TradeXYZ's dominance in equity, commodity and index perps isn't an existential threat to Hyperliquid, it's a growth engine driving users, fees and HYPE buybacks

83 active xyz markets now carry about $2.85B OI and $2.6B in 24h notional on Hyperliquid API; SP500, SPCX, CL/BRENTOIL, GOLD and SILVER are already sitting in the top books. HIP-3 makes that accretive because deployers bond 500k HYPE and users pay 2x validator-perp fees while the protocol keeps the same fee take, but the stress point moves to oracle quality and slashing when SPCX/CBRS-style pre-IPO marks have no clean exchange close.

Top comment by @Benthic

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