TradeXYZ's first market launched on Hyperliquid 381 days ago. Today, we've joined forces with ICE, the parent company of the New York Stock Exchange, to bring perpetual contracts on Hyperliquid into regulated U.S. markets.
I rarely write long posts, but today is worth a few words.
For years, builders in this industry have been proving one thing: open on-chain markets can also support price discovery, manage risk, withstand pressure, and meet the standards of traditional market infrastructure; and they remain open when and where traditional markets are closed.
Our achievements stand on the shoulders of these builders. And today, the company that owns the New York Stock Exchange has chosen to build further on the efforts of every developer, trader, market maker, and user. These people once bet on us, bet on our markets. This moment, we share with you.
Markets are shaped by their participants. A new generation of investors trades on their phones, across all asset classes, placing orders 24/7. Before Hyperliquid, the infrastructure to support these kinds of markets did not exist.
Building these markets is hard. Pricing, funding rates, risk—all had to be forged with entirely new approaches, refined over and over with real money in markets that never close. And we had to earn the trust of the people trading in these markets. We are honored that the community saw this effort and returned that trust in kind.
It is that trust that enabled us to reach roughly $1 trillion in annualized volume in just over a year, to help pioneer new instruments like Pre-IPO perpetuals, and to earn the trust of established institutions like S&P Dow Jones Indices. It is also why ICE chose TradeXYZ as its exclusive partner to bring 24/7 perpetual futures to the United States.
Every evolution of technology has pushed markets toward greater transparency, more efficient price discovery, and broader participation: from coffeehouses to curbside exchanges, from stock ticker tape to the telephone, from trading floors to digital exchanges.
The final chapter bears ICE's fingerprints. In 1997, Jeff Sprecher bought a small power-trading technology company for $1. In 2000, ICE launched as an electronic energy trading platform, driving the digitization of major commodity markets, and in 2013 it acquired the New York Stock Exchange. With that embrace of innovation, it grew exponentially. This is exactly the partner we want: forward-looking, embracing progress.
Americans deserve access to the world's most innovative markets, and they deserve the protection of U.S. regulation. With TradeXYZ and ICE, after regulatory approval, they will have both.
What's different is not just access. Perpetual contracts have no expiry date—traders never have to roll positions, and liquidity is concentrated in a single deep market per asset. Cross-margin makes capital more efficient: one piece of collateral can secure positions in equities, commodities, and crypto assets simultaneously. Underpinning all of this is atomic clearing and settlement, real-time risk management that keeps markets running continuously, and rules that apply equally to everyone and that anyone can verify. This is the next chapter we will write together.
My responsibility, and ours, is to build markets worthy of the trust of our partners and users. Our commitment to fair and transparent markets, to diverse markets, to low execution costs, and above all to market integrity, will not waver.
All of this is for one thing:
An all-weather, general-purpose exchange coming soon to the US.
We're proud to have launched over 100 markets on TradeXYZ. But compared to the opportunity ahead, we've only just begun. There are still vast numbers of assets uncovered, and many people who want to trade things for which no proper market yet exists. Whenever someone wants to trade an asset, we want TradeXYZ to be the place where its price is discovered.
Global equities, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alternative assets… anything. Any time. Anywhere.
Ultimately, everything you hold should be interconnected with everything you trade. Imagine a news story breaks on a Saturday night. You should be able to use tokenized equities as collateral, hedge your portfolio with index perpetuals, add crude oil exposure, and express a view on a company that hasn't even gone public yet. All within the same account, the same risk engine, and all before any traditional market opens. TradeXYZ and Hyperliquid were built for exactly this.
I hope that years from now, someone opening their first investment account will find all of this utterly ordinary, and wonder: why did the previous generation need to maintain so many separate financial relationships? Getting there requires liquidity, reliability, trust, and prices that give people a reason to believe. It will take many years. I'm ready to put those years in.
Finally, a few thank-yous.
First, thank you to the XYZ team: for the late nights, and for jumping in when the vision wasn't yet clear.
Thank you to Jeff Sprecher and ICE, and especially to Michael Blaugrund and Trabue Bland, who supported us all the way: you are a world-class team that genuinely embraces technology and has proven that innovation and scale are not mutually exclusive.
Thank you to Stan Druckenmiller: for your partnership in helping us turn the next page.
Thank you to Hyperliquid Labs: you are the best partners we could have asked for. The bar you set is almost impossibly high, and we've been working hard to reach it. @chameleon_jeff, @iliensinc, @xulian_hl (Note: all from the Hyperliquid team; Jeff is the founder)
Most importantly, thank you to our users: when no one thought this made sense, you were trading in these markets.
And the result? It actually did make sense.
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