Hyperliquid’s growing ecosystem has received another boost with Trade.XYZ acquiring Apple ($AAPL) and Microsoft ($MSFT) HIP-3 tickers this week. With these stock-backed xyz tokens, Hyperliquid is preparing to unlock another growth phase while enabling trading for leading stocks of Apple, Microsoft, Tesla, Nvidia, and others. 

In recent auctions, Trade.XYZ purchased Apple’s APPL ticker for 500 $HYPE, roughly $20,600 on November 9 and Microsoft’s MSFT for 527.83 $HYPE, about $21,006 on November 12. These acquisitions signal growing confidence in Hyperliquid’s decentralized ecosystem and its new permissionless market model.

Trade.xyz is a decentralized finance (DeFi) platform on the Hyperliquid blockchain, enabling 24/7 perpetual futures trading of diverse assets like stocks and cryptocurrencies with deep liquidity and low fees.

Previously, Hyperliquid controlled which tokens reached market listings. The HIP-3 upgrade, introduced on October 13, hands control over to the community. Now, anyone can take part in a Dutch Auction where the winner earns the chance to launch a new market every 31 hours.

Community-driven market expansion

Each market creator has to lock up 500,000 HYPE as a safety deposit. This acts as protection against any unfair trading or manipulation, keeping the system fair and balanced. Hence, deployers take on responsibilities including oracle management, leverage parameters, settlement logic, and overall market integrity. 

The HIP-3 framework democratizes the creation of markets. Anybody who secures a winning bid can launch a new perpetual contract. In addition to increasing transparency, this configuration incentivizes deployers to manage the markets responsibly because they receive half of the trading fees and any extra fees they decide to tack on. 

This helps to drive more scrutiny and thoughtful planning. FelixProtocol already called dibs on Tesla’s ticker for free, demonstrating that some community members aren’t wasting any time staking their claim in the new system.

Besides, the increasing token activity of Hyperliquid illustrates strong ecosystem support. The Assistance Fund has bought back more than $800 million in $HYPE within a single year, making it the biggest token buyback this year.

Alone, Hyperliquid accounts for 46% of all buyback spending in the year 2025, per Coingecko. The platform repurchased at least 21.36 million HYPE, which represents 2.1% of the total supply. Buybacks averaged $65.50 million month over month, with the highest amount in August at $110.62 million as a function of steady effort toward token price stabilization. 

Rival growth and market context

Hyperliquid operates in a competitive landscape. Lighter, a rival zk-rollup perpetual-futures exchange, raised $68 million at a $1.5 billion valuation. The platform offers zero-fee trading for retail users while expanding institutional infrastructure. 

According to Fortune, Lighter plans derivatives on more chains, deeper liquidity pools, and monetization for institutional counterparties. Joey Krug of Founders Fund said, “Vlad and the team that he’s built is like 85% to 90% of why we made the investment.” Hyperliquid’s HIP-3 framework ensures it remains competitive by empowering community market deployers.

Alongside these developments, Hyperliquid’s network has been growing steadily. Its open setup for launching perpetual markets lets users create new trading options while ensuring security through required deposits from market creators. 

Regular token buybacks and ongoing staking activity have also added stability to the HYPE token. As a result, the platform continues to attract interest from both retail and institutional participants looking for consistent performance.

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