TradeXYZ Founder’s Remarks: I Have Been Ready to Walk This Path for Many Years

Editor's Note: The name "Hyperliquid" has become widely known this year, especially after Trump mentioned it. The real question has also surfaced: How will Hyperliquid comply in the U.S.?

To my surprise, the first path has already been cleared. Kraken's parent company, Payward, has chosen to deploy a CFTC-regulated perpetual market on Hyperliquid, following the HIP-3 method, which was just finalized a few days ago.

Today, the second path has also begun, with the collaboration between Trade.XYZ and ICE, the parent company of the New York Stock Exchange. Trade.XYZ had previously partnered with S&P Dow Jones Indices; now, through ICE, Hyperliquid and Trade.XYZ have effectively opened the gateway to the U.S. market: one path is through a licensed exchange, and the other connects directly to traditional market infrastructure like the parent company of the NYSE.

Interestingly, Stan Druckenmiller has also contributed to this matter. Looking back at his previous large purchases of HYPE and the DAT company, which centers around HYPE, it is no longer surprising.

Below are the remarks from Shoku, the founder of TradeXYZ, who rarely speaks at length but seems to be inspired today:

TradeXYZ's first market launched on Hyperliquid 381 days ago. Today, we have joined forces with ICE, the parent company of the New York Stock Exchange, to bring perpetual contracts on Hyperliquid into the regulated U.S. market.

I seldom write long articles, but today I feel compelled to say a few words.

For many years, builders in this industry have been proving one thing: open on-chain markets can also support price discovery, manage risks, withstand pressure, and meet the standards of traditional market infrastructure; moreover, they remain operational even when traditional markets are closed.

Our achievements stand on the shoulders of these builders. Today, the company that owns the New York Stock Exchange has chosen to continue building on the efforts of every developer, trader, market maker, and user. These individuals have bet on us and on our market. At this moment, we share this with you.

Markets are shaped by participants. The new generation of investors trades on their phones, across various assets, placing orders 24 hours a day. Before Hyperliquid, there was no infrastructure capable of supporting such markets.

Building these markets is challenging. Pricing, funding rates, and risks must be approached with entirely new methods, continuously refined in a market that never closes, using real money. We must also earn the trust of those trading in these markets. We are honored that the community has seen this effort and reciprocated with the same trust.

It is this trust that has allowed us to achieve an annualized trading volume of approximately $1 trillion in just over a year, to participate in the creation of new tools 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 contracts to the U.S.

Every evolution of technology pushes the market toward greater transparency, more effective price discovery, and broader participation: from cafes to roadside exchanges, from paper stock tickers to phones, from trading halls to digital exchanges.

The final chapter features ICE's involvement. In 1997, Jeff Sprecher bought a small company focused on electricity trading technology for $1. In 2000, ICE started with an electronic energy trading platform, driving the digitization of major commodity markets, and acquired the NYSE in 2013. Fueled by this spirit of embracing innovation, it has grown exponentially. This is precisely the partner we seek: looking forward and embracing progress.

Americans should have the opportunity to enter the most innovative markets in the world and should receive protection from U.S. regulation. With TradeXYZ and ICE, they will have both after regulatory approval.

What’s different is not just whether one can participate. Perpetual contracts have no expiration date, allowing traders to never roll over their positions, with liquidity concentrated in a deep market for each asset. Cross-margining enhances capital efficiency: a single collateral can simultaneously secure positions in stocks, commodities, and crypto assets. Supporting all this are atomic clearing and settlement, real-time risk management that keeps the market running continuously, and universally applicable rules that anyone can verify. This is the next chapter we aim to write together.

My responsibility, and our responsibility, is to build a market worthy of the trust of our partners and users. Our commitment to a fair and transparent market, to a diverse market, to low execution costs, and especially to market integrity will not waver.

All of this is for one thing:

A universally accessible exchange that is open around the clock and about to land in the U.S.

We are proud to have launched over 100 markets on TradeXYZ. But compared to the opportunities ahead, we have only just begun. There are still many assets not covered, and many people who want to trade but currently have no formed market for it. As long as someone wants to trade a certain asset, we hope TradeXYZ will be the place where its price is discovered.

Global stocks, commodities, bonds, Pre-IPO companies, computing power, new indices, digital assets, interest rates, stock baskets, volatility products, alternative assets... anything is possible. Anytime. Anywhere.

Ultimately, everything you hold should be able to interact with everything you can trade. Imagine this: a sudden news break on a Saturday night. You should be able to use tokenized stocks as collateral, hedge your portfolio with index perpetual contracts, and add exposure to crude oil, all while expressing your views on a company that hasn’t gone public yet. All of this can be done within the same account, under the same risk engine, and even before any traditional market opens. TradeXYZ and Hyperliquid were born for this purpose.

I hope that years from now, when someone opens their first investment account, they find all of this commonplace and wonder why the previous generation had to maintain so many independent financial relationships. To reach that point requires liquidity, reliability, trust, and prices that people have reason to believe in. This will take many years. I am ready to invest those years.

Finally, a few words of thanks.

First, thanks to the XYZ team: for those late nights, for diving in when the vision was still unclear.

Thanks to Jeff Sprecher and ICE, especially Michael Blaugrund and Trabue Bland, who have supported us all the way: you are a world-class team, genuinely embracing technology, and proving that innovation and scale are not mutually exclusive.

Thanks to Stan Druckenmiller: for your collaboration, helping us turn the page to the next chapter.

Thanks to Hyperliquid Labs: you are the best partners we could have met. The standards you set are almost impossible to reach, and we have been striving to meet them. @chameleon_jeff, @iliensinc, @xulian_hl (Note: all are part of the Hyperliquid team, with Jeff as the founder)

Most importantly, thanks to our users: when no one thought this was meaningful, you were trading in these markets.

And the result? It truly is meaningful.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.