Contributor
In Part I we tracked the 356,886 wallets that have traded an xyz market since TradeXYZ went live on October 13th, 2025, including 173,794 first-time Hyperliquid users. Part II looks at who these traders are: how they found the exchange through third-party apps, when they trade across time zones, and how many went on to trade native crypto pairs.
On October 13th, 2025, TradeXYZ launched its first HIP-3 contract. Within months, xyz markets became Hyperliquid's largest user acquisition channel: 356,886 wallets have traded an xyz market, and 173,794 of them, 48.7%, had never touched Hyperliquid before. Open interest in these markets grew from 0.2% at launch to a quarter of the exchange today, driven by five catalysts from the commodity complex to the SpaceX pre-IPO listing.
