Caught My Eye…
1) The Future of 24/7 Markets in the U.S. with Hyperliquid
Stan Druckenmiller made his first original post on X about trade(xyz), the Intercontinental Exchange, and Hyperliquid.
So what are each of these pieces, how do they relate, and what does it mean?
On October 29, Intercontinental Exchange (ICE), which owns the New York Stock Exchange, agreed to invest in trade[XYZ] and to run its markets for U.S. traders as their exclusive operator.
Those markets are perpetual futures, or perps, listed on Hyperliquid, a trading venue that runs on its own blockchain, a shared public record of every transaction. A perp is a contract that tracks the price of something, such as a stock index or a barrel of oil, and never expires.
Traders post a deposit, called margin, worth a fraction of the position they control, which magnifies gains and losses, and the venue closes positions whose deposit runs out. Hourly payments between traders betting on a rise and traders betting on a fall pull the contract toward the outside price. When the outside market is shut, trade[XYZ] prices its perps from its own traders' orders instead.
Hyperliquid matches buyers and sellers the way a stock exchange does, except its order book sits on that public record, it trades around the clock, and eligible traders outside the U.S. connect with a crypto wallet instead of opening a brokerage account.
Since October 2025, outside firms can list their own markets on it by setting aside 500,000 HYPE (currently worth around $44.5M), Hyperliquid's own crypto token, which has a market cap of ~$22.5B.
trade[XYZ] is the biggest of those firms, with perps on Nvidia, SK hynix, the S&P 500, oil and silver, and in early August its markets made up about 55% of Hyperliquid's trading. It also lists short-lived perps on companies about to go public. SpaceX traded for 25 days before the listing, and now Anthropic’s is live, allowing users to get an early look at what the markets are currently pricing the company at.
trade[XYZ] says their markets have surpassed $650B in volume since launch. During Iran tensions over a weekend in late February, it was reported that Hyperliquid "offered some of the only liquid pricing available" for oil while commodity exchanges were shut. Until now, Americans could only watch, but with these new developments, subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid.
If you are interested but new to the idea of Cryptocurrencies, read our primer on it here:
