tradeXYZ is bringing the real world onchain through perps

Perp volume on Hyperliquid has halved since October. The real-world markets built on top of it have grown 12.0x over the same period. This week's charts cover tradeXYZ, the team putting the S&P 500, SpaceX, Micron, and WTI crude onchain as perps, meaning futures contracts with no expiry, open around the clock, with leverage.

The rotation

• Quarterly perp volume on Hyperliquid has fallen from $996.0B in Q3 2025 to $505.5B so far in Q2. Notional trading volume measures the total dollar value of contracts traded. The decline began on October 10, when roughly $19B in leveraged positions were liquidated in a day, the largest such event in crypto's history, and activity has cooled since.

• tradeXYZ markets grew through the drawdown and now account for 29.5% of total volume. tradeXYZ lists real-world markets, stocks, indices, commodities, and currencies among them, on Hyperliquid's order books via HIP-3, an upgrade that lets external teams deploy their own markets on the exchange. Its volume grew from $112.4B in Q1 to $149.0B in Q2. Three quarters ago, its share was 1.7%.

• This could be the start of a structural shift in what trades on Hyperliquid. tradeXYZ's volume is up in absolute terms, and falling crypto volumes have pushed its share higher still. If the share keeps climbing through a crypto recovery, the case gets stronger.

The positions

• Open interest across tradeXYZ markets averaged $1.2B in Q2, up from $55.3M in Q4 2025. Open interest measures the total value of contracts currently open, with each contract counted once (single-sided), per derivatives-market convention.

• Growth came from both new markets and deeper existing ones. The S&P 500 market and the two oil markets, Brent and WTI, all launched after Q4 and averaged $524.1M combined in Q2. XYZ100, an index of 100 large non-financial U.S. companies and tradeXYZ's first market, was already live in Q4; its average grew from $30.0M to $154.6M.

• Volume measures trading; open interest measures conviction. Keeping a position open means leaving margin locked behind it. The 21x growth in two quarters suggests demand for real-world exposure has staying power.

The index

• The S&P 500 perp traded $10.2B over the past 30 days, including a record $1.1B on June 10. Daily volume averaged $340.2M, up from $222.0M the month before. June 10 was the market's highest single day since coverage began in March.

• Trading the index onchain takes less capital and never closes. At up to 50x leverage, a $10K deposit controls a $500K position, and the market trades nights and weekends.

• If history repeats, perps become how the index trades onchain. Offchain, most index trading has happened in futures rather than the underlying stocks since S&P 500 futures launched in 1982. Both forms now exist onchain: tokenized S&P 500 ETFs on the spot side, and perps, including tradeXYZ's, on the futures side.

The IPO

• The SpaceX perp traded $668.3M in the 30 days leading into tomorrow's Nasdaq listing. Daily volume peaked at $92.2M on June 8. SpaceX's own shares have never traded on a public exchange.

• SpaceX is expected to price the largest IPO in history, and almost no one can trade it. The perp lets traders go long or short at up to 5x leverage, the lowest cap of the markets covered here.

• The perp puts a public price on SpaceX before a listed one exists. Every trade is a bet on what the shares are worth: public price discovery before the IPO sets its own price.

The stock

• The Micron perp traded $4.7B over the past 30 days, up 4.3x month over month. Daily volume peaked at $431.9M on May 27. The growth coincided with a sharp rally in Micron's stock.

• A single-stock perp trades when the underlying does not. At up to 10x leverage, traders can react to news at any hour rather than waiting for the next open.

• The perp gives onchain traders a way to trade the AI buildout itself. Micron makes DRAM and NAND memory chips, core components of AI data centers, so its stock is a direct line into that demand. Earnings on June 24 are the next event the market will trade around.

The commodity

• The WTI perp traded $11.5B over the past 30 days, down from its April peak. Daily volume topped out at $2.0B on April 7 and has declined since. The pattern follows the oil market.

• Volume tracked the Strait of Hormuz disruption. Oil volatility spiked when shipping through the strait was disrupted and has eased since. Perp volume rose and fell with it, trading through the weekends when traditional oil markets are closed.

• Volume has settled at $385.7M per day, against low single-digit millions before the crisis. With the situation in the strait still unresolved, the perp remains a way to trade the risk as it develops.

Access these charts here.

Token Terminal now covers 4,545 Tokenized assets with a combined market cap of $344.8B.

This week’s highlights:

• Stablecoins remain the largest category at $302.0B, down 0.9% over the past 7 days. Within the category, euro stablecoins grew 3.7% to $783.2M, led by strong growth in StablR Euro (EURR).

• RWAs account for $42.8B in market cap, down 0.6% week over week. The category includes tokenized funds, U.S. T-bills, credit funds, commodities, stocks, ETFs, real estate, and pre-IPO stocks.

• Tokenized funds grew 1.0% to $34.4B, with U.S. T-bills up 1.5% to $14.1B and credit funds up 3.7% to $5.7B. Janus Henderson Anemoy AAA CLO Fund (JAAA) was one of the standout weekly movers across fund categories.

• Tokenized commodities stood at $6.9B, down 6.4% over the week, while tokenized stocks stood at $1.5B, down 7.8%. Among tokenized stocks, Ondo Robinhood Markets, Inc. (HOODon) was a notable weekly gainer.

• Smaller but growing categories include real estate at $1.3B, tokenized ETFs at $414.9M, and pre-IPO stocks at $62.0M.

Explore the full dataset here.

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Platform updates

• Listed Chainflip, a decentralized cross-chain swap protocol enabling native asset exchanges across Bitcoin, Ethereum, and Solana without wrapped tokens or bridges, powered by a JIT AMM model and 150 validators controlling multi-chain vaults via threshold signatures.

• Added 79 Reental tokenized real estate assets on Polygon, including properties across Atlanta, Jacksonville, Costa Maya, Malaga, and Castellon.

• Added 59 Dinari tokenized stocks and ETFs on Arbitrum and Base, including AAPL, NVDA, TSLA, AMZN, GOOGL, MSFT, and META.

• Added notional trading volume breakdowns by product for tradeXYZ, covering US equities (TSLA, NVDA, AAPL), indices (SP500, XYZ100, KR200), commodities (Gold, Silver, Brent Oil), and FX (EUR, JPY, GBP).

• Added open interest for tradeXYZ with breakdowns by product. Open interest measures the total USD notional value of all open contracts at a point in time, with each contract counted once (single-sided). tradeXYZ currently has $1.4B in open interest across 71 products, led by SP500 ($240.8M), Brent Oil ($185.9M), and XYZ100 ($167.0M).

• Token Terminal's research assistant is now available as a public MCP tool. Any AI agent or LLM-powered workflow can use it to ask open-ended, multi-step research questions across projects, chains, assets, and metrics.

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Updated stablecoin and RWA issuer pages

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The same layout is available on individual Asset pages, giving users a consistent workflow from market-wide analysis on the Tokenized assets page down to issuer-level and asset-level views.

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