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

Original: Odaily Planet Daily (@OdailyChina)

Author: Wenser (@wenser2010)

A few years ago, when CZ was asked by the media to compare Binance with other exchanges, he boldly declared: "Binance's only real competitor is Nasdaq."

Today, the entity getting closer to that goal is Hyperliquid, where trading volumes in US stocks, gold, silver, and commodities continue to surge.

Along with its token HYPE surging over 100% (Recommended reading: "Why Is HYPE Still Surging? Has It Peaked?"), both the crypto market and even traditional finance are re-evaluating and repricing 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 for 2026: Describe Hyperliquid in One Sentence?

Last May, 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 contract exchange. But if you spend some time digging deeper, you'll realize the team's true ambition extends far beyond that. The next product Units is about to launch will make everyone see just how big the opportunity really is."

A year later, people finally realize the foresight of that tweet, and that heavyweight product has become today's "Nasdaq on-chain prototype" — Trade.xyz.

In October last year, HIP-3 officially opened, and along with it launched Trade.xyz, the largest third-party perpetual market application built 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 of on-chain US stocks, pre-market US stocks, and commodities introduced by HIP-3 and Trade.xyz, Hyperliquid has vaulted to become the "new king of RWA trading."

On May 18, Hyperliquid officially released data showing that the platform's RWA trading open interest has risen to $2.6 billion, a new all-time high and double the figure from two months ago. Latest data shows that the total trading volume of tokenized stocks hit a new all-time high of $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 increasingly becoming the focus of platform liquidity, including assets like the Nasdaq Index, S&P 500, Crude Oil, Gold, and Silver.

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

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

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

From a trading scale perspective, the on-chain US stock contracts dominated by Trade.xyz are no longer a "casual game for small bets," but rather a financial market infrastructure with substantial price discovery functions. In the past, this power was held only by a handful of major investment banks, brokerages, market makers, and exchanges in the capital markets.

Compared to traditional pre-market markets, the closeness of prices on Trade.xyz and Hyperliquid to the final real price forces people to admit: For the first time in history, the "price discovery power" for US stocks has shifted from traditional trading hours to a 24/7 on-chain environment.

How Hyperliquid Prices Stocks: An Unending Game of Capital

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

Let's start with the trading time advantage. Limited by historical development, traditional financial markets have a fundamental flaw. Taking US stocks as an example, Nasdaq's official trading hours are only from 9:30 AM to 4:00 PM ET, 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 tensions, tariff negotiations, policy implementations; sudden events often erupt after Friday's close, precisely when traditional financial markets are closed. Traders, needing to hedge risks at the most critical times with nowhere else to go, flock to Hyperliquid. Nowadays, Bloomberg cites Hyperliquid's crude oil contract quotes as "the most valuable price reference," and the authority of on-chain prices is gaining recognition from mainstream media.

Secondly, the product structure advantage. Unlike stock pre-trading 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 structure perspective, this perpetual asset is completely different from traditional tokenized equities, thus offering greater flexibility regarding compliance and regulation. The recent S&P Dow Jones licensing of the S&P 500 Index for Hyperliquid perpetual contract trading is a prime example.

Furthermore, the global capital flow advantage. After the US stock market closes, global liquid capital, including Asian funds, still needs channels. The US stock market, being the "best target" with the largest capital capacity, highest capital flow efficiency, and largest number of participants, provides a sufficiently vast stage for Hyperliquid's RWA trading platform.

Macroeconomic and stock analyst Citrini confirms Trade.xyz's price discovery

Lastly, the leveraged whale pricing advantage. Compared to exchanges with strict KYC requirements or other pre-trading platforms, Hyperliquid is undoubtedly more friendly to whales who need high-leverage trading. Fast on-chain trading coupled with 3x-50x leverage significantly enhances convenience for these large players.

A Mutual Convergence of Crypto and Traditional Finance

Have you noticed that the US stock market, once strictly adhering to "business performance and financial reports," is increasingly displaying a "crypto market temperament"? It is strongly pulled by macro data, swayed by a single Trump tweet, driven by institutional influencers' calls, amplified by narrative logic, pushed to highs by retail FOMO—only to be smashed down by a sudden breaking news event.

On the other hand, following the approval of crypto ETFs, mainstream coins have, to some extent, been "co-opted" by traditional finance: volatility has decreased, leading to range-bound consolidation lacking a clear narrative.

This style shift between the two asset classes has opened up genuine upside for Hyperliquid: as US stock assets and crypto assets increasingly converge, using on-chain tools to facilitate price discovery for US stocks becomes possible. An active adaptation to the new market structure has quietly begun. In the near future, a transmission chain of 'on-chain pricing first - pre-market market follows - official stock opening confirms' will restructure financial markets. Hyperliquid, as a piece of crypto world infrastructure, is transforming into a 'globalized Nasdaq' in a new way.

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

On May 19, Bitwise announced that it will use 10% of the management fee income from its BHYP Hyperliquid ETF to hold Hyperliquid's native token HYPE on its corporate balance sheet, and will also stake these HYPE holdings. On May 20, renowned 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 recently published 13F filings, fund institutions including Paradigm, Pentera, Vanguard, Citadel, and Galaxy are eagerly adding positions in PURR, the treasury company for the HYPE DAT initiative, to their investment asset lists.

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

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

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

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

"Asset tokenization" is too cliché; this has become an experimental paradigm shift regarding "price discovery power."

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 also being forced to rethink the boundaries of future financial markets.