TradeXYZ, the leading real-world assets (RWA) platform on the Hyperliquid network, has achieved unprecedented growth, surpassing $1 billion in daily trading volume and reaching $790 million in open interest, marking new all-time highs. This represents a staggering 200% increase over the past month, a surge directly attributed to the implementation of Hyperliquid's "growth mode," which drastically reduced fees on perpetual futures markets.
The record-breaking activity is most pronounced in the commodities sector. The SILVER/USDC pair alone generated $740 million in volume, significantly outpacing other markets like the Nasdaq futures index (XYZ100). This boom in tokenized asset trading has triggered a competitive response from centralized exchanges, with Binance immediately launching a TSLAUSDT pair to capture demand for equity and commodity derivatives within the crypto ecosystem.
The underlying driver of this activity is Hyperliquid's HIP-3 framework, a permissionless market creation protocol that went live in mid-October 2025. HIP-3 allows builders to launch perpetual futures contracts for any asset with a price feed, requiring 500,000 HYPE tokens to be staked for contract deployment. Since its launch, HIP-3 has facilitated over $25 billion in total trading volume.
TradeXYZ, developed by Hyperunit (Hyperliquid's tokenization arm), is responsible for the majority of this volume, accounting for over $22 billion. Its top markets include the XYZ100 index ($12.7B volume, $165.4M OI), Silver ($3.0B volume), and Nvidia ($1.2B volume). The platform's success coincides with a broader precious metals rally, with gold recently breaking the $5,000 price barrier for the first time.
The market is now watching to see if decentralized platforms like TradeXYZ can maintain their dominance against the offensive from centralized giants like Binance. The consolidation of these volumes will be a key indicator of whether a definitive migration of traditional financial markets toward high-efficiency blockchain infrastructures is underway. New asset pairs, such as those for rare earths (USAR) and natural gas, are expected to further diversify TradeXYZ's offerings and test this trend.
