Will TradeXYZ leave Hyperliquid and go it alone? If TradeXYZ leaves Hyperliquid tomorrow and starts its own exchange, where would users who want to trade perpetual contracts such as US stocks, indices, and commodities go? If it were to issue its own coins or become an independent platform in the future, how would HYPE's valuation change? First, let's talk about what TradeXYZ does It is the largest HIP-3 market deployment provider on Hyperliquid. Simply put, HIP-3 allows third-party teams to borrow Hyperliquid's underlying trading system and deploy their own perpetual contract marketplace TradeXYZ mainly engages in perpetual contracts for stocks, indices, and commodities Now users can trade traditional assets such as US stocks, Japanese and Korean stocks, S&P index, crude oil, gold, etc. 24 hours a day on it In the past 7 days, the trading volume of TradeXYZ was approximately $23.3 billion: stocks accounted for 59.9%, indices accounted for 22.5%, and commodities accounted for 17% That is to say, a significant portion of the RWA perk growth on Hyperliquid is driven by TradeXYZ Because it is growing faster and faster, the community has recently started discussing an issue that makes HYPE holders uncomfortable: If TradeXYZ leaves Hyperliquid tomorrow and starts his own chain or exchange, who will these RWA perk users follow now? If TradeXYZ issues its own token again, how should the market re evaluate the value of HYPE? It cannot be denied that TradeXYZ has already gained a large amount of RWA trading volume and users, and its influence on Hyperliquid is rapidly increasing This concern is not entirely unreasonable According to on chain data statistics, as of July 25th, the cumulative trading volume of TradeXYZ has reached $406.05 billion, with a total of approximately $47.62 million in transaction fees and platform revenue of approximately $17.48 million The current open interest contracts amount to 3.73 billion US dollars, with a total of approximately 349600 trading accounts** In the past 30 days, 32200 new accounts have been added, equivalent to approximately 9% of the total number of users If TradeXYZ suddenly leaves, Hyperliquid's stock, index, and commodity contract ecosystem will definitely be impacted in the short term But after reading another set of data, I actually think: There is a high probability that TradeXYZ will not leave, at least there is not enough reason to leave now Because currently only about 4.7% of TradeXYZ's trading volume enters through the Builder Code application, while the remaining 95.3% comes from the Hyperliquid native portal That is to say, although TradeXYZ has mastered these popular markets, users, accounts, collateral assets, matching performance, and trading entry still mainly remain within the Hyperliquid system If we leave now, TradeXYZ will have to solve more than just one chain again It also needs to rebuild liquidity, market making depth, account system, collateral, risk engine, and user distribution, and make the market trust a trading system that has not yet undergone long-term stress testing By staying at Hyperliquid, TradeXYZ can already generate revenue from its deployed market without having to independently bear the construction cost of the entire underlying infrastructure So questioning is actually only half right: TradeXYZ's bargaining power is indeed increasing, but the increase in bargaining power does not necessarily mean a stronger willingness to leave Moreover, this market is far from entering the stock game TradeXYZ currently covers approximately 88 markets, with $23.3 billion in transactions in the past 7 days and 32200 new accounts added in the past 30 days RWA perk has just begun to grow up At this stage, starting anew is equivalent to voluntarily giving up the liquidity and distribution network that has already been formed during the fastest growth period, and then proving oneself from scratch Of course, TradeXYZ will never leave and cannot be said to be dead If Hyperliquid's revenue distribution, product restrictions, or strategic direction cannot meet TradeXYZ's requirements in the future; Or if the proportion of transactions through TradeXYZ's own entrance continues to rise from 4.7%, then it will be necessary to reassess the relationship between the two parties But at least for now, TradeXYZ is more like a collaborator of Hyperliquid than a tenant preparing to move It is true that it has more and more chips in its hands, but these chips are also earned on the Hyperliquid table HYPE Hyperliquid TradeXYZ