tradexyz

Due to Micron Technology (MU) HBM capacity being fully sold out until the end of the year and the stock price surpassing a trillion-dollar market value, the trading activity of derivatives for this stock has significantly increased. According to CoinGlass data, the total open interest across the network is currently reported at $304 million, with a 24-hour open interest growth of 52.69%.Among the relevant trading platforms, the open interest for MU contracts is mainly concentrated on tradeXYZ, Binance, OKX, and Bitget. The open interest on these four platforms is $168 million, $76.73 million, $25.25 million, and $15.01 million respectively, collectively accounting for approximately 93.64% of the market share, forming the core liquidity tier in this sector.

According to the official documentation from Tradexyz, the decentralized trading platform Tradexyz has officially added a Pre-IPO perpetual contract market in its product documentation. This product is a cash-settled perpetual derivative that references the expected public equity of the issuer planning to go public, used for price discovery before the IPO.XYZ emphasizes that the Pre-IPO perpetual contracts are not stocks, IPO allocations, tokenized equity, or securities rights, and holding positions does not confer ownership, voting rights, dividend rights, or any claims against the issuer. After the IPO, the relevant market is expected to transition to standard external pricing perpetual contracts once sufficient external data is available; if the IPO is delayed, fails, or undergoes significant changes, the market will settle according to the established Outside Launch Date, Settlement Period, and TWAP mechanisms.

According to the official disclosure from the CFTC, Unit Labs (the parent company of Unitxyz and Tradexyz) applied to meet with the U.S. Commodity Futures Trading Commission (CFTC) on April 7.

According to The Block, the permissionless perpetual contract market HIP-3 of the decentralized derivatives protocol Hyperliquid has set a record of $5.2 billion in daily trading volume, the highest level since its launch in October 2025.This trading volume is primarily contributed by the mainstream market provider TradeXYZ deployed on HIP-3, which accounts for nearly 90% of the trading share through precious metals, stock indices, and individual stock perpetual contracts. TradeXYZ's silver contracts reached a daily trading volume of $40.9 billion, accounting for about 68% of the total trading volume on HIP-3 that day, indicating that the price fluctuations of precious metals are attracting traders to seek alternative assets outside of cryptocurrencies. The surge in HIP-3 trading volume began in the last week of January when gold first broke the $5,000 per ounce mark and silver surpassed $100. However, both metals subsequently experienced historic pullbacks of about 20% and 30% in a single day. Before the price pullback, HIP-3's open interest also set a record of $1.06 billion, with 87% coming from TradeXYZ; the current open interest is approximately $665 million, reflecting an 88% month-over-month increase.