Trade.xyz上线220天后，Hyperliquid正成为“新纳斯达克”

Original: Odaily Planet Daily (@OdailyChina)

Author: Wenser (@wenser 2010)

Several years ago, when CZ was comparing Binance to other exchanges in the media, he boldly declared: "Binance's only real competitor is Nasdaq."

Today, the entity getting closer to that goal is Hyperliquid, where trading volumes for US stocks, gold, silver, and commodities are continuously surging.

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

After the pre-market Cerebras (CBRS) battle, Hyperliquid has begun to play the role of a "US stock price discovery machine" and is becoming the new Nasdaq.

Answer 2026: Describe Hyperliquid in one sentence?

In May last year, Trade.xyz founder Shoku (@sershokunin) mentioned in a tweet: "Very interestingly, after all this time, people still only view/evaluate Hyperliquid as an on-chain derivatives exchange. But if you take the time to dig deeper, you'll realize this 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 that tweet, and that heavyweight product has become the "Prototype On-Chain Nasdaq" - Trade.xyz.

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

On May 18, Hyperliquid officially announced that the platform's RWA open interest had risen to $2.6 billion, an all-time high and double the level from two months prior. Latest data shows that total trading volume for tokenized stocks hit an all-time high of $3.57 billion, with Hyperliquid leading the way in this sector.

On today's Hyperliquid, crypto assets are no longer the "main theme"; tokenized stocks and commodities are increasingly becoming the focal point of platform liquidity. These include assets like the Nasdaq index, S&P 500, crude oil, gold, and silver.

A recent weekly report from asset manager Arca noted that among Hyperliquid's top 30 markets, only seven are cryptocurrency trading pairs, with the vast majority being commodity and stock trading pairs from Trade.xyz.

When the CME is closed on weekends, traders speculate on crude oil moves via 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; immediately after SpaceX's pre-market stock went live, the market subsequently pushed its valuation above $2 trillion.

HIP-3 Trading Volume Share: Trade.xyz accounts for nearly 90%

In terms of trading scale, the on-chain US stock contracts dominated by Trade.xyz are no longer "just for fun" but represent a financial market infrastructure with genuine price discovery functionality. In the past, this power was held only by a handful of investment bank giants, brokerages, market makers, and exchanges in the capital markets.

Compared to traditional pre-market markets, the alignment of Trade.xyz and Hyperliquid with final real prices forces recognition: for the first time, the "price discovery right" for US stocks has shifted from traditional trading hours to a 24/7 on-chain environment.

How Hyperliquid Prices Stocks: A Never-Ending Game of Capital

The ability to achieve this accurate pricing stems not only from the advantage of continuous trading hours but also from multiple factors including product structure, global capital, and whale leverage.

First, the advantage of trading time. 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 Eastern Time. Yet, major events impacting global financial markets increasingly occur during "non-stock trading hours." This trend has become more pronounced in recent months - conflicts like the US-Iran tension, tariff negotiations, policy advancements, and unexpected events often erupt after Friday's market close, precisely when traditional financial markets are closed. Traders needing to hedge risks most find no place to go, so they flock to Hyperliquid. Now, Bloomberg has cited Hyperliquid's crude oil contract quotes as "the most valuable price reference," signifying growing recognition of on-chain prices by mainstream media.

Secondly, product structure advantage. Unlike pre-market stock platforms like PreStocks that use an SPV shareholding structure, Trade.xyz's pre-market contracts are pure perpetual synthetic assets – they involve no actual equity but are cash-settled derivatives. From a legal structural perspective, this perpetual asset is completely different from traditional tokenized equity, thus offering greater flexibility in terms of compliance and regulation. The earlier license from S&P Dow Jones for using the S&P 500 index for Hyperliquid perpetual contract trading is a prime example.

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

Macroeconomic and stock analyst Citrini's affirmation of Trade.xyz 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 requiring high-leverage trading. The rapid on-chain games and 3-50x leverage greatly enhance convenience for these whales.

A Mutual 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 a "crypto market temperament"? It is strongly driven by macro data, swayed by a single Trump tweet, influenced by institutional influencers' calls, amplified by narrative logic, pushed to highs by retail FOMO – and then suddenly slammed to the floor by breaking news.

On the other hand, since the approval of crypto ETFs, mainstream coins have been somewhat "co-opted" by traditional finance: volatility has decreased, trapped in a lackluster sideways consolidation lacking narrative.

This style shift between the two asset classes has opened up genuine upside for Hyperliquid: as US stock assets and crypto assets gradually converge, using on-chain tools to facilitate US stock price discovery becomes increasingly possible, and active adaptation to the new market structure is quietly underway. In the near future, the transmission chain of "On-chain pricing first -> Pre-market market follows -> Spot market confirmation" will reshape financial markets. Hyperliquid, this crypto infrastructure, is transforming into a "Globalized Nasdaq."

Institutions that understand this are starting to secure their positions within the Hyperliquid ecosystem.

On May 19, Bitwise announced it would allocate 10% of management fee revenue from its BHYP Hyperliquid ETF to hold Hyperliquid's native token, HYPE, on its corporate balance sheet, with the HYPE holdings also being 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 buying 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 recently released 13F filings, institutions including Paradigm, Pentera, Vanguard, Citadel, and Galaxy are racing to include positions in PURR, the treasury company of the HYPE DAT ecosystem, into their investment asset lists.

A Global, 24/7 Nasdaq, Starting On-Chain

CZ once said that the crypto market's true ultimate competitors should be traditional stock exchanges like Nasdaq. Now, this statement is being reinterpreted by Hyperliquid.

The market has realized that this competition isn't about "who can build a bigger crypto exchange," but about the restructuring of global financial infrastructure. Hyperliquid isn't just about moving Wall Street mechanics onto the chain; it is attempting to redefine what a "market" itself can be.

US stock trading is limited by fixed time zones, unlisted companies lack transparent public pricing, and global users find it difficult to participate equally in primary and secondary markets. These financial boundaries, long accepted as defaults, are being systematically broken down by on-chain trading systems.

"Tokenizing assets" is too cliché; this is already an experiment in the paradigm shift concerning the "right to price discovery."

On Hyperliquid, global users are, for the first time, approaching a truly 24/7, borderless market prototype where all asset classes can flow freely.

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