DEX On-Chain US Stock Trading Booms with HIP-3 and XYZ100

DEX on-chain US stock trading has surged as decentralized exchanges (DEX) roll out 24/7, zero-KYC access with up to 20× leverage. Hyperliquid’s HIP-3 upgrade launches permissionless on-chain US equity perpetual markets using a central limit order book (CLOB) model for real-world assets (RWA). TradeXYZ’s flagship perpetual, XYZ100, anchors pricing to CME Nasdaq futures via oracles with an 8-hour EMA smoothing, recording over $63 million in volume and $15 million in open interest within two days—outpacing other RWA perpetuals on DEX. Major competitors include xStocks on Solana/BNB Chain (2 billion+ volume, 80+ tokenized US stocks/ETFs), Derive.xyz (multi-chain options and perpetuals, $18.6 billion total), Kraken xStocks on Arbitrum (SEC-approved, $5 billion+), Vest Markets ($34 million daily via RFQ) and Ostium on Arbitrum ($2.36 billion Q1 perpetual volume). Key risks remain on-chain liquidity versus TradFi depth, oracle manipulation during off hours and potential SEC reclassification of products as securities. Traders seeking stable yields amid volatile tokens will find compelling DeFi RWA use cases in DEX on-chain US stock trading, though scale is still small compared to traditional markets.