trade.xyz pre-IPO perps: fees, leverage and markets
trade.xyz deploys perpetual futures (perps) on Hyperliquid through HIP-3. Its markets include stocks, equity indices, commodities, currencies and pre-IPO companies. The standard fee is 0.090% taker at tier 0, which is twice the Hyperliquid base rate. The terms exclude users in the United States, Canada and the United Kingdom.
PerpFinder opened each source on 2026-09-25. No PerpFinder account traded on trade.xyz.
What the product is
trade.xyz deploys perps on Hyperliquid through HIP-3. The docs list stocks, equity indices, commodities, currencies and pre-IPO markets.
Source: trade.xyz docs: about trade.xyz (read 2026-09-25).
HIP-3 lets a deployer define a market, its oracle and its contract terms. The deployer also sets oracle prices and leverage limits, and settles the market.
Source: Hyperliquid docs: HIP-3 builder-deployed perpetuals (read 2026-09-25).
Launch date and status
The trade.xyz changelog archives the v1 oracle design that XYZ100, an equity index perp, used at its launch.
Source: trade.xyz docs: equity indices v1 archive (read 2026-09-25).
On 2026-09-25, the Hyperliquid API listed 125 markets for the xyz deployment. 109 were active and 16 were delisted.
Source: Hyperliquid API: meta for the xyz deployment (read 2026-09-25).
Where the orders fill and clear
Orders fill on HyperCore, the Hyperliquid order book. The trade.xyz docs state that its interface does not hold user assets and does not operate HyperCore.
Source: trade.xyz docs: about trade.xyz (read 2026-09-25).
Hyperliquid requires a HIP-3 deployer to stake 500,000 HYPE. Validators can slash that stake for malicious market operation.
Source: Hyperliquid docs: HIP-3 builder-deployed perpetuals (read 2026-09-25).
Regulator status
The terms are an agreement with XYZ Ltd. The laws of the British Virgin Islands govern them.
Source: trade.xyz terms of use (last updated September 6, 2026) (read 2026-09-25).
Who can use it
The terms exclude persons in the United States, Canada, the United Kingdom and other regions that trade.xyz designates. They also exclude sanctioned territories.
Source: trade.xyz terms of use (last updated September 6, 2026) (read 2026-09-25).
The sanctioned territories in the terms include Crimea, Cuba, Iran, North Korea, Syria, Myanmar, Donetsk and Luhansk.
Source: trade.xyz terms of use (last updated September 6, 2026) (read 2026-09-25).
Trading fees
Standard fees on trade.xyz markets are 2x the fees on validator-operated Hyperliquid perps. Hyperliquid and trade.xyz each get 50% of the fee.
Source: trade.xyz docs: fees (read 2026-09-25).
At tier 0, the standard rate is 0.090% taker and 0.030% maker. Markets in growth mode charge 0.0090% taker and 0.0030% maker.
Source: trade.xyz docs: fees (read 2026-09-25).
Hyperliquid permits a HIP-3 deployer to add a fee share from 0% to 300%. Above 100%, the protocol fee also increases.
Source: Hyperliquid docs: fees (read 2026-09-25).
Funding mechanics
The trade.xyz funding rate is half of the sum of the average premium index and a clamped interest term. The clamp is ±0.05%.
Source: trade.xyz docs: funding rate formula update (read 2026-09-25).
Pre-IPO markets use a funding multiplier of 0.005. After the company lists, the market moves to the standard multiplier of 0.5.
Source: trade.xyz docs: pre-IPO perpetuals (read 2026-09-25).
Leverage and margin
On 2026-09-25, the API showed 50x on SP500, JPY, EUR and GBP, and 30x on XYZ100. 77 markets, most of them single stocks, showed 10x.
Source: Hyperliquid API: meta for the xyz deployment (read 2026-09-25).
Gold and silver showed 25x. 24 markets showed 20x, among them TSLA, NVDA, AAPL, MSFT and crude oil. The OURA pre-IPO market showed 5x.
Source: Hyperliquid API: meta for the xyz deployment (read 2026-09-25).
Available markets
The pre-IPO index lists eight markets. On 2026-09-25, OURA had the status Live. SHEIN, UNITREE, CXMT, SKHY, SPCX, QNT and CBRS had the status Converted.
Source: trade.xyz docs: pre-IPO specification index (read 2026-09-25).
A pre-IPO oracle price comes from a 30-minute exponentially weighted moving average that moves with the market impact price difference.
Source: trade.xyz docs: pre-IPO perpetuals (read 2026-09-25).
The docs give OURA an anticipated listing date of October 2, 2026. The docs state that the actual IPO date can be very different.
Source: trade.xyz docs: pre-IPO specification index (read 2026-09-25).
API and documentation
The markets use the Hyperliquid API with the deployment name xyz. A meta request with "dex": "xyz" returns the market list and leverage caps.
Source: Hyperliquid API: meta for the xyz deployment (read 2026-09-25).
Measured cost
The PerpFinder cost engine reads the validator-operated Hyperliquid books. It does not read the xyz books, so no measured spread or price impact exists for trade.xyz markets.
trade.xyz against Hyperliquid and Binance
| Term | trade.xyz | Hyperliquid | Binance |
|---|---|---|---|
| Entry-tier fee | 0.090% taker, 0.030% maker (tier 0) source | 0.045% taker, 0.015% maker (tier 0) source | 0.050% taker, 0.020% maker (regular user) source |
| Maximum leverage | 50x (SP500, JPY, EUR, GBP); 30x on XYZ100 source | 40x on BTC source | 150x on BTCUSDT (smallest bracket) source |
| Funding | Premium index formula; pre-IPO multiplier 0.005 source | Every hour source | Every 8 hours on BTCUSDT source |
| Custody | Non-custodial interface; positions on Hyperliquid source | Not in the sources read | Not in the sources read |
| Access | Not for the US, Canada, the UK or sanctioned regions source | Not for the US, Ontario or sanctioned regions source | Not in the sources read |
Each cell links its own source. A cell without a source shows that the pages PerpFinder read do not state the value.
Risks and open questions
The trade.xyz disclaimer states that a trader can lose the full amount committed to a position.
Source: trade.xyz docs: general disclaimer (read 2026-09-25).
For pre-IPO markets, the move from internal to external pricing can cause a step change in the mark price. The docs also state that the listing can be delayed, repriced or withdrawn.
Source: trade.xyz docs: pre-IPO perpetual markets risks (read 2026-09-25).
- The trade.xyz docs give no launch date for the first market.
- The trade.xyz terms name no financial regulator and no license.
Terms used on this page
- Funding rate
- A funding rate is the periodic payment between long and short positions that keeps a perpetual futures price near its index price. When the rate is positive, longs pay shorts.
- Total trading cost (all-in cost)
- Total trading cost (all-in cost) is the selected-side cost of one order at a given size: the fee plus half of the spread plus the price impact, in bps and USD.
Independent Site: PerpFinder is not trade.xyz and is not affiliated with, endorsed by, or operated by the venues it covers. We do not connect wallets, process deposits, distribute tokens, or verify reward eligibility. Never share a password, seed phrase, or private key with anyone.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.