0xArchive market data guide · TradeXYZ
TradeXYZ is an exchange for perpetual futures on stocks, stock indices, commodities, currencies and pre-IPO companies, built on Hyperliquid. Its site is trade.xyz, the brand is styled trade[XYZ], and every market it lists carries the xyz: prefix on Hyperliquid, so Tesla is xyz:TSLA.
In September 2026, TradeXYZ markets traded $59.38 billion, according to 0xArchive's Hyperliquid data. That was 97.5% of all volume on HIP-3, the Hyperliquid upgrade that lets outside teams run their own markets.
HIP-3 lets TradeXYZ run its own markets on Hyperliquid
HIP-3 is the Hyperliquid upgrade that lets a builder deploy perpetual markets on HyperCore, Hyperliquid's trading engine. TradeXYZ's deployment is named xyz. It decides what lists, where the prices come from, how much leverage each market allows and when each one trades.
Hyperliquid does the rest. The same engine that runs bitcoin matches xyz orders, holds the margin, moves the funding and runs the liquidations. Trade.xyz is a non-custodial front end for those markets, and not the only one: any app that reads the xyz deployment can trade them.
| Job | Who does it |
|---|---|
| Picks the markets, leverage, trading hours and price sources | TradeXYZ, through the xyz deployment |
| Publishes the oracle, mark and external prices | TradeXYZ's relayers |
| Matches orders, holds margin, pays funding, liquidates and settles | HyperCore, Hyperliquid's onchain engine |
| Holds your funds | You, on Hyperliquid; trade.xyz never takes custody |
The first xyz market, XYZ100, started trading on 13 October 2025. TradeXYZ also runs fully collateralized event contracts under a second deployment, txyz, on HIP-4.
Stocks make up 76 of TradeXYZ's 110 markets
Trade.xyz's specification index listed 110 active perpetual markets on 3 October 2026. Most are single stocks, from Nvidia and Tesla to Korean, Japanese and Chinese shares like SK hynix, Samsung, SoftBank and CXMT.
The markets that are not stocks carry more than their share of the trading. Oil, metals and gas took 27.2% of September's volume.
| Asset class | Markets | Share of September 2026 volume |
|---|---|---|
| Stocks | 76 | 48.2% |
| Commodities | 9 | 27.2% |
| Equity indices | 4 | 18.9% |
| ETFs | 17 | 5.3% |
| FX | 3 | 0.5% |
| Pre-IPO | 1 | Under 0.1% |
A pre-IPO perp trades a company before it lists, then turns into a normal stock perp once the shares start trading. Seven have converted so far, SpaceX and Cerebras among them, and Oura is the one still waiting. The pre-IPO perpetuals analysis follows the Cerebras market from launch into its Nasdaq open.
WTI oil was TradeXYZ's most traded market in September 2026
Oil and the two big US indices led the month. SK hynix was the busiest single stock, and it traded more than Nvidia and Tesla combined.
| Market | What it tracks | September 2026 volume |
|---|---|---|
| xyz:CL | WTI crude oil | $7.13B |
| xyz:XYZ100 | 100 of the largest non-financial US-listed companies | $5.66B |
| xyz:SP500 | S&P 500 | $5.47B |
| xyz:SKHX | SK hynix shares, listed in Korea | $5.33B |
| xyz:BRENTOIL | Brent crude oil | $4.02B |
| xyz:SNDK | Sandisk | $3.22B |
| xyz:SILVER | Silver | $2.85B |
| xyz:MU | Micron | $2.27B |
| xyz:SPCX | SpaceX | $2.08B |
| xyz:GOLD | Gold | $1.76B |
Open interest, the money still sitting in positions, ranks them differently. The S&P 500 held the most, an average of $382.9 million through September. That market is the official one, licensed from S&P Dow Jones Indices, and it opened on 18 March 2026.
TradeXYZ traded 23.9% of all Hyperliquid perp volume in September 2026
Inside HIP-3, TradeXYZ markets held 98.1% of open interest on an average September day. Against all of Hyperliquid, crypto included, the share follows the stock market's week.
On the median weekday, TradeXYZ was 25.5% of Hyperliquid perp volume. On the median weekend day it was 11.6%, with stock and futures exchanges shut.
Weekend trading is smaller, not absent. TradeXYZ still averaged $541.4 million a day across September's weekends, which is when its markets set prices with no outside market to copy. The weekend price discovery study measures how well those weekend prices called the Monday open.
How a stock keeps a price on weekends when its exchange is shut
Every TradeXYZ market runs on three prices. The oracle is the reference price that funding is paid against. The mark is the price your profit, loss and liquidation run on. The external price is the last price from the real market.
While the real market is open, the oracle is that market's price, read from outside venues and data providers. When it closes, the external price freezes at the close and the oracle starts tracking TradeXYZ's own order book instead, smoothed with a 30-minute time constant.
The mark is the middle of three numbers: the oracle, the oracle plus the recent gap between the book and the oracle, and the middle of the best bid, best ask and last trade. Taking the middle value means one wild print cannot move it alone.
Discovery bounds then cap how far the mark can drift from the last real price. The bound is one divided by the market's maximum leverage, so a 20x market can move 5% before it hits the edge.
| Market | Max leverage | Discovery bound |
|---|---|---|
| xyz:SP500 | 50x | ±2% |
| xyz:XYZ100 | 30x | ±3.5% |
| xyz:GOLD | 25x | ±4% |
| xyz:TSLA | 20x | ±5% |
| xyz:CL | 20x | ±5% |
| xyz:SKHX | 10x | ±10% |
A real move does not get stuck at the edge. When the oracle gets close to a bound, the bound re-anchors and a new range opens around it, a set number of times per market. After the last reset the bound becomes a hard cap until the real market reopens. A position whose liquidation price sits outside the active bounds cannot be liquidated while they hold.
Growth mode cuts fees 90% on 105 of the 110 markets, and funding is halved
As standard, HIP-3 markets charge twice the fees of Hyperliquid's own perps, split evenly between Hyperliquid and TradeXYZ. Growth mode cuts that by 90%. Hyperliquid's API showed it switched on for 105 of the 110 markets on 3 October 2026.
| Base tier fee | Standard HIP-3 | Growth mode |
|---|---|---|
| Taker | 0.090% | 0.009% |
| Maker | 0.030% | 0.003% |
On a growth mode market, a taker pays a fifth of what the same trade costs on Hyperliquid's bitcoin perp. The five markets without it are gold and four crypto-linked stocks such as Strategy (MSTR), which the rules keep out. Higher 14-day volume moves you to cheaper tiers, and Hyperliquid's staking discounts apply.
Funding is paid every hour, as on every Hyperliquid perp. TradeXYZ halves Hyperliquid's funding formula on every xyz market, which by its own numbers puts baseline funding at 5.5% a year. Everything is margined and settled in USDC.
The API is Hyperliquid's, with dex set to xyz
The TradeXYZ docs live at docs.trade.xyz. The specification index has every market's leverage, hours and bounds, and the mechanics pages cover the oracle, the mark and the fees.
Trading and live data go through Hyperliquid's API, because that is where the markets live. Add "dex": "xyz" to an info request and use coin names with the prefix, like xyz:TSLA.
curl -s https://api.hyperliquid.xyz/info \
-H 'Content-Type: application/json' \
-d '{"type":"metaAndAssetCtxs","dex":"xyz"}'That returns every xyz market with its mark, oracle, funding, open interest and 24-hour volume. Without the dex field you only get Hyperliquid's crypto perps.
For history, 0xArchive keeps the trades, order books, candles, funding and open interest for every xyz market. The TradeXYZ historical data API page lists every dataset and route.
curl "https://api.0xarchive.io/v1/hyperliquid/hip3/candles/xyz:XYZ100?interval=1d" \
-H "X-API-Key: $OXARCHIVE_API_KEY"Common questions about TradeXYZ
Is TradeXYZ built on Hyperliquid? Yes. Its markets run on HyperCore, Hyperliquid's trading engine, under the HIP-3 deployment named xyz, and trade.xyz is a non-custodial front end for them.
Do you own the stock when you trade on TradeXYZ? No. A TradeXYZ perp gives you price exposure only, margined and settled in USDC, with no shares behind your position.
Can you trade TradeXYZ markets on weekends? Yes. While the real market is shut, prices follow the TradeXYZ order book inside discovery bounds, and the markets averaged $541.4 million a day of volume on September 2026 weekends.
What does xyz: mean in a Hyperliquid symbol? It names the TradeXYZ deployment. xyz:SP500 is TradeXYZ's S&P 500 perp, and markets from other HIP-3 deployers carry their own prefix.
What is XYZ100? A TradeXYZ index of 100 of the largest non-financial companies listed on US exchanges, weighted by modified market cap. It was TradeXYZ's first market.
How much leverage does TradeXYZ offer? Up to 50x, on the S&P 500 and on the euro, yen and pound. Most markets cap it at 10x, including most single stocks.
What are TradeXYZ's fees? Most markets run in growth mode, where a base-tier taker pays 0.009% of the trade. Standard HIP-3 fees are ten times that.
How big is TradeXYZ? Its markets traded $59.38 billion in September 2026. That was 23.9% of all Hyperliquid perp volume.
Run this analysis from an agent
TradeXYZ volume, open interest and market lists all come from routes an agent can call. 0xArchive ships an MCP server, so Claude and other AI agents can pull TradeXYZ candles, open interest and trades in plain language. There is a Claude Code skill for terminal workflows and an agentic gateway for agents that pay per call. Start with the agent surfaces overview or the guide to replayable market data for MCP, CLI and agent workflows.
Route references
Use the HIP-3 routes reference for TradeXYZ candles, open interest, funding and trades, the order book routes reference for L2 and L4 books, and the HIP-3 data API guide for coverage by market. The HIP-3 L4 order data guide covers every order, cancel and fill, and who is actually trading on Trade.xyz breaks its traders down by wallet.
For current API availability and plan details, use the Hyperliquid data API, data catalog, pricing, and status.