HRC held its first offline meetup in Seoul last week. As part of the event, GLC Research gave a small presentation on Trade.XYZ and equity perpetuals on Hyperliquid. For those who couldn't make it, the full talk is below.

Market Share Expansion Vs. CEXs despite though market conditions

So, I’ll start by reminding everyone that Hyperliquid isn’t just a perpetual exchange. It is a blockchain with an exchange built into it which enables anyone to permissionlessly build financial applications on top of it.

And this nuance is the reason why Hyperliquid just keeps gaining market shares from Centralized Exchanges, now representing around 15% of Binance Open Interest, as you can see on the graph.

And the best example of how important this is, is HIP-3 and TradeXYZ because equity perps are currently the biggest growth driver of Hyperliquid. And this is being built by an entirely external team, TradeXYZ.

TradeXYZ Growth Story

We always hear people talking about how equities and RWA are coming onchain. But it is already the case and Trade.XYZ is showing the way. As you can see, the numbers tell the story.

In November monthly volume was around $4B. In March, HIP-3 monthly volume was approaching $70B and XYZ represents 85% of total volume with a Monthly CAGR above 90%.

Trade.XYZ is an external team building on Hyperliquid, yet they now contribute ~30% of Hyperliquid's total volume while it has basically zero marginal cost for Hyperliquid.

This wouldn’t be possible if Hyperliquid was just a perpetual exchange.

Both 7d and 14d rolling average of HIP-3 volume are now above $2B in daily volume.

And Open Interest has been hitting new ATHs for 48 straight days and rolling averages are now also above $2B.

And behind this incredible growth story there are mainly 2 reasons:

1)TradeXYZ Team

TradeXYZ is the clear driver of HIP-3, with market dominance nearing 90%.

The reason behind this number is that XYZ has been the team writing the play-book on how equity perpetuals should be structured from oracle design, through discovery bounds and through funding rates, etc. They are the intellectual leader which explains why they’re dominating and why there is such adoption of equity perps on Hyperliquid.