Trade.xyz and Hyperliquid Seek US Approval for 24/7 Perpetuals
Trade.xyz and Hyperliquid are asking US regulators to permit round-the-clock trading in perpetual derivatives tied to US stocks, commodities and pre-IPO companies. Bloomberg’s Muyao Shen reports that the platforms argue these contracts can provide price signals when conventional markets are closed—and, for companies such as SpaceX, before a listed market exists—while keeping trading in US-linked assets from remaining offshore.
US regulators are being asked to allow 24/7 derivatives trading
Trade.xyz and Hyperliquid are pushing for a continuously operating derivatives market to be offered legally in the United States. As Muyao Shen described the case, platforms trading futures tied to stocks, commodities, and pre-IPO companies should not remain available only offshore when the assets and financial markets they reference are substantially US-based.
Trade.xyz is built on the crypto exchange Hyperliquid and has generated roughly $500 billion in trading volume since launching in October, according to Bloomberg News. Its offerings include blockchain-based oil derivatives that can be bought and sold continuously, including while conventional markets are closed.
Shen said neither Hyperliquid nor Trade.xyz is currently open in the US. The push is therefore about permission as much as product design: proponents want regulators to allow these markets to operate domestically rather than leave trading in US-linked contracts to offshore crypto venues.
Ed Ludlow noted that Trade.xyz has been lobbying regulators. Shen said the argument is especially pointed for contracts tied to stocks and pre-IPO companies—assets that, in her words, “all happen in the US.” Wall Street’s location in the United States is part of the rationale for bringing the activity onshore.
You don't want that kind of market remains offshore outside the US.
Perpetual swaps keep trading after the conventional market closes
The products at issue are perpetual swaps, or perps: futures contracts that do not expire. Muyao Shen described Hyperliquid as a trading platform with its own namesake blockchain on which traders can trade those products.
A perp is a derivative contract tied to an asset, rather than the asset itself. In the use case Shen described, it supplies a continuously traded price for expectations about the referenced stock, commodity, or pre-IPO company even when the conventional market is shut.
That matters most over weekends or during breaking news. Traditional markets are generally closed during those periods, leaving investors without a current conventional-market price to indicate where an asset may trade when markets reopen. Shen said venues such as Hyperliquid can provide an indication of where traders expect the market to be when it opens on Monday.
Most people cannot really look at or have an idea where the market's gonna be at during the weekends, especially when there's breaking news.
Bloomberg’s on-screen summary described Trade.xyz as a market built on Hyperliquid that allows continuous buying and selling of blockchain-based oil derivatives. The practical appeal, in Shen’s account, is not round-the-clock access to the underlying conventional exchange. It is a price signal from a continuously traded derivative while that exchange supplies no new price at all.
Pre-IPO perps offer a price before a listed market exists
The most specific application is trading tied to companies before their shares are publicly listed. Muyao Shen identified futures tied to stocks and “things like pre-IPO” as part of the case for allowing these markets in the US.
Bloomberg illustrated the idea with an on-screen chart comparing hourly opening prices on Nasdaq and Trade.xyz for SpaceX perps. The graphic was headed “Trade.xyz offers 24/7 trading of SpaceX perps” and said the trades “suggest pre-market price discovery before listing.” It marked June 12 as the IPO date and showed the Trade.xyz perpetual-contract price moving down toward that date. An annotation stated: “Trade.xyz perp price comes down near IPO day.”
The implication presented by the graphic is that traders can establish and revise a visible price for a derivative tied to a pre-IPO company before a conventional listed-equity market begins trading. That makes the regulatory choice more concrete. The question is not whether regulators would permit trading in a company’s unlisted shares. It is whether they would permit a perpetual derivative tied to that company to trade legally in the US and provide an around-the-clock market price.