trade.xyz's weekly trading volume surpassed $12.5 billion last week, rapidly growing into the "Nasdaq of the Chain."

May 18th. New data from DefiLlama shows trade.xyz—an on-chain platform focused on TradFi asset perpetual contracts—is reinforcing its leading position in on-chain stocks, indices, commodities, and Pre-IPO perpetual markets. The platform’s total open interest (OI) has surpassed $23.8 billion, with weekly trading volume hitting $12.542 billion and 30-day trading volume reaching $52.014 billion. Its protocol revenue over the past 30 days stands at $1.89 million, further solidifying its dominance in the on-chain TradFi perpetual space. Trade.xyz’s rapid rise is closely tied to its innovative pricing mechanisms. For example, Pre-IPO perpetual contracts lack consistent external pricing, so the platform has adopted an "Internal Impact Price + EMA Dynamic Smoothing" system. Once the underlying assets go public, it seamlessly switches to external oracle pricing, enabling true 24/7 price discovery. During recent CBRS-related events, trade.xyz’s Pre-IPO prices accurately reflected post-IPO market premiums, demonstrating higher efficiency and real-time performance than traditional gray market trading systems—further validating the on-chain derivatives market’s potential for price discovery. Beyond pricing capabilities, liquidity and ecosystem network effects form core moats for trade.xyz. The platform inherits the deep liquidity advantage of the Hyperliquid ecosystem, matching top centralized exchanges (CEXs) in trading experience and slippage control. Its USDC pricing system and low-fee Growth Mode mechanism have attracted a large number of liquidity providers. As a first mover in stock and commodity perpetual contracts, trade.xyz has accumulated a large user base spanning retail and institutional investors. Branded index products like XYZ100 and collaborations with the S&P have further boosted user stickiness. Even amid extreme market conditions such as the oil price volatility driven by recent U.S.-Iran tensions, the platform’s 24/7 trading capability has drawn significant market attention. Industry views suggest trade.xyz is rapidly evolving into the "on-chain Nasdaq," where the pricing power and trading hour boundaries long held by traditional financial markets are being redefined by the on-chain perpetual market.