Trade XYZ, available at trade.xyz, is a pioneering project built by the Hyperunit team and represents the first market launched under HIP-3 on Hyperliquid. After the proposal was activated, Trade XYZ introduced its flagship market, XYZ100, which quickly became one of the most successful examples of how the HIP-3 framework can tokenize and trade traditional assets fully on-chain.
The XYZ100 is a perpetual contract that tracks an index of the 100 largest non-financial U.S. companies, similar in structure to the Nasdaq 100. It allows trading with up to 20x leverage, using USDC as collateral, and runs entirely on Hyperliquid’s decentralized infrastructure.
Designed to create a true 24/7 on-chain capital market, Trade XYZ focuses on perpetual contracts linked to major equities such as Nvidia (NVDA), Tesla (TSLA), Apple (AAPL), Google (GOOGL), Amazon (AMZN), Microsoft (MSFT), Meta (META), and Palantir (PLTR). Price data is sourced from reliable oracle providers such as Pyth, ensuring accurate and real-time market tracking.
The project gained massive traction shortly after launch. In November 2025, daily trading volumes surpassed $400 million, with the XYZ100 alone reaching $285 million in a single day. While Trade XYZ operates autonomously under HIP-3, it fully benefits from Hyperliquid’s unified liquidity, order execution, and risk engine through HyperCore.
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What Is HIP-3?
HIP-3 (Hyperliquid Improvement Proposal 3) is a major upgrade to the Hyperliquid protocol, launched in October 2025. This proposal fundamentally transformed the ecosystem by enabling permissionless deployment of custom perpetual markets.
Under HIP-3, any builder can launch their own perp market on HyperCore by staking at least 500,000 $HYPE tokens (approximately $25 million at the time of launch). This removed centralized listing barriers and fully decentralized the creation of new markets.
HIP-3 inherits HyperCore’s entire technology stack, including:
- High-performance margin engine
- On-chain order books
- Real-time oracle integrations
- Advanced risk and liquidation systems
Builders can configure leverage limits (such as up to 20x), oracle sources, asset parameters, and risk constraints. One of the most important features is the fee-sharing model:
- 50% of trading fees go to the market builder
- 50% go to Hyperliquid, funding token buybacks and long-term sustainability
In November 2025, HIP-3 introduced Growth Mode, reducing taker fees by more than 90% for new markets, significantly lowering trading costs and encouraging early liquidity.
How Trade XYZ Works Under HIP-3
Trade XYZ leverages HIP-3 to list customized assets without modifying Hyperliquid’s core protocol. To launch the XYZ100 market, Hyperunit staked the required $HYPE tokens and configured:
- Real-time equity price oracles
- Leverage limits for risk management
- USDC-based collateral system
All trades occur on-chain, with margins calculated in real time and automatic liquidations enforcing risk constraints.
From the user perspective, trading HIP-3 assets feels identical to trading standard Hyperliquid perps. Markets are accessed via asset IDs, using the same interface, APIs, and order execution logic.
Thanks to Growth Mode, trading fees are extremely low. Taker fees can fall below 0.009%, meaning a $1,000 trade may cost only a few cents. Maker fees are even lower, strongly incentivizing liquidity provision.
Trade XYZ highlights one of HIP-3’s most powerful use cases: tokenizing traditional financial assets. Crypto-native traders gain exposure to equities and commodities without market hours, centralized custody, or traditional broker restrictions, while maintaining full on-chain transparency.
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Benefits and Ecosystem Impact
The impact of Trade XYZ and HIP-3 is significant across multiple layers:
For Traders
- Access to global equity and commodity markets on-chain
- High leverage with low fees
- 24/7 trading with real-time settlement
- No centralized custody
For Builders
- Direct revenue share from trading fees
- Full control over market parameters
- Permissionless innovation
For the Hyperliquid Ecosystem
- Rapid expansion beyond crypto-only markets
- Increased $HYPE staking and buyback pressure
- Growth toward a true “trade anything” on-chain marketplace
By early 2026, Trade XYZ accounted for more than 90% of HIP-3 market share, with daily volumes reaching into the billions and open interest exceeding $70 million for XYZ100 alone.
This success positions Hyperliquid as a core infrastructure layer capable of bridging TradFi and DeFi at scale. Other projects such as Ventuals and Felix Protocol are following similar paths, further expanding the ecosystem.
Trade XYZ Airdrop: How to Farm
Trade XYZ does not have a confirmed airdrop at this time. However, speculation remains strong due to its rapid growth and deep integration with Hyperliquid.
One important angle is that interacting with Trade XYZ may also count as diverse on-chain activity within the Hyperliquid ecosystem, potentially positioning users for a future Hyperliquid airdrop. This makes Trade XYZ a possible way to farm two ecosystems at once.
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How to Start Using Trade XYZ
- Visit Trade XYZ
- Use your existing Hyperliquid balance, or deposit directly through the Trade XYZ interface
- Minimum deposit is $5
Once funded, you can start trading a wide range of assets, including:
- U.S. equities (GOOGL, META, AAPL, COIN, etc.)
- Precious metals (Gold, Silver, Platinum)
- Index-based markets like XYZ100
Important Risk Warning
Leverage is extremely risky. If you are not experienced with perpetual trading:
- Avoid high leverage
- Maintain sufficient margin
- Be aware that news-driven price movements can trigger instant liquidations
Many market moves are unpredictable, and excessive leverage can remove you from the game quickly.
Trade XYZ is one of the most successful early HIP-3 protocols and continues to expand the range of on-chain tradable assets. Even without a confirmed airdrop, it is a highly useful platform for traders seeking exposure to tokenized traditional markets.
For users interested in the future of on-chain capital markets and the Hyperliquid ecosystem, Trade XYZ is a project worth watching closely.
Links
Trade XYZ: Official Website
Trade XYZ Documentation: Docs
Disclaimer
This is not financial advice. If you decide to interact with the mentioned protocols, you do so at your own risk. Airdrop Guild is not responsible for any potential losses resulting from participation. Always do your own research before engaging with blockchain-based projects.
