trade.xyz has established dominance in the TradFi lanes, with its pricing mechanism, liquidity, and user experience propelling it to the top.

BlockBeats News, May 15th. According to loris.tools data, the perpetual contract trading platform trade.xyz, focusing on Tradfi assets (including stocks, indices, commodities, Pre-IPO), has a total value locked (TVL) of over $2.4 billion, establishing its dominance in this sector.

Within the Hyperliquid ecosystem, trade.xyz holds over 90% of the TVL and trading volume in the HIP-3 project, showcasing its clear dominance. Outside the Hyperliquid ecosystem, compared to major CEX platforms, trade.xyz is equally competitive. The latest data shows that its daily trading volume for Tradfi assets has reached $23.2 billion, second only to Binance, while its contract TVL far exceeds Binance at $7.28 billion.

trade.xyz's success can be attributed to a combination of factors:

Leading Pricing Mechanism: Taking Pre-IPO contracts as an example, considering the unique nature of these contracts, trade.xyz adopts an internal impact price + EMA dynamic pricing. Post-listing, it seamlessly transitions to an external oracle pricing mechanism, enabling efficient 24/7 price discovery. During the CBRS event, the Pre-IPO perpetual price accurately reflects the premium post-IPO, far surpassing the traditional grey market.

Liquidity Dominance: Leveraging the liquidity advantage of Hyperliquid, trade.xyz provides a trading experience on par with the top CEX platforms. Additionally, the USDC peg + low-fee Growth Mode attracts market makers to participate actively.

User Base and Ecosystem: With the first-mover advantage in stock/commodity perpetual contracts, trade.xyz has accumulated a vast number of retail and institutional users. The brand indices (XYZ100, S&P authorized) also enhance user stickiness. An extreme event (US-Iran conflict triggering a weekend oil market) has further propelled its brand exposure and user adoption.

In conclusion, trade.xyz is rapidly evolving into the "Nasdaq on-chain," reshaping the traditional finance's pricing power and trading hours.