GME GME	StocksExclusive	$24.681	$0.00	$0.00	0.0000%	10x	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↗
LITE LITE	CryptoExclusive	$832.7	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
CORN CORN	CommoditiesExclusive	$4.61	$0.00	$0.00	0.0000%	20x	Isolated only	Trade↗
XLE XLE	IndicesExclusive	$55.678	$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↗
BX BX	CryptoExclusive	$129.61	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
PURRDAT PURRDAT	CryptoExclusive	$5.3	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
MRVL MRVL	CryptoExclusive	$128.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗
RKLB RKLB	CryptoExclusive	$70.00	$0.00	$0.00	0.0000%	10x	Isolated only	Trade↗