Trade.xyz Captures Over Half of Hyperliquid's Trading Volume with AI Chip Stocks and Crude Oil Perpetual Contracts

marsbitPublished on 2026-08-19Last updated on 2026-08-19

Abstract

**Title:** Trade.xyz Captures Over Half of Hyperliquid's Trading Volume with AI Chip Stocks and Oil Perpetuals **Summary:** Driven by the launch of AI chip stock and oil perpetual contracts, Trade.xyz has become the dominant builder on Hyperliquid following its HIP-3 upgrade, now accounting for over 55% of the platform's trading volume. The HIP-3 proposal shifted market creation from validator votes to a staking and auction model, allowing builders like Trade.xyz to deploy their own perpetual futures markets. Trade.xyz's focus on traditional assets like AI/Compute equities, crude oil, and major indices has attracted significant on-chain trading activity. In the past month alone, it generated approximately $5 million in fees, which are split 50/50 with Hyperliquid. A significant portion of this revenue is used for open-market buybacks of the HYPE token, reducing its circulating supply and creating a direct link between platform activity and token value capture. This growth highlights both the potential for ecosystem concentration around a single major builder and the evolving mechanisms for HYPE's value accrual.

Author:Coin Metrics State of the Network

Compiled by: Deep Tide TechFlow

Deep Tide Introduction: Hyperliquid's HIP-3 transformed the listing of perpetual contracts from validator voting to staking plus auction. Trade.xyz became the major player, capturing over half of Hyperliquid's trading volume in August. It attracted on-chain traders with perpetual contracts for traditional assets like AI chip stocks, crude oil, and the S&P. Its fee sharing continues to drive HYPE buybacks. Understanding this mechanism is crucial for assessing Hyperliquid's ecosystem concentration and HYPE's value capture.

Key Takeaways

In August, Trade.xyz's perpetual markets accounted for 55% of Hyperliquid's total market trading volume.

In July, trading volume for AI & compute stocks and indices on Trade.xyz constituted approximately 53% of its total volume.

Volume changes drove Trade.xyz to generate $5 million in fees over the past month. After a 50/50 split with Hyperliquid, most of its revenue is used to repurchase HYPE from the open market, reducing circulating supply.

Introduction

Hyperliquid's average daily futures trading volume over the past 30 days was about $8.5 billion, accounting for roughly 4.6% of global futures volume. Perpetual futures contracts have no expiration date and don't require managing the underlying asset, making it simpler to gain futures exposure. Compared to trading options with expirations, perpetuals only require paying a small funding rate to maintain positions and keep the futures price pegged to the spot price. Hyperliquid brings traditional financial operations like matching order books and low-latency trading on-chain, combining them with perpetual futures.

The Hyperliquid Improvement Proposal HIP-3, launched in October 2025, made the creation of perpetual futures markets permissionless. Now, builders can deploy their own futures markets to generate revenue, expand the ecosystem, and reduce reliance on Hyperliquid validators.

In this issue of State of the Network, we explore Hyperliquid's HIP-3 upgrade, Trade.xyz's market share, and how fee sharing from popular non-crypto markets creates value for the HYPE token.

How HIP-3 Improved Hyperliquid

HIP-3 unlocked the ability for independent builders to create perpetual markets. Previously, validators would vote to approve the creation of new perpetual markets. This caused delays and concentrated dependency on Hyperliquid validators.

With HIP-3, builders who stake 500,000 HYPE (approximately $27 million) earn the right to directly deploy three perpetual markets. After deployment, they can bid to create more. HIP-3 uses a 31-hour Dutch auction with a floor price of 500 HYPE (~$27,000), where builders bid to deploy the next market. After a builder wins an auction, the starting price for the next auction doubles from the winning price, then linearly decreases to 500 HYPE until another builder wins. Auction proceeds are used to repurchase HYPE tokens and reduce circulating supply.

Beyond the slashable 500,000 HYPE staking requirement, the auction costs have raised concerns about market centralization among HIP-3 builders—only a few can be profitable. Trade.xyz has become the largest HIP-3 perpetual exchange. Its open interest exceeds $4 billion, and it contributes an increasingly high share of trading volume and fees to the Hyperliquid ecosystem.

Trade.xyz's Rise as the Dominant Builder

Trade.xyz has captured a significant share of Hyperliquid's perpetual trading volume. Since January 2026, Trade.xyz has completed over $460 billion in trading volume, accounting for about 30% of Hyperliquid's total volume.

Hyperliquid currently has 484 markets: 232 natively issued by Hyperliquid, 108 deployed by Trade.xyz, and 144 deployed by other HIP-3 builders. Over the past month, Trade.xyz won 23 auctions and added 8 stock perpetual markets. Trade.xyz also added stocks of chipmakers like GIGADEV and CXMT, and compute ETFs like LYTE and NCLD. In August, Trade.xyz's monthly trading volume surpassed that of Hyperliquid's native markets, contributing about 55% of Hyperliquid's total volume.

Builders can create duplicate markets, customizing leverage caps and oracles to offer traders alternative markets. However, in existing duplicate markets, Trade.xyz captures almost 100% of the volume. This forces smaller builders to differentiate through niche perpetual markets not yet listed by Trade.xyz.

A Deeper Look at Individual Markets

Trade.xyz focuses on adding stock and commodity perpetual markets. Both Hyperliquid and Trade.xyz have captured one of the hottest narratives currently—AI/compute trading. As traders explore the commoditization of compute costs and build yield curves, Trade.xyz supports various perpetual contracts related to AI companies and industry benchmarks.

A basket of perpetual contracts for AI hyperscalers and chipmakers has taken off on Trade.xyz, contributing over 53% of its daily volume in July. SK Hynix and Micron markets each contributed over 20% of this basket's volume. SanDisk, the DRAM Index, and NVDA were the next most traded markets within the AI/compute narrative.

Although AI/compute trading has garnered recent attention, examining Trade.xyz's daily top markets helps illustrate the popularity of perpetual contracts, especially for traditional finance investments.

Since January, Crude Oil, Silver, Brent Crude, the Nasdaq 100 alternative, and the S&P 500 contract have been the top five perpetual contracts on Trade.xyz by cumulative volume. Despite previous high concentration, traders can react to events via 24/7 markets. After-hours and weekend volume spikes can occur in markets like Crude Oil due to geopolitical tensions. In August, these markets accounted for about 30% of Trade.xyz's total volume, down from a peak of 88%, indicating traders are diversifying their attention to newly listed markets on Trade.xyz.

The development of pre-IPO stock perpetuals also offers significant upside. The SPCX IPO generated over $1.3 billion in volume on Trade.xyz as traders speculated on the company's valuation. Trade.xyz's ability to quickly list markets allows it to capture short-term opportunities and generate substantial fees for itself and Hyperliquid.

How Fees Are Generated and How They Affect HYPE

Hyperliquid charges double the standard maker and taker fees for perpetual markets not operated by validators. Currently, Trade.xyz is in a growth mode, encouraging platform adoption by reducing fees by over 90%.

Trade.xyz generated $5 million in fees over the past month. These fees are split 50/50 with Hyperliquid, which primarily uses the funds to repurchase and burn HYPE tokens.

Since January 2026, we've observed a weak positive correlation between the HYPE token price and Hyperliquid's total trading volume. HYPE's value capture is becoming increasingly diversified. The growth of prediction markets, pre-IPO perpetuals, and revenue from USDC reserves all contribute to the valuation of HYPE and the Hyperliquid ecosystem.

Hyperliquid's Aligned Quote Asset (AQAv2) provides additional revenue. For all outstanding USDC on Hyperliquid, Circle shares 90% of the income generated from underlying investments with Hyperliquid. As more perpetual markets are deployed with USDC as the quote asset, Hyperliquid will earn more revenue for HYPE buybacks.

Trade.xyz is the leading HIP-3 builder in terms of open interest and trading volume. Over the past month, most perpetual trading volume has shifted from Hyperliquid's native markets to those listed by Trade.xyz. This is attributed to the markets available on Trade.xyz and hot trends—the AI/compute narrative, geopolitical tensions, and pre-IPO valuation exposure.

If Trade.xyz exits its growth mode, higher realized fee rates could increase fee revenue and potential HYPE buybacks. A resurgence in crypto perpetual activity could provide an additional source of volume. Hyperliquid and Trade.xyz continuing to offer services and integrations beneficial to the ecosystem can bring more value to the HYPE token. Trade.xyz is attracting an increasing number of users to participate in traditional finance investments through 24/7 markets.

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Additionally, the infrastructure supports twenty-four-hour token transfer capabilities, providing CRMON holders with operations outside traditional market hours. This represents a significant advantage over conventional securities ownership, thus promoting integration with decentralised finance applications. Plans for cross-chain compatibility through partnerships signal further ambitions for CRMON's market reach. By expanding to other blockchain networks, Ondo Finance aims to enhance accessibility and user engagement with tokenised equity products. Timeline and Historical Development of Tokenized Equity Innovation The timeline of CRMON's development and Ondo Finance's broader tokenised capabilities demonstrates a systematic innovation process beginning with the company's founding in 2021. 2021: Ondo Finance is founded by Nathan Allman and co-founders, launching initial products focused on structured vault offerings on the Ethereum blockchain. 2022: The company completes substantial funding rounds—both equity and token sales—totaling significant capital and launching initial tokenised U.S. Treasury products. 2023-2024: Ondo Finance experiences substantial growth, establishing partnerships with major financial institutions while expanding its product offerings beyond fixed-income securities. February 2025: Ondo Global Markets is announced, marking the transition into equity tokenisation with plans for accessing over one hundred U.S. stocks and ETFs. September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

4.6k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.