How much does trading on trade.xyz cost?

Standard HIP-3 fees on xyz are twice Hyperliquid's validator-perp fees: 0.090% taker and 0.030% maker at tier 0, split 50/50 between Hyperliquid and trade[XYZ]. Growth mode, on 115 of 120 live xyz markets on November 4, 2026, cuts all-in fees by at least 90%, to 0.009% taker and 0.003% maker at tier 0.

What did ICE announce with trade[XYZ]?

On October 29, 2026, ICE and Trade[XYZ] announced a definitive agreement to bring Trade[XYZ]'s perpetual markets onshore in the United States, subject to regulatory approvals. ICE is to be the exclusive operator of the regulated markets and is making a minority strategic investment. Nothing onshore is live yet.

Can people in the US use trade.xyz?

No. trade.xyz's Terms of Use bar Restricted Persons, including people located in or subject to the laws of the United States, Canada and the United Kingdom. Hyperliquid's own terms also restrict the US and Ontario.

How are xyz stock perps priced on weekends?

When the underlying market is closed, the xyz oracle switches to an internal 30-minute EMA driven by the xyz order book, and discovery bounds limit how far the mark can move. It returns to the external price when the market reopens, so prices can gap at the open.

Do I need a separate account for trade.xyz?

No. xyz markets are HIP-3 perps on Hyperliquid, margined in USDC from your Hyperliquid account. trade[XYZ]'s docs say app.trade.xyz is not the only way in: the same markets appear on app.hyperliquid.xyz as 'xyz:' tickers.

Does the Hyperliquid referral discount apply on trade.xyz?

Yes. A trade.xyz referral link sets an ordinary Hyperliquid referral on your account, so Hyperliquid's 4% fee discount on your first $25M of volume applies, the same as on the official app.

trade[XYZ] (2026): Hyperliquid Stock Perps, HIP-3 Fees, ICE…

At a glance Live

What: HIP-3 perp dex
Runs on: HyperCore
Official site: trade.xyz
Docs: docs.trade.xyz
X: @tradexyz
Fees, last 30 days: $7.86M
Builder fee (trade.xyz): not published (on top of Hyperliquid's fee)
Referral code: DEXSHEET open with code

Official links

Checked against trade[XYZ]'s own site on November 4, 2026. Bookmark these instead of using search ads.

What trade[XYZ] is

trade[XYZ] is a market deployer on Hyperliquid. Under HIP-3, anyone who stakes 500,000 HYPE can launch their own perpetual-futures markets on HyperCore (Hyperliquid’s trading engine and order-book chain), choosing the oracle, leverage and listings. trade[XYZ]‘s dex is called xyz: its markets show up as tickers like xyz:XYZ100, and they settle in USDC from your normal Hyperliquid account.

On November 4, 2026, Hyperliquid’s info API listed 142 xyz assets: 120 live and 22 delisted. They cover US, Korean, Japanese, Hong Kong, Chinese and Indian stocks, equity indices (XYZ100, SP500, JP225, KR200), commodities, FX and pre-IPO perps such as xyz:ANT (Anthropic). In a 24-hour snapshot we took that morning, xyz carried about 98% of all HIP-3 volume (roughly $4.95B of $5.04B) and 96.6% of HIP-3 open interest. That share is our own measurement, not an official statistic; the live table is on our HIP-3 data page.

You can trade xyz at app.trade.xyz or directly on the official Hyperliquid app. The operator named in the Terms of Use is XYZ Ltd, with arbitration seated in the British Virgin Islands.

What it costs

trade[XYZ] documents its market fees, not a front-end builder fee (a builder fee is an extra charge an app can add to each fill).

Fee, tier 0	Taker	Maker
Hyperliquid validator perps (BTC, ETH and so on)	0.045%	0.015%
Standard HIP-3 on xyz (2x, split 50/50)	0.090%	0.030%
xyz with growth mode (at least 90% lower)	0.009%	0.003%

On November 4, 2026, growth mode was on for 115 of the 120 live xyz markets; the five without it were GOLD, MSTR, PURRDAT, STRC and BMNR. All live xyz markets had a deployer fee scale of 1.0. Growth mode also cuts maker rebates and volume credit by the same amount. Hyperliquid’s volume tiers, staking discounts and 4% referral discount still apply. Model your own trades in the fee calculator.

The ICE agreement

On October 29, 2026, Intercontinental Exchange (ICE, owner of the New York Stock Exchange) and Trade[XYZ] announced “a definitive agreement to bring Trade[XYZ]‘s perpetual markets onshore in the United States, subject to regulatory approvals.” Under it, ICE is the exclusive operator of Trade[XYZ]‘s regulated markets and plans a new, dedicated retail market and clearing structure, separate from its institutional futures business. ICE is also making a minority strategic investment. Once approvals are obtained, KYC/AML-verified customers are expected to reach those markets through futures commission merchants (regulated brokers), with distribution also expected through ICE’s joint venture with OKX.

None of this is live. Today’s xyz markets on Hyperliquid stay offshore and closed to US persons.

How to use it

Check you are not a Restricted Person under the Terms: the US, Canada, the UK and sanctioned territories are excluded.
Fund a Hyperliquid account with USDC (see how to deposit).
Open app.trade.xyz, or app.hyperliquid.xyz and pick an xyz: market, then connect your wallet.
Read the market’s entry in the docs’ Specification Index: session hours, max leverage, margin mode and discovery-bound resets.
Set margin mode and leverage, place the order, and set a stop.

Risks

Off-hours pricing. When the underlying market is closed, the oracle follows a 30-minute internal EMA of the xyz order book, then snaps back to the external price at the open. Weekend positions can gap.
Discovery bounds can block liquidation. The mark is held within plus or minus 1/max-leverage of a reference price, with a limited number of re-anchors. A position whose liquidation price sits outside the active bounds can’t be liquidated while they apply, then gaps when they lift.
Pre-IPO perps have no public underlying price. They start from a discretionary reference price set by XYZ (“not a forecast”) and give no shares or ownership.
Deployer control. HIP-3 deployers set oracle prices and leverage and can halt and settle a market at the mark price. 22 xyz markets are already delisted.
Leverage. Max leverage runs from 5x to 50x (10x on 87 live markets), and 98 of the 120 are isolated-only. You can lose your whole margin; read how perps work and funding first.
Region limits. trade[XYZ] excludes the US, Canada and the UK; Hyperliquid’s terms restrict the US and Ontario.

Who it suits, and alternatives

xyz suits traders outside restricted regions who want around-the-clock exposure to stocks, indices and commodities from a Hyperliquid account, at very low fees where growth mode applies. Smaller HIP-3 alternatives are Entropy (pre-IPO OpenAI and Anthropic perps) and Paragon (crypto indices, Treasury yields). Ventuals and Felix Exchange have shut. HyperDash also routes orders to xyz markets, with its own builder fee; see front ends compared.

Live figures: DefiLlama (TVL on the Hyperliquid L1 chain; fees on Hyperliquid), refreshed 2026-11-04 10:16 UTC. We don't rank by who pays us. How we check facts.

trade[XYZ] (trade.xyz)