Venues / Perp DEX

Perp DEXSelf-custody Hyperliquid live

trade.xyz

trade.xyz deploys perpetual markets on Hyperliquid through HIP-3, covering US and Asian stocks, ETFs, equity indices, commodities, FX and pre-IPO companies, all margined and settled in USDC. Hyperliquid's own engine matches orders and holds positions; trade.xyz sets the market rules and price feeds and runs a web interface at app.trade.xyz.

Cost: Most markets run in growth mode: 0.009% taker and 0.003% maker at the base tier. The few markets not eligible for growth mode (including GOLD and MSTR) pay the standard HIP-3 rate of 0.09% taker and 0.03% maker, double Hyperliquid's own perps. Hyperliquid's volume tiers and HYPE staking discounts apply on top. Funding is paid hourly between longs and shorts at half Hyperliquid's usual formula. A $1,000 buy-and-sell costs about $0.18 in trade.xyz fees.

Sign-up perk: 4% off fees for the first $25M of volume, through a Hyperliquid referral code. Hyperliquid's fee formula applies this discount to HIP-3 perps, including trade.xyz markets.

Checked 2026-10-20 · sources below
Round trip fee
0.018%
buy + sell, platform fee
$1,000 buy + sell
$0.18
$0.17 with sign-up discount
Fees paid, 30d
—
not tracked by DefiLlama
US availability
Not available
UK: not available · EU: unverified
Open trade.xyz

More on trade.xyz: US alternatives

Quick answers

Custody
Self-custody
KYC
none
Platforms
web
Launched
2025-10

Best for: Traders outside the US, UK and Canada who want leveraged, round-the-clock exposure to stocks, indices, commodities, FX and pre-IPO companies from a self-custodied Hyperliquid account.

trade.xyz fees

FeeTypeRateApplies toNote
Taker fee, growth-mode markets protocol 0.009% Buy and sell Base tier. Growth mode cuts all-in fees by at least 90% from the standard HIP-3 rate. On 2026-10-20 Hyperliquid's market data showed growth mode on every live xyz market except GOLD, MSTR, BMNR, STRC and PURRDAT. Falls to 0.0048% at the top volume tier.
Maker fee, growth-mode markets protocol 0.003% Buy and sell Base tier. Falls to 0% at the top volume tiers. Maker rebates and volume credit toward your fee tier are also cut by at least 90% in growth mode.
Taker fee, standard HIP-3 markets protocol 0.09% Buy and sell Twice Hyperliquid's 0.045% base taker fee. Applies to markets that can't use growth mode, such as gold (PAXG already tracks it) and crypto-linked stocks like MSTR. Falls to 0.048% at the top volume tier.
Maker fee, standard HIP-3 markets protocol 0.03% Buy and sell Twice Hyperliquid's 0.015% base maker fee. Falls to 0% at the top volume tiers.
Fee split other — Buy and sell Docs: 50% of fees go to Hyperliquid and 50% to trade.xyz. Not an extra charge. The fee docs list no separate interface fee.
Funding other — Buy and sell Paid between longs and shorts, hourly per DefiLlama. Since 2025-12-19 trade.xyz scales Hyperliquid's funding formula by 0.5, which it says lowers baseline funding to about 5.5% a year. Pre-IPO markets use 1% of the standard calculation until the company lists.
Event contracts protocol 0.07% close Hyperliquid's base outcome rates: 0.07% taker and 0.04% maker at tier 0, charged only when a position closes or settles. trade.xyz adds no deployer fee on Events. No maker rebates.

Fee tiers

TierRateRequirement
Tier 0 (growth mode)0.009%default (14-day weighted volume below $5M); maker 0.003%
Tier 1 (growth mode)0.008%>$5M 14-day weighted volume; maker 0.0024%
Tier 2 (growth mode)0.007%>$25M; maker 0.0016%
Tier 3 (growth mode)0.006%>$100M; maker 0.0008%
Tier 4 (growth mode)0.006%>$500M; maker 0%
Tier 5 (growth mode)0.005%>$2B; maker 0%
Tier 6 (growth mode)0.005%>$7B; maker 0%
Tier 0 (standard HIP-3)0.09%default; maker 0.03%
Tier 6 (standard HIP-3)0.048%>$7B 14-day weighted volume; maker 0%
Diamond staking (growth mode)0.005%Hyperliquid HYPE staking discount of 40% (>500,000 HYPE); tier 0 taker shown

Perps: taker 0.009%, maker 0.003% — Base tier on growth-mode markets, which covered every live xyz market except GOLD, MSTR, BMNR, STRC and PURRDAT on 2026-10-20. Those pay the standard HIP-3 rate of 0.09% taker and 0.03% maker. Hyperliquid fee tiers count volume across Hyperliquid perps, HIP-3 perps and spot together.

Platform fees only. On-chain network/priority fees, pool (LP) fees and price impact are extra and vary by trade.

Is trade.xyz legit?

The Terms (section 1.3) require you to connect a non-custodial wallet and say XYZ Ltd has no custody of, access to or control over your keys or assets. Funds and positions sit in your own Hyperliquid account, and orders, balances and settlement are processed onchain by Hyperliquid's validators. trade.xyz does control each market's price feed and parameters.

Incidents on record

  • 2025-12-14: Weekend XYZ100 liquidations. On a Sunday, when Nasdaq futures were closed, a newly funded wallet shorted about $10M of the XYZ100 perp and liquidated about $13M of long positions, per The Defiant's report on 2025-12-15. The price moved back toward the oracle within about 30 minutes. trade.xyz had not commented publicly at the time of the report. Source
  • 2026-07-27: SK Hynix oracle print triggers liquidation cascade. At 23:00 UTC (08:00 in Seoul), a single-share order error on Korea's NXT pre-market venue fed into trade.xyz's SKHYNIX oracle. The perp's mark price fell about 18% in seconds. Onchain analysis counted about 960 long accounts liquidated, $57.4M in positions and about $17.3M in realized losses, plus about $10.8M of profitable shorts auto-deleveraged; neither firm confirmed those figures. trade.xyz said its oracle worked as specified but would reimburse eligible liquidation losses as a one-time discretionary decision. Source

Where trade.xyz is available

RegionStatus
United StatesNot available
United KingdomNot available
European UnionUnverified

Terms of Use (last updated 2026-09-06), section 2.2: 'Restricted Persons' include persons or entities who 'reside in, are located in, are incorporated in, have a registered office or principal place of business in, or are otherwise subject to the laws of the United States of America, Canada, the United Kingdom', plus sanctioned territories (Crimea, Cuba, Iran, North Korea, Syria, Myanmar, Donetsk, Luhansk) and their citizens. Section 2.2 also bans using a VPN, proxy or Tor to get around geo-blocks. The EU is named only as a sanctions authority, not as a restricted region; trade.xyz may designate further restricted jurisdictions per product. (source)

We report what the venue's own terms say. Don't use a VPN to get around restrictions; venues can freeze accounts that do.

Pros and cons

Pros

  • Growth-mode markets cost 0.009% taker and 0.003% maker at the base tier, a tenth of the standard HIP-3 rate.
  • Covers more than 100 live markets across US, Korean, Japanese, Hong Kong and Chinese stocks, ETFs, indices, commodities, FX and pre-IPO companies.
  • Funds stay in your own Hyperliquid account, and Hyperliquid's validators handle matching and settlement.
  • Hyperliquid volume tiers, HYPE staking discounts and referral discounts all apply.
  • Funding uses half of Hyperliquid's formula, about 5.5% a year at baseline per the docs.

Cons

  • The Terms bar people in the US, Canada and the UK, and ban VPNs to get around that.
  • trade.xyz runs the price feeds; a bad Korean pre-market print in July 2026 crashed the SKHYNIX perp about 18% and liquidated an estimated $57.4M of positions.
  • Markets keep trading when the underlying exchange is closed, so weekend prices can drift from the real market, as in the December 2025 XYZ100 liquidations.
  • Gold, MSTR and a few other markets pay 0.09% taker, double Hyperliquid's own perps.
  • Most markets use isolated margin, and leverage tops out at 10x on most markets and 5x on most pre-IPO markets.

Features

perpsstock perpspre-IPO perpsindex perpscommodity perpsforex perpsETF perpsevent contracts24/7 tradingcross and isolated marginlimit ordersHIP-3 builder-deployed perps

Alternatives to trade.xyz

Lighter

Non-US, non-UK retail perps traders who want zero trading fees and can accept slower taker execution than paid accounts.

0%Round trip

Paradex

Non-US traders who place orders manually through a web UI and want zero-fee perps plus options from one margin account.

0%Round trip

Ostium

Traders who want onchain leveraged exposure to stocks, forex, commodities and indices from a self-custodied wallet, outside the US.

0.06%Round trip

Aster

Non-US, non-UK traders who want zero maker fees on order-book perps, very high leverage modes, or privacy-shielded orders.

0.08%Round trip

Where trade.xyz ranks

trade.xyz FAQ

Is trade.xyz legit?

trade.xyz is the first and largest HIP-3 deployer on Hyperliquid, live since October 2025. Hyperliquid's validators match trades and hold positions, and the Terms say XYZ Ltd never takes custody. Its price feeds have failed under stress: a bad print in July 2026 liquidated an estimated $57.4M of SKHYNIX longs, and trade.xyz said it would reimburse eligible losses.

What are trade.xyz's trading fees?

Most markets run in growth mode at 0.009% taker and 0.003% maker at the base tier. Markets not eligible for growth mode, such as GOLD and MSTR, pay 0.09% taker and 0.03% maker. Hyperliquid volume tiers and HYPE staking discounts lower both. Fees split 50/50 between Hyperliquid and trade.xyz.

Can US users trade on trade.xyz?

No. Section 2.2 of the Terms of Use (updated 2026-09-06) names people who live in, are located in or are incorporated in the United States, Canada or the United Kingdom as Restricted Persons. The Terms also ban using a VPN, proxy or Tor to get around geo-blocks.

How do trade.xyz fees relate to Hyperliquid fees?

trade.xyz markets run on Hyperliquid and use its fee tiers. The standard HIP-3 rate is twice Hyperliquid's own perps fee (0.09% vs 0.045% taker). Growth mode then cuts that by at least 90%, so most trade.xyz markets cost less to trade than Hyperliquid's crypto perps.

Sources

Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.

  1. trade[XYZ] Docs: Fees (growth-mode and standard HIP-3 fee tiers) — checked 2026-10-20
  2. Hyperliquid Docs: Fees (HIP-3 deployer fee share, growth mode, fee formula with referral discount) — checked 2026-10-20
  3. Hyperliquid info API, meta for dex 'xyz' (growthMode and deployerFeeScale per market; POST request) — checked 2026-10-20
  4. trade[XYZ] Docs: Relationship to Hyperliquid — checked 2026-10-20
  5. trade[XYZ] Docs: Perpetuals — checked 2026-10-20
  6. trade[XYZ] Docs: Specification Index (leverage and margin mode per market) — checked 2026-10-20
  7. trade[XYZ] Docs: Pre-IPO Specification Index — checked 2026-10-20
  8. trade[XYZ] Docs: Pre-IPO Perpetuals — checked 2026-10-20
  9. trade[XYZ] Docs: Funding Rate Formula Updates (2025-12-19) — checked 2026-10-20
  10. trade[XYZ] Docs: Events fees — checked 2026-10-20
  11. trade[XYZ] Docs: General Disclaimer — checked 2026-10-20
  12. trade[XYZ] Terms of Use (XYZ Ltd, last updated 2026-09-06) — checked 2026-10-20
  13. Hyperliquid Docs: Referrals — checked 2026-10-20
  14. trade[XYZ] app (front-end code: ref= parameter validated as a Hyperliquid referral code) — checked 2026-10-20
  15. Hyperliquid Docs: Exchange endpoint (withdrawal fee and timing) — checked 2026-10-20
  16. DefiLlama: trade[XYZ] RWA perps venue (launch date, Hyperunit team, funding interval) — checked 2026-10-20
  17. The Defiant: TradeXYZ faces backlash after whale triggers weekend liquidations (2025-12-15) — checked 2026-10-20
  18. Cointelegraph: Trade.xyz to cover SK Hynix perp liquidation losses tied to price anomaly — checked 2026-10-20
  19. Nexus Mutual: xyz:SKHYNIX flash crash on Hyperliquid, incident report — checked 2026-10-20
  20. BeInCrypto: Hyperliquid explains $57M SK Hynix perp liquidations after oracle anomaly — checked 2026-10-20