Trade.xyz: The Biggest Rival to Hyperliquid After Capturing 90% of RWA Volume?

Trade.xyz has accumulated a trading volume of over $400 billion, with daily independent traders peaking at over 60,000.

Written by: Ma He, Foresight News

In the past week, discussions in the crypto community regarding the relationship between trade.xyz and Hyperliquid have noticeably intensified. The reason is straightforward: the trading volume of RWA perpetual contracts on Hyperliquid has surpassed that of crypto-native contracts for the first time, while trade.xyz has nearly monopolized the HIP-3 sector. A sharp question has begun to circulate—what would happen if trade.xyz chose to go independent?

On July 24, Lorenzo Valente, head of crypto research at ARK Invest, posted that Hyperliquid saw RWA trading volume surpassing that of crypto assets for the first time in a week, reaching 54%. During that week, Hyperliquid's total trading volume was approximately $50 billion, with RWA trades in HIP-3 contributing $26 billion, exceeding the total of all other DEX crypto perpetual contracts during the same period.

More notably, since June, individual stock perpetuals have begun to surpass indices and commodities, currently accounting for 61% of RWA trading volume. Lorenzo candidly stated that he is no longer convinced that RWA trading will naturally aggregate in the same venue as crypto assets, suggesting that independent leaders may emerge in this category.

Two days later, investor @0xCryptoSam directly posed the question to the market: If trade.xyz were to leave Hyperliquid tomorrow and launch its own exchange, where would traders go to trade RWA perpetuals? If trade.xyz were to issue stocks or tokens, how would the valuation logic of HYPE change? He believes he has confidence in the answers to these two questions but admits that, like most large allocators, he is uncertain about the

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