Trade[XYZ]
Trade[XYZ] is a trading platform that deploys perpetual futures and event markets on HyperliquidHyperliquidHyperliquid is a layer-one blockchain designed from scratch for financial trading. It uses its own HyperBFT consensus, has perpetual futures and spot order books built into the chain (HyperCore), and offers an Ethereum-compatible smart contract environment (HyperEVM); its native token is HYPE. Launched in 2023, it became one of the largest decentralized perpetual futures venues thanks to its fully onchain order books, and later opened permissionless deployment of perpetual markets on commodities, stock indices and FX, as well as outcome markets, through HIP-3 and HIP-4.Open the full entry, offering perpetual contracts tied to stocks, equity indices, commodities and currencies. It launched in October 2025 as the first HIP-3 operator, and in October 2026 Intercontinental ExchangeICEICE (Intercontinental Exchange) is a US financial-market infrastructure company founded in 2000. It operates exchanges and clearing services, fixed-income and data businesses, and mortgage technology. Its businesses include the New York Stock Exchange; founder Jeffrey Sprecher is chair and CEO.Open the full entry agreed to bring its perpetual markets onshore in the United States, subject to regulatory approval.
Contents6 sections
Key facts
October 13, 2025Launch on Hyperliquid
Trade[XYZ] was launched by Hyperunit, the team behind Unit, which moves bitcoin and other assets onto Hyperliquid. It went live on October 13, 2025, the day Hyperliquid activated HIP-3, becoming the first HIP-3 operator; HIP-3 lets third parties deploy their own markets on Hyperliquid.[1]
October 28, 2025Index contract enters the top ten by volume
On October 28, 2025, Trade[XYZ]’s tokenized NasdaqNasdaqNasdaq is an exchange operator and financial technology company headquartered in New York. It runs The Nasdaq Stock Market and other markets and provides capital markets technology, regulatory technology, and data and index services. Founded in 1971, it combined with OMX AB in 2008, and in March 2026 the U.S. Securities and Exchange Commission approved its rules for trading tokenized securities.Open the full entry index futures contract became the tenth most traded asset on Hyperliquid over the previous 24 hours.[2]
September 2026Event contracts
On September 10, 2026, Trade[XYZ] launched event contracts based on HIP-4.[1]
The event contracts are fully collateralized and settle under fixed rules, with no leverage or liquidations.[3]
October 29, 2026Agreement with Intercontinental Exchange
On October 29, 2026, ICE and Trade[XYZ] signed a definitive agreement to bring Trade[XYZ]’s perpetual markets onshore in the United States, subject to regulatory approval. ICE will exclusively operate the regulated markets and take a strategic minority stake, running the retail business separately from its institutional futures and clearing operations.[4]
The same day Stanley DruckenmillerStanley DruckenmillerStanley Druckenmiller is an American investor and philanthropist. He founded the hedge fund Duquesne Capital Management in 1981 and ran it until 2010, managed George Soros’s Quantum Fund from 1988 to 2000, and now leads the Duquesne Family Office, which manages his own capital.Open the full entry said he was an investor in Trade[XYZ].[5]
Business: Products and relationship to Hyperliquid
Trade[XYZ] deploys perpetual markets through HIP-3, covering stocks, equity indices, commodities, FX and pre-IPO markets, and event contracts through HIP-4.[3]
Matching and settlement run on Hyperliquid’s HyperCore, while Trade[XYZ] sets listings, oracle inputs, leverage limits and other parameters through its xyz and txyz deployments; the trade.xyz website is a non-custodial interface and not the only way to access these markets.[6]
Its terms prohibit access by United States persons or from within the United States.[7]
Sources
- What is TradeXYZ and how is it related to Hyperliquid? (opens in a new window)
- Tokenized Nasdaq Futures Enter Top 10 by Volume on Hyperliquid (opens in a new window)
- About trade[XYZ] (opens in a new window)
- Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore (opens in a new window)
- Stanley Druckenmiller's first X post backs Hyperliquid venture after $23 million indirect investment (opens in a new window)
- Relationship to Hyperliquid (opens in a new window)
- General Disclaimer (opens in a new window)