After an incremental $4.1 billion in a single season of TradFi: Huobi HTX's 14th year, stepping deeper into "finance"

Author: Deep Tide TechFlow

Introduction

Today, you can hardly find a centralized exchange (CEX) that does not trade Nvidia.

Behind the collective shift, traditional finance (TradFi) has undoubtedly become the core growth point for crypto platforms.

What everyone is doing means that to stand out, it’s not enough to just "have," but you also have to do it "right."

At this juncture, where paths diverge and companies race ahead, Huobi HTX, which just celebrated its 13th birthday, has delivered a noteworthy Q3 2026 report.

The most striking data comes from the TradFi sector: In Q3 2026, Huobi HTX's TradFi trading volume increased by $4.1 billion in a single quarter, with a cumulative trading volume nearing $6 billion.

From a more intuitive perspective, in less than a year since the launch of TradFi services, nearly 70% of the trading volume occurred in the past quarter.

While this data volume may not be enough to talk about disruption or monopoly in today's TradFi field, it largely indicates that Huobi HTX has found its foothold in this track.

As you delve into more facets of this Q3 report, you will find:

• A single trading event drove $6.8 billion in contract trading volume;
• The platform's first issued asset achieved a 500% increase;
• The quarterly $HTX burn reached 93.9 trillion $HTX, a 25.6% increase from the previous quarter.

From breaking through cross-border assets to solidifying the native funding chain, and to the rigid feedback of on-chain self-sustaining capabilities, as an established CEX, Huobi HTX's approach to the proposition of "the future of CEX" first manifested in TradFi, but it is far from limited to TradFi.

In Huobi HTX's 14th year, how will it delve deeper into "finance"? Let's start with the most evident TradFi sector.

TradFi: The Core Growth Engine of Q3

In the TradFi sector where everyone is striving for a piece of the pie, how did Huobi HTX achieve a doubling of trading volume in a single quarter?

Many people's first reaction is the intensive asset supply.

The data speaks for itself:

In Q3, Huobi Contracts launched a total of 183 new assets, of which 154 were popular stocks and index targets. As of now, the platform supports 278 types of stock trading assets.

However, the number of listings on Huobi HTX is not the highest in the industry, and moreover, TradFi is not a formula where "as long as the platform lists, users will buy."

If the number of assets determines how full the shelf looks, then the quality of the selected products determines who will actually place orders.

The second pivot for Huobi HTX to capture trading volume is product selection, with asset layout closely tied to four major tracks:

• AI hardware and semiconductor computing power
• Global e-commerce and the internet
• Core leaders and major indices in the Asia-Pacific
• High-dividend value blue chips

Setting aside the sheer number of listings, what Huobi HTX aims to do is to place the assets that users most want to trade right at their fingertips.

The Pre-IPO contracts of POLYMARKET, OURA, and MOONSHOT launched in Q3 are the most typical examples of this logic. These top-tier assets, which are difficult for ordinary investors to access, not only generate high interest but also serve as a strong magnet for traders to participate in global opportunity games at Huobi HTX.

The asset supply addresses "what to trade," while the product experience determines "why trade here."

In terms of underlying product transformation, Huobi HTX introduced a dividend settlement mechanism in its stock perpetual contracts, making the changes in the value of holdings during ex-dividend dates more continuous, reducing the interference of non-trading price adjustments on users, and bringing HTX TradFi closer to the pricing continuity of traditional derivatives.

Another detail is the design of the asset detail page: it not only integrates market data, news, and company financial reports, but also categorizes market rankings into exclusive classifications for stocks, commodities, and ETFs, helping users better understand assets and manage trades more conveniently.

At the same time, through fee discounts, VIP levels, $HTX token deductions, and special activities, Huobi HTX is also committed to pushing the actual net trading costs of TradFi trading into the industry's top tier.

By improving price, information, and cost together, Huobi HTX has gained more leverage to retain users in the matter of "trading globally."

Stepping out of the business perspective, compared to the intuitive growth achieved through trading volume and user numbers, the greater significance of TradFi lies in the "species evolution" it helps the platform complete.

When a crypto platform starts trading U.S. stocks, it no longer serves just crypto players, but a larger pool: those who, even in regions with underdeveloped financial infrastructure, still have a demand for allocating global quality assets; those who want to buy U.S. stocks but do not want to open three to five brokerage accounts; those in the Asia-Pacific time zone who still want to react to Nvidia's earnings report during U.S. market hours.

By expanding the platform's trading radius from "crypto assets" to "global assets," Huobi HTX has completed a transformation from a "crypto trading platform" to a "comprehensive financial center." Meanwhile, existing users have more reasons to stay, and it also brings new users opportunities to step into Web3.

This is a path that almost all CEXs are taking, but the current paths have begun to diverge:

Some top exchanges, relying on their capabilities, have embarked on a "multi-legged approach" that includes "real stocks + on-chain tokenized stocks + TradFi perpetual contracts," which is broader and has greater imaginative space, but due to the complexities of custody, institutional cooperation, compliance, and other aspects, their steps appear heavier.

Some smaller exchanges in mid to late positions focus on market hotspots and act quickly, adjusting rapidly, being flexible and aggressive, but constrained by liquidity depth and risk control capabilities, they can easily expose their vulnerabilities when market conditions change.

From this perspective, Huobi HTX's TradFi layout reveals its uniqueness:

Focusing on the selection of TradFi perpetual contracts makes Huobi HTX's actions appear lighter, but it does not lose depth. As an established CEX, Huobi HTX possesses 13 years of accumulated matching performance, deep liquidity, risk control foundation, trust building, and user base, which largely supports the bottom of the TradFi business.

At the same time, with perpetual contracts currently dominating TradFi trading, capturing this segment and providing related services is equivalent to seizing the most core demand of TradFi.

There are fast windows and heavy barriers; in the early stages, various paths cannot yet be distinguished in terms of superiority, collectively forming a market that allows "everyone to showcase their talents."

Behind the 500% Increase of First Issued Assets: Funds Never Sleep, Interest Never Stops

TradFi can be core, but it will not be everything.

Continuously attracting and retaining funds through "efficiency" is the hallmark of crypto and also the confidence of Huobi HTX as an established CEX after 13 years in the industry.

As Huobi HTX's global advisor Sun Yuchen shared during TOKEN2049:

The crypto industry is deepening its connection with traditional finance, and crypto and digital finance are changing the ways wealth is held and flowed.

Wealth creation is the most primitive attraction of exchanges. Users chase after the wealth effect, while platforms chase after users' attention; this is undisputed and does not need to be avoided.

In the past quarter, Huobi HTX's first issued asset "Bull Come" was the most intuitive example, with a maximum increase of over 500%. Additionally, assets like DOS and STONK reached a maximum increase of 240% after being launched.

In each cycle, these types of assets are the most penetrating traffic engines in the market, and the platform's vision in selecting and presenting assets supports its continued presence in the public eye.

However, opportunities for wealth creation are rare; during most times, what else can be done besides waiting for the next 500%?

Stable wealth growth has become key for the platform to convert "one-time trades" into "long-term AUM."

From this perspective, the most noteworthy change in Huobi HTX's interest-earning side in the past quarter is the "rhythm": the new product launch mechanism for earning coins has shifted from "weekly updates" to "real-time synchronization with the platform's new listings."

This means that as soon as the platform completes the launch of new coins in spot or contracts, eligible popular new coins will almost simultaneously launch corresponding products in the earning section. Users can obtain tokens from new listings and immediately capture "listing bonuses," ensuring that funds do not turn idle.

Another set of product optimizations for earning assets includes: for users with large holdings, SVIP accounts now offer BTC and ETH products; the remaining coin treasure has opened up trading interest, starting with a 4% base annualized rate, which can reach up to 9% annualized after meeting trading volume requirements.

Additionally, the leverage and currency exchange business expanded to include 21 tradable assets, with XAUT becoming the first precious metal asset included in currency exchange, extending earning and collateral targets from crypto assets to physical precious metals.

The other side of earnings is making people truly willing to leave their money behind.

Beyond the solid fundamentals of 13 years of stable operation, Huobi HTX also launched mobile stop-loss and take-profit features and a risk control mechanism based on MMR in Q3, allowing stop-loss points to automatically follow market conditions, helping users with heavy positions and high leverage to flexibly protect their principal during volatile fluctuations.

At the same time, compliance progress is also accelerating: in Dubai, the establishment of the relevant application entity for Huobi HTX has received preliminary approval from VARA; in Pakistan, with the local official release of virtual asset service regulatory provisions and the initiation of a licensing application mechanism, Huobi HTX is continuously advancing the establishment of local companies, formal license applications, and compliance system construction based on having obtained a no-objection certificate from PVARA. Multiple compliance measures are promoting Huobi HTX's expansion of business boundaries globally without concerns.

From front-end wealth creation to back-end defense, the competitive logic of CEX is increasingly evolving from "trade matching" to "asset management efficiency":

Trading is responsible for capturing opportunities, while asset management is responsible for making waiting valuable;

And when funds can still earn considerable holding returns while waiting for the next trading opportunity, "leaving the platform" becomes a high opportunity cost.

Official data confirms the attractiveness of this mechanism: nearly 500,000 users participated in Huobi's earning program throughout the quarter, with subscription amounts nearing $1 billion USDT.

The smooth flow of funds through the path of "new listing---trading---earning---risk control" has also led to a concentrated release of market energy during Huobi HTX's 13th anniversary celebration.

In terms of spot trading, Huobi HTX launched a total of 14 themed trading events last quarter, attracting over 46,000 participants, with related trading volume exceeding $500 million USDT during the events.

In terms of contracts, the annual trading event "Peak Competition III" saw a total of 45,000 participants, driving contract trading volume to $6.8 billion USDT, with contract copy trading volume increasing by 21% compared to the second quarter.

Compared to the contract volume of 6.8 billion USDT, what is perhaps more noteworthy in this set of data is the 21% share of following orders: the former reflects the platform's momentary explosive power, and the rewards can easily revert; while the latter relates to the sustainability of business driven by relationships, which better tests the platform's accumulation.

25.6% Growth in Destruction: The Clear Line is Deflation, the Hidden Line is Binding

The TradFi sector expands asset boundaries, and product updates enhance capital efficiency, leading to one of the most direct on-chain results:

In the third quarter of 2026, the destruction volume of $HTX reached 93.9 trillion coins, approximately 15.48 million USD, with a quarter-on-quarter growth of 25.6%, and the cumulative destruction and donation total has reached 127.17 trillion coins.

Behind this destruction mechanism is a fundamental arithmetic logic:

According to regulations, every quarter Huobi HTX will use 50% of the platform's revenue to repurchase $HTX and destroy it.

In other words, the higher the platform's revenue, the more repurchases, and thus the more destruction.

As a result, the destruction data has become the purest mirror, reflecting the platform's most authentic operational situation.

Deflation is the clear line of value in this series of destruction data.

An expanded cumulative destruction scale means more tokens are removed from the circulation system.

Although token prices do not entirely depend on supply and demand structures, the rigid reduction in supply continuously improves the expectation of token scarcity, bringing value support for $HTX as an ecological token.

Another hidden value line brought by destruction lies in "binding."

The trading scale proves how large the platform's scene is, but as the trading platform's business further enriches, how can tighter value connections be established between products, scale, profitability, and ecological stakeholders?

Without a destruction mechanism, the value feedback between $HTX and platform operations often transmits through emotional conduction: when the platform has good news, the community has confidence, and the token value may rise.

With a destruction mechanism, the destruction volume is directly and uniquely tied to the platform's real operational status, creating a clear and verifiable on-chain "cash flow correlation" between platform operations and token value:

When real money repurchases and destructions continuously occur publicly on-chain, the long-term commercial value and trust foundation of the platform are greatly enhanced. This transparency translates into a psychological sense of security for users, making funds more willing to stay on the platform to participate in interest generation, wealth management, and following orders, or even to hold $HTX long-term to enjoy the asset premium brought by deflation.

The over 25.6% growth in destruction in the third quarter tested the correctness of product directions such as TradFi breakthroughs and asset management efficiency, serving as a proof of growth quality that is closer to operational fundamentals than front-end trading volume, and also as a concrete signal validating the closed loop of $HTX ecological value transmission path.

From CEX to "One Entry Trading Globally"

Returning to the initial question:

In the 14th year of Huobi HTX, how to delve deeper into "finance"?

Looking at this Q3 report from this perspective, rather than remembering a specific number, it may be more worthwhile to observe the direction in which these numbers are converging:

• TradFi: Expanding asset boundaries from crypto to global
• IPOs: Attracting attention and liquidity
• Asset management interest: Enabling the platform to support richer financial activities
• $HTX destruction: The platform's operational achievements leave a direct, clear, and verifiable value transmission path on-chain…

Thirteen years ago, the role of CEX was to match cryptocurrency trades;

Thirteen years later, as the boundaries between crypto assets and traditional finance continue to blur, what exchanges need to undertake is no longer just the moments of buying and selling, but also asset allocation, holding returns, risk management, and the flow of funds between different markets.

With the technology, products, users, and ecological capabilities accumulated over the past 13 years, standing at the starting point of the 14th year, Huobi HTX is making "one platform trading globally" happen in a more tangible and natural way:

Not just crypto assets, but also stocks, indices, gold, and other targets;

Not just trading, but also IPOs, investments, wealth management, and other needs;

Tearing off the old label of a purely "crypto exchange" and accelerating the evolution towards a "comprehensive financial service platform."

Whether it is the surge in TradFi trading volume from 1.9 billion USD to 6 billion USD, or the quarter-on-quarter growth of 25.6% in $HTX destruction volume, as data results, they showcase scale and largely indicate one thing: the direction is correct, and users are on board.

However, having the right direction is just the entry ticket.

Looking only at TradFi, the gap between the cumulative trading volume of 6 billion USD and the entire TradFi market's monthly trading volume of hundreds of billions of USD indicates that in this direction, Huobi HTX still has a long way to go:

How can a phase of explosive growth be solidified into sustained demand? How many gaps remain to be bridged between capital efficiency and product health checks? And beyond perpetual contracts, deeper TradFi business construction remains a long-term marathon testing technology, product, and compliance capabilities.

These questions cannot be thoroughly answered in a quarterly financial report; they require more long-term manifestations in Huobi HTX's future product iterations, compliance implementations, and TradFi expansions, awaiting the test of time and the market.

In the depths of finance, beyond the richness of asset lists, the utility, efficiency of funds, and the wealth opportunities behind them are the fundamental ties connecting users and the platform.

How to anchor certainty amidst the tides of capital and truly delve into "deeper finance," Huobi HTX's more achievements are still on the way to be continuously delivered.