tradeXYZ's first $100 billion month

tradeXYZ traded roughly $100 billion in July, its biggest month since launching last October. The platform runs on Hyperliquid, whose own markets cover crypto assets like BTC and ETH. tradeXYZ adds perpetuals on traditional real-world assets, meaning stocks, indices, and commodities. Perpetuals are futures contracts that never expire, so users can trade leveraged positions 24/7, including when TradFi exchanges are closed. Much of this year's market-moving news broke outside U.S. trading hours, from the conflict in the Middle East to the recent crash in Korean memory stocks.

There are tens of thousands of listed companies in the world, but at any given time most of tradeXYZ's volume sits in the segment of the market making headlines. The exchange's role is having the market listed before the story shows up. The platform started out as an index venue, spent the spring as a commodities venue, and by July memory stocks were nearly half of everything traded. The five charts below cover $89.3 billion of the July record, about 90% of the total, one category at a time. The open question is what takes over when the memory trade cools.

1) Semis & memory

• When memory became the story, tradeXYZ already had the markets listed. The platform has built 19 semiconductor markets since November, more than the other four categories combined, and for months they did almost nothing, under $2.4 billion a month through April. A SK Hynix perpetual first traded in February, five months before the company's U.S. listing. If the next big theme follows the same path, it's sitting in one of today's small categories.

• SK Hynix was the name in the headlines, and it out-traded Samsung 12x. The two memory giants crashed together and dragged the KOSPI down, all of it overnight U.S. time, but SK Hynix led the AI memory market, had just listed on Nasdaq, and suffered some of the sharpest one-day drops in its history. Samsung's perpetual did just $1.9 billion.

• That's how one company came to account for 23.5% of everything traded on tradeXYZ in July. SK Hynix perpetuals did $23.4 billion across the Seoul (SKHX) and Nasdaq (SKHY) listings, more than the platform's entire index category, and more than all eight commodities combined. Micron, the second-largest market, did $8.9 billion.

2) Equity indices

• Indices were the platform's first era. In October 2025, its first month, effectively all of tradeXYZ's $756.3 million in volume came from the XYZ100, its own stock index. The category is still basically two products, with the XYZ100 and the S&P 500 perpetual at 99.5% of July's $16.7 billion.

• When the news moved to single stocks, index volume fell by a third. July dropped 33.6% from June's $25.2 billion peak, while semiconductor volume rose 129.0%. An index is the broad-market trade, and July's news was about one industry. Even so, indices remained the platform's second-largest category.

• The world's most tracked stock index picked this venue for its first licensed perpetual. In March, S&P Dow Jones Indices licensed the S&P 500 to tradeXYZ for what it called the first and only officially licensed perpetual on the index; more than 550 institutions hold S&P index licenses, and this one went to a venue five months old. Themes come and go on the platform, but indices have traded every month since it launched.

3) Commodities

• Commodities were the era before memory. In March, oil and metals were 71.0% of everything traded on the platform, $41.6 billion in a single month. The category ran in two waves, silver's record winter run first, then the Iran conflict that moved oil in the spring. By July, that share was 14.9%.

• Inside the category, traders picked silver over gold every single month. Silver out-traded gold at 2.8x to 5.8x, and the preference survived silver's own crash. Prices peaked above $120 in late January and fell more than 40% within days, and silver stayed on top.

• Commodities also show how these stories end. All eight markets are past their volume peaks, down 61% to 92%. In silver and oil, the two biggest, volume peaked then faded month after month, and no other category has been through that full cycle. The memory trade is still in the middle of its own.

4) Sector ETFs

• The platform's fastest-growing category is the memory trade in a second wrapper. The DRAM perpetual tracks the Roundhill Memory ETF, a fund that bundles the big memory-chip stocks, and was 98.3% of the $5.4 billion in sector ETF volume in July. It first traded in May, the month the memory rally took off, and no category has grown faster since.

• The basket drew billions even though every big stock in it trades on tradeXYZ individually. Samsung, SK Hynix, and Micron make up the majority of the fund, so buying the basket is close to buying the same three stocks at once.

• Count both wrappers, and the memory trade was nearly half the record month. Memory and storage stocks plus the memory ETF came to $48.4 billion, or 48.7% of July's platform volume.

5) Space companies

• June's story was the SpaceX IPO, and tradeXYZ was trading SpaceX a month before it happened. The SPCX perpetual first traded in May; the company didn't list on Nasdaq until June 12. The platform runs pre-IPO markets, so one instrument carried SpaceX from private company to public stock.

• At the peak of the story, SpaceX was the most traded stock on the platform. The perpetual did $9.7 billion in June, more than any semiconductor name that month and behind only the two index perpetuals. It had been public for 13 trading days.

• Then the news moved on, and the volume went with it. SPCX volume halved in July even though SpaceX joined the Nasdaq-100 on July 7 and remained among the most traded stocks on Nasdaq. The perpetual traders had moved to memory. Attention arrives fast and leaves just as fast; SpaceX's market was in its second month when it peaked.

No one can definitively name the next theme yet. But every chart above shows the same sequence: the markets get listed early, do almost nothing for months, and then the attention arrives.

Access these charts and the underlying datasets in this dashboard.

Platform updates

• Listed ten Reserve DTFs: CMC20, LCAP, MVTT10F, DFX, DGI, OPEN, ABX, CLX, hyUSD, and bsdETH. A DTF (Decentralized Token Fund) is an onchain asset-backed index: one token backed by and redeemable for a basket of underlying assets. Eight are built on Reserve's Index Protocol, while hyUSD and bsdETH use its Yield Protocol.

• Listed Bankr, the dominant token launchpad on Robinhood Chain. AI agents launch tokens via natural language, CLI, or social media, with each token paired against WETH in a Uniswap V4 pool at creation. Bankr has processed $92.3 million in trading volume since July 1.

• Listed arcUSDG, the collateral token behind Arcus, a self-custodial exchange on Robinhood Chain. Arcus was built by the dYdX team with Robinhood Crypto as a strategic investor, and offers zero-fee spot trading in more than 95 tokenized U.S. equities plus cross-margined perpetuals in beta across equities, ETFs, commodities, indices, and crypto. Each Arcus USDG is minted against a 1:1 deposit of Global Dollar (USDG), the Paxos-issued stablecoin. Supply tracks collateral held on the platform: $17.9 million, up from effectively zero at the start of July.

• Added revenue tracking for Spark Liquidity Layer and Spark Savings. Spark Liquidity Layer deploys capital across lending markets including SparkLend, Aave, and Morpho: $1.1 billion in TVL and $34.8 million in revenue in Q2. Spark Savings gives access to the Sky Savings Rate, currently 3.54% APY, with $428.9 million in TVL.

• Added trading volume for Temple, institutional trading infrastructure on the Canton Network. Temple offers compliant, privacy-focused spot trading, liquidity, and asset issuance for institutions. Trading volume totaled $140.4 million over the past 30 days.

• Added coverage of Pendle on Monad. Pendle splits yield-bearing tokens into principal and yield components, enabling fixed-rate and leveraged yield strategies. The Monad deployment has $145.6 million in TVL and $58.7 million in notional trading volume over the past 30 days.

Interested in getting listed? Read more here.

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