TradeXYZ: Onboarding the world to Hyperliquid, Part II

In Part II we take a closer look at who these traders are, how they arrived at the exchange and what they have done since they got here.

24/7 Global Markets

Distribution quickly accelerated via third-party builders connecting Hyperliquid's infrastructure to their products. From regional exchanges to consumer mobile apps, each new integration enabled a new cohort to access these markets, driving increased liquidity and volume to the exchange. 84% of wallets that made their first Hyperliquid trade on an xyz market in August came through a third-party app against 39% in December.

These contracts gave users access to the markets they wanted to trade and the ability to trade them when they needed to. New and existing traders alike quickly began to see the benefits, particularly compared to other brokers which cannot offer the same access.

The ability to trade on weekends was a large part of the onboarding story, 69,949 first-time xyz traders arrived on a Saturday or Sunday, and 50.5% of them had never traded on Hyperliquid before.

Not only did these markets bring users a product they couldn't find elsewhere, but they served as a top-of-funnel acquisition tool for the exchange's existing products. Of the 173,794 new users that xyz onboarded, 48,912 (28.1%) went on to trade native crypto pairs. The most popular crossover markets are crypto majors. BTC is 52% of their crypto perp volume, ETH 20%, HYPE 7%, SOL 5%, ZEC 4% and XRP 1%. The remaining 192 coins they traded make up the last 10%.

Of the 48,912 new users who went on to trade crypto perps, 40% did it within a day of their first xyz trade and 67% within a week. The 173,794 arrivals have paid $40.8M of fees, with half of that generated from non-xyz markets.

Volume peaks at the US equity open in every category, though the distribution underneath varies. Equities and indices do ~58% of their volume during the US session (9am-5pm EST) while oil does a quarter of its volume during the London morning (3am-9am EST). Metals and semis do 30% as Asia trades (8pm-4am EST), with semis having an intraday peak around the Korean market open as SK Hynix and Samsung begin domestic trading.

User Acquisition and Retention

In the three months prior to xyz launching (July to September 2025), Hyperliquid averaged around 42.6k DAUs. Since then these markets have brought net new active users to the platform, growing the exchange's average DAU count to 64.4k in August.

Traders who arrive through xyz come back more often. 39% of them traded again more than 30 days after arriving, against 36.5% of the wallets that came for crypto pairs.

Since xyz's launch, 742,917 wallets have made their first trade on Hyperliquid and 766,582 have made their last, with no fill in the 30 days after it. We measured this window through July 31st, so that every wallet had the full 30 days to return.

142,067 arrived through xyz and 107,224 left, a net gain of 34,843, while the rest of the exchange took in 600,850 and lost 659,358, a net loss of 58,508. Without the xyz cohort, every month from November through July is negative.

Conclusion

Early in the year these markets were a novel product for existing traders to explore a new asset class. They are now the exchange's largest single acquisition channel, onboarding 173,794 first-time users and keeping them coming back at a higher rate than the crypto-native cohort.

In addition to this mass onboarding effect, these markets have served as the gateway for growing institutional awareness of perpetual futures and Hyperliquid, which has in turn influenced regulatory policy around the world.

As this momentum continues to compound, TradeXYZ's markets are emerging as flagship financial products that investors and traders alike must take seriously.