Trade.xyz Review — Summary
This is our independent Trade.xyz Review (2026). Can you really trade Tesla and Apple on a DEX? Is it safe to use 20x leverage on stock perpetuals? And what happens to your position when the NYSE is closed?
Can you really trade Tesla and Apple on a DEX, 24/7, with leverage? Yes. Trade.xyz makes it possible.
The verdict: Trade.xyz is a specialized perpetuals exchange for equity assets built on Hyperliquid. It lets you trade US stocks and the Nasdaq 100 index around the clock — no broker accounts, no market hours, no KYC. The catch? You're trading synthetic perpetuals, not actual shares. For degen stock exposure with crypto-native infrastructure, it's currently the best option.
Trade.xyz hit $2.05 billion in 24-hour volume on January 29, 2026 — proof that demand for on-chain equity exposure is real. Fees are competitive (under 0.009% at the highest tier), and it inherits Hyperliquid's battle-tested matching engine.
Who it's for: Crypto traders who want equity exposure without leaving DeFi. Night owls who want to trade Tesla at 3 AM. Leverage addicts who find 2x margin accounts boring.
Who should skip it: Anyone wanting actual stock ownership. Institutional traders needing regulated exposure. Risk-averse investors who don't understand perp liquidation mechanics.
For pure crypto perpetuals, stick with Hyperliquid, dYdX, or GMX. For equity exposure, Trade.xyz is the frontier.
Trade.xyz Review — How It Works
Trade.xyz uses Hyperliquid's HIP-3 framework, which allows independent builders to deploy custom perpetual markets on the Hyperliquid blockchain. Here's the technical breakdown:
Key Mechanics
- Oracle System: Trade.xyz runs its own oracle for equity prices, transmitting updates approximately every 3 seconds
- Settlement: All trades execute and settle on-chain via Hyperliquid's decentralized validators
- Mark Price: Bespoke mark price calculation to handle equity market nuances
- Funding Rates: Standard perpetual funding mechanism to keep prices anchored to spot
Unique Features
- 24/7 Stock Trading: Trade equity exposure even when NYSE is closed
- No KYC: Connect wallet, deposit USDC, trade
- Single Margin Pool: Your Hyperliquid collateral works across XYZ markets
- Pro Tools: Full orderbook, limit orders, stop losses
- Isolated Margin Mode: As of January 20, 2026, XYZ100 switched to isolated margin — positions are now risk-separated from other markets
The platform essentially tokenizes stock exposure as perpetual futures. You're not buying Apple shares — you're taking a leveraged position that tracks Apple's price.
For another high-leverage option, see our Aster Review (up to 1001x on crypto).
Trade.xyz Review — Fees
Trade.xyz slashed fees by 90% in late 2025, making it one of the cheapest equity perp platforms.
| Fee Type | Trade.xyz | Traditional Broker | Hyperliquid (crypto) |
|---|---|---|---|
| Taker Fee | <0.009% | $0 + spread | 0.025% |
| Maker Fee | <0.003% | $0 + spread | 0.01% |
| Overnight Funding | Variable | Interest charges | Variable |
Real-world cost example:
- $10,000 trade on Trade.xyz: ~$0.90 taker, ~$0.30 maker
- Same trade on a margin broker: $0 commission but wider spreads + interest
Trade.xyz fees are competitive with both DeFi and TradFi options. The main cost is funding rates, which can add up for longer-term positions.
Trade.xyz Review — Pros & Cons
✅ Pros
- 24/7 Stock Trading: Trade Tesla at 2 AM Sunday — impossible elsewhere
- High Leverage: Up to 20x on XYZ100 vs 2-4x at traditional brokers
- Low Fees: Under 0.009% taker fees after the 90% reduction
- No KYC: Wallet connect and go
- Hyperliquid Integration: Benefit from deep crypto liquidity
❌ Cons
- No Actual Stock Ownership: You're trading synthetics, not shares
- Limited Markets: Only ~11 US stocks currently
- Oracle Dependency: Custom oracle introduces unique risks
- Regulatory Uncertainty: Could face restrictions in some jurisdictions
- New Platform: Only 4 months of track record
Trade.xyz Review — Security
Trade.xyz inherits security from Hyperliquid's battle-tested infrastructure:
Security Architecture
- Hyperliquid L1: All trades settle on Hyperliquid's decentralized validators
- HIP-3 Framework: Permissionless market deployment with standardized security
- Oracle Risk: Trade.xyz runs its own equity price oracle — this is the main attack vector
Risk Assessment
- Smart contract risk: Low-medium (inherits Hyperliquid security)
- Oracle risk: Medium-high (custom equity oracle is single point of failure)
- Regulatory risk: High (synthetic stock trading in gray area)
Our Security Rating: 3.5/5 — Solid Hyperliquid foundation, but custom oracle and regulatory uncertainty add risk.
Verdict: Should You Use Trade.xyz?
Our Rating: 4.3/10
Trade.xyz fills a genuine gap: leveraged equity exposure on DeFi rails. The execution is solid, fees are low, and volume proves demand exists.
Use Trade.xyz if:
- You want to trade stocks outside market hours
- You're comfortable with perpetual mechanics and liquidation risk
- You don't need actual share ownership
- You want higher leverage than traditional brokers offer
Skip Trade.xyz if:
- You want to own actual stocks (dividends, voting rights)
- You need regulatory protections
- You're uncomfortable with new, unproven platforms
- You primarily trade crypto (use Hyperliquid directly)
Bottom Line: Trade.xyz is the best option for on-chain equity perpetuals in 2026. It's not trying to replace your brokerage — it's giving degens a new playground.
Frequently Asked Questions
Is Trade.xyz safe?
Trade.xyz inherits Hyperliquid's battle-tested security but runs its own equity price oracle. The oracle is the main risk — if it malfunctions, positions could be liquidated incorrectly. Start with small positions.
Can I trade actual stocks on Trade.xyz?
No. You're trading synthetic perpetuals that track stock prices. You don't own shares, receive dividends, or have voting rights. It's leveraged price exposure only.
What happens when the stock market is closed?
Trade.xyz uses its oracle to provide continuous pricing 24/7. Prices may diverge from spot during off-hours and converge when markets reopen.
What's the maximum leverage on Trade.xyz?
Up to 20x on the XYZ100 index. Individual stocks may have lower limits. This is higher than traditional margin accounts (2-4x) but lower than crypto perps.
How do I deposit to Trade.xyz?
Deposit USDC to Hyperliquid, then your collateral works across both Hyperliquid crypto markets and Trade.xyz equity markets via a shared margin pool.