Trade.xyz Builds $500 Billion Blockchain-Based Market Experiment
A blockchain-based trading platform called Trade.xyz has generated over $500 billion in volume since launching perpetual futures tied to crude oil, precious metals, stock indexes, and pre-IPO companies like SpaceX. Built on the Hyperliquid exchange, these markets operate continuously across time zones and have filled gaps left by traditional exchanges during events such as geopolitical conflicts when conventional markets are closed. Unlike traditional futures that settle at fixed dates, perpetual contracts (perps) used in Trade.xyz do not expire and can carry high leverage ratios. The platform is now pushing for regulatory approval to offer pre-IPO perps in the U.S., aiming to modernize IPO processes through improved price discovery. Hyperliquid operates outside the U.S. but has reportedly gained support from President Donald Trump, who mentioned regulators are working on bringing it into the country. During a recent US-Iran conflict, Trade.xyz's oil derivatives provided live sentiment readings while traditional markets were closed and generally tracked conventional prices during less volatile periods. However, price movements in some of the most turbulent moments were smaller than those observed when established exchanges reopened.
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Topics: 24/7 markets blockchain crypto derivatives market innovation