Trade.xyzが220日稼働した後、Hyperliquidは「新しいナスダック」になりつつある

Original: Odaily Planet Daily (@OdailyChina)

Author: Wenser (@wenser 2010)

Several years ago, when CZ faced media questions comparing Binance to other exchanges, he boldly stated: "Binance's only real competitor is Nasdaq."

Today, the entity closer to that goal is Hyperliquid, which has seen a sustained surge in trading volumes for US stocks, gold, silver, and commodities.

As its token HYPE surged over 100% (Recommended reading: "Why is HYPE still surging? Has it peaked?"), the crypto market and even traditional finance are re-evaluating and pricing this "former Perp DEX."

Following the pre-market battle of Cerebras (CBRS), Hyperliquid has begun to play the role of a "US stock price discovery machine," emerging as a new Nasdaq.

Answer 2026: Summarize Hyperliquid in One Sentence?

Last May, Shoku (@sershokunin), founder of Trade.xyz, mentioned in a tweet: "It's very interesting that after all this time, people still only see/evaluate Hyperliquid as an on-chain contract exchange. But if you take the time to delve deeper, you'll realize the team's true ambition goes far beyond that. The next product from Units will make everyone see just how big this opportunity is."

A year later, people realized the foresight of this tweet, and this heavyweight product has become the current "Nasdaq Prototype on-chain" — Trade.xyz.

In October last year, HIP-3 officially launched, and alongside it, Trade.xyz, the largest third-party perpetual market application on HIP-3, went live. In less than half a year, Trade.xyz achieved a milestone of "cumulative trading volume exceeding $110 billion". Leveraging the trading liquidity for on-chain US stocks, pre-market US stocks, and commodities introduced by HIP-3 and Trade.xyz, Hyperliquid has leaped to become the current "New King of RWA Trading."

On May 18, Hyperliquid officially released data stating that the platform's RWA trading open interest has risen to $2.6 billion, a new all-time high, doubling from two months ago. Latest data shows that the total trading volume of tokenized stocks hit a new all-time high at $3.57 billion, with Hyperliquid being the leader in this sector.

On today's Hyperliquid, crypto assets are no longer the "main theme." Tokenized stocks and commodities are gradually becoming the focal points of platform liquidity, including assets like the Nasdaq Index, S&P 500, Crude Oil, Gold, and Silver.

A recent weekly report from asset management firm Arca pointed out that among Hyperliquid's top 30 markets, only 7 are cryptocurrency trading pairs. The vast majority are commodity and stock trading pairs from Trade.xyz.

When CME is closed on weekends, traders bet on crude oil fluctuations on Hyperliquid; before the Cerebras IPO, US stock traders and investment bank fund managers used Hyperliquid's pre-market prices for more accurate stock price references; as soon as the SpaceX pre-market stock went live, the market pushed its market cap above $2 trillion.

HIP-3 Trading Volume Share: Trade.xyz Nears 90%

From a trading scale perspective, the on-chain US stock contracts dominated by Trade.xyz are no longer "just fun tokens," but a financial market infrastructure with substantial price discovery functions. In the past, this authority was held only by a few major investment banks, brokerages, market makers, and exchanges in the capital market.

Compared to traditional pre-market markets, the close alignment of Trade.xyz and Hyperliquid with the final true price forces recognition: For the first time in history, the "right to price discovery" of US stocks has shifted from the traditional trading session to the 24/7 on-chain world.

How Hyperliquid Prices Stocks: The Unceasing Game of Capital

The accurate pricing achieved today is not just due to the advantage of non-stop trading hours, but also multiple factors including product structure, global capital, and whale leverage.

First, the trading time advantage. Limited by historical development, traditional financial markets have a fundamental flaw: For US stocks, the official Nasdaq trading session is only from 9:30 AM to 4:00 PM ET. Yet, major events impacting global financial markets increasingly occur "outside stock trading hours." This trend has become more pronounced in recent months—events like the US-Iran conflict, tariff negotiations, and policy pushes often erupt after Friday's market close, precisely when traditional markets are shut. Traders, needing to hedge risks the most, have nowhere to go, and thus flock to Hyperliquid. Now, Bloomberg has cited Hyperliquid's crude oil contract quotes as "the most valuable price reference," signaling mainstream media recognition of on-chain prices' authority.

Second, the product structure advantage. Unlike PreStocks and other stock pre-market trading platforms that use SPV shareholding structures, Trade.xyz's pre-market contracts are pure perpetual synthetic assets—they involve no actual equity, but are cash-settled derivatives. Legally, this perpetual asset is completely different from traditional tokenized equity, offering greater flexibility in terms of compliance and regulation. A key example is the earlier authorization by S&P Dow Jones for the S&P 500 index to be used in Hyperliquid perpetual contract trading.

Third, the global capital flow advantage. After the US stock market closes, global liquidity, including Asian capital, needs a channel. The US stock market, with its largest capacity, highest capital flow efficiency, and highest number of participants, becomes the "best target." Hyperliquid's RWA trading platform provides them with a sufficiently broad stage.

Macroeconomic and Stock Analyst Citrini's Endorsement of Trade.xyz's Price Discovery

Finally, the leveraged whale pricing advantage. Compared to exchanges with strict KYC or other pre-market trading platforms, Hyperliquid is undoubtedly more friendly for whales needing high-leverage trading. On-chain rapid gaming and 3-50x leverage significantly enhance convenience for these large players.

A Two-Way Convergence of Crypto and Traditional Finance

Have you noticed that the US stock market, once strictly guided by "business performance and financial reports," is increasingly exhibiting "crypto market characteristics"? It is heavily influenced by macroeconomic data, swayed by a single Trump tweet, driven by institutional influencers' calls, amplified by narrative logic, pushed to highs by retail FOMO—and then slammed to the ground by a sudden news event.

On the other hand, after the approval of crypto ETFs, mainstream coins have been, to some extent, "co-opted" by traditional finance: volatility has decreased, and they find themselves in range-bound consolidation, lacking compelling narratives.

This shift in the styles of the two asset classes has opened a real upside for Hyperliquid: As US stocks and crypto assets become increasingly similar, using on-chain tools to facilitate US stock price discovery becomes feasible. A proactive adaptation to this new market structure is already underway. In the near future, a transmission chain of "on-chain pricing first -> pre-market following -> spot market confirmation" will reshape financial markets. Hyperliquid, this infrastructure of the crypto world, is transforming into a "globalized Nasdaq" in a new way.

Institutions that understand this are now jockeying for position within the Hyperliquid ecosystem.

On May 19, Bitwise announced it would allocate 10% of the management fee income from its BHYP Hyperliquid ETF to hold the native Hyperliquid token, HYPE, on its corporate balance sheet, with the HYPE holdings also to be staked. On May 20, investment bank Goldman Sachs sold $152 million worth of XRP, $500 million worth of ETH, and $450 million worth of BTC, while simultaneously purchasing HYPE tokens.

Bitwise CIO Matt Hougan stated publicly that HYPE's value is still being underestimated by the market. Hyperliquid's true potential lies in becoming a global trading super-app covering stocks, Pre-IPO assets, commodities, prediction markets, and crypto assets.

Furthermore, according to recent 13F filing disclosures, institutional funds including Paradigm, Pentera, Vanguard, Citadel, and Galaxy are rushing to add positions in PURR, the treasury company of the HYPE DAT, to their investment asset lists.

A 24/7 Global Nasdaq, Starting On-Chain

CZ once said that the real ultimate competitor for the crypto market should be traditional stock exchanges like Nasdaq. Today, this statement is being redefined by Hyperliquid.

The market has realized that this competition is not about "who can build a larger crypto exchange," but about the reconstruction of global financial infrastructure. Hyperliquid is not just moving Wall Street practices partially on-chain; it is also attempting to redefine "the market" itself.

US stock trading is limited by fixed time zones, private companies lack public pricing, and global users face difficulty participating equally in primary and secondary markets. These financial boundaries, long accepted as defaults, are gradually being broken down by the on-chain trading system.

"Asset tokenization" is too cliché. This is already an experiment in the paradigm shift of "the right to price discovery."

On Hyperliquid, for the first time, global users are approaching a true prototype of a 24/7, borderless market with free flow of assets across all categories.

Traditional platforms, including Nasdaq itself, are being forced to rethink the boundaries of the future financial market.