If you have traded a stock perp on Hyperliquid, Micron at midnight or Anthropic before its IPO, you have traded a market made by trade.xyz. It deploys the stock, index, commodity, FX and pre-IPO markets you can trade through Based. Here is what it does, how its markets work, and how to trade them for less.
What trade.xyz does
Hyperliquid lets outside teams deploy their own perpetual markets on its trading engine, through a proposal called HIP-3. trade.xyz, written trade[XYZ] in its own docs, runs the deployment called xyz. It decides which markets get listed, which price feeds they use, how much leverage each allows and the rest of the market rules.
Its stated mission is to let you trade anything, anytime. In practice that means perps on stocks from the US, Korea, Japan, Hong Kong, China and India, on equity indices, commodities and currencies, and pre-IPO markets on companies that have not listed yet. Every one is quoted in USD. On Based you will see these markets with an xyz prefix in the app, like xyz:SNDK or xyz:ANT. trade.xyz also deploys event contracts through a separate proposal, HIP-4, which are fully collateralized and carry no leverage or liquidations.
How it relates to Hyperliquid
Hyperliquid does the heavy lifting. Its engine matches orders, holds positions and settles trades through its validator set, exactly as it does for BTC or ETH. trade.xyz defines the markets, and Hyperliquid runs them. That is why a stock perp sits in the same wallet, margined in the same USDC, as your crypto positions.
trade.xyz also runs a website where you can trade. Its own docs are clear that the site is a non-custodial interface and not the only way in. Any wallet or app connected to Hyperliquid can reach the same markets and the same order books. Based is one of them.
How the markets work
Each market tracks a reference price. During the reference market's own trading session, the perp follows that external price. When the reference market closes, for a weekend or a holiday, trading carries on in an internal session where traders set the price. Discovery bounds limit how far the price can move from a reference level until the outside market reopens, which keeps weekend trading orderly. The full markets list shows what is live.
Pre-IPO markets work a little differently. With no stock price to follow yet, they reflect where traders expect the shares to price, then convert to a standard perp once the company lists. SpaceX went through that in 2026, and Anthropic is trading that way now. The trade.xyz docs publish the rules and specifications for every market.
As with any perp, you are trading a derivative that tracks a price. You do not own the shares, you get no dividends or voting rights, positions carry liquidation risk, and funding fees apply while they are open. The perps guide covers the mechanics.
Fees, and why your wallet matters
Every trade on a trade.xyz market pays two layers of fees. The first is the protocol fee, which Hyperliquid and trade.xyz split. Many trade.xyz markets run in what it calls growth mode, which cuts that protocol fee by at least 90%. Most stock, index, commodity and FX markets qualify. Crypto-linked markets like MSTR, and gold, do not.
The second layer is the builder fee your wallet adds to every fill, and this is where wallets differ. Based charges 0.025% on crypto perps and takes 80% off on growth-mode markets, so trade.xyz stock markets cost 0.005%. Based is the only major wallet with that discount. Rabby charges 0.04% on every perp, Phantom 0.05%, and MetaMask and Trust Wallet 0.1%. That makes Based the cheapest of the major Hyperliquid wallets for trade.xyz markets, from 0.014% taker all-in at the base tier.
In dollars, on a $10,000 stock perp fill the Based builder fee is $0.50. The same fill costs $4 through Rabby, $5 through Phantom and $10 through MetaMask or Trust Wallet. On the markets that do not run growth mode, like Gold and MSTR, Based charges its standard 0.025%, which is still the lowest of the five. The fees page has every tier, and staking $BASED or HYPE lowers the rates further.
0.025%
Based builder fee on crypto perps, the lowest of the major Hyperliquid wallets
80% off
Stock perps on Based cost 0.005%. No other major wallet discounts growth-mode markets.
| Wallet | Builder fee | On a $10,000 trade |
|---|---|---|
| Based | 0.025%$2.50 | |
| Rabby | 0.04%$4.00 | |
| Phantom | 0.05%$5.00 | |
| MetaMask | 0.1%$10.00 | |
| Trust Wallet | 0.1%$10.00 |
| Wallet | Builder fee | On a $10,000 trade |
|---|---|---|
| Based | 0.005%$0.50 | |
| Rabby | 0.04%$4.00 | |
| Phantom | 0.05%$5.00 | |
| MetaMask | 0.1%$10.00 | |
| Trust Wallet | 0.1%$10.00 |
How to trade trade.xyz markets on Based
Log in to Based with your email or Google account, which creates a self-custodial wallet only you control. Fund it with USDC, pick a market and trade. No brokerage account, no bank account, just a self-custodial wallet funded with USDC. The getting started guide walks through it step by step.