Crypto Startup Trade.xyz Surpasses $500 Billion in Trading Volume

Trade.xyz has emerged as a leading platform for perpetual futures tied to various assets, including crude oil, precious metals, and stock indexes. The startup, founded by Unit Labs, has generated over $500 billion in trading volume since its launch in October last year.

The platform's success has attracted attention from regulators, with President Donald Trump mentioning the potential for US-based platforms like Hyperliquid to operate in the country. However, concerns have been raised about the risks of mass liquidations spilling into traditional markets and triggering a balance-sheet crisis.

Yesha Yadav, a professor at Vanderbilt Law School, warned that regulators must adapt to the new landscape of 24/7 trading, where price discovery can occur offshore during off-hours. Trade.xyz has already partnered with S&P Global Inc to create an officially licensed perpetual contract tied to the S&P 500.

The platform's pre-IPO perps have shown a record of accurately signaling where shares will open in major stock market debuts this year, including SpaceX and SK Hynix. Trade.xyz and its allies are lobbying regulators to allow US-based platforms to launch crypto perpetual futures, which they argue can help modernize the IPO process.