With the opening of perpetual contracts for US stocks, Hyperliquid is about to enter a new phase. Just after the NYSE's parent company announced a partnership, news of regulatory developments for US stock perpetual contracts has emerged. On October 29th, ICE announced a partnership with TradeXYZ to establish a regulated US perpetual market based on Hyperliquid. On November 3rd, the CFTC announced that single-stock perpetual contracts can be traded for the first time on eligible US-registered exchanges, as a securities futures product, subject to joint regulation by the CFTC and SEC. Within days, exchanges, clearing systems, and product access pathways have begun to converge. Why is this noteworthy? Let's first look at how much business stock trading has brought to Hyperliquid. Currently, TradeXYZ has 120 active markets, with a 24-hour trading volume of approximately $3.761 billion and an open interest notional value of approximately $4.259 billion. Breaking it down by underlying asset, US stock contracts, including ADRs and preferred stocks, accounted for approximately $1.391 billion, or 37% of TradeXYZ's total trading volume. Other market stocks accounted for approximately $351 million, stock ETFs for approximately $381 million, and stock indices for approximately $683 million. Combining stocks, stock ETFs, and indices, the total trading volume is approximately $2.806 billion, representing 74.6% of TradeXYZ's total. Looking at a few familiar names, Nvidia contracts accounted for approximately $243 million, SOXL for approximately $199 million, and SanDisk for approximately $180 million. Looking at a longer timeframe, the growth trend becomes even more pronounced. Hyperliquid Research Collective's Q2 report shows that TradeXYZ's total trading volume for the quarter was approximately $202.36 billion, a 79.2% increase quarter-over-quarter; perpetual stock trading volume, as reported, was approximately $58.9 billion, a 377% increase quarter-over-quarter. Based on these two growth rates, stock trading contributed approximately 52% of the new trading volume in the quarter. In other words, roughly half of TradeXYZ's new trading business in Q2 came from stocks. Therefore, perpetual stock trading has demonstrated demand; the next challenge is how to bring this type of product to more customers. According to the cooperation announcement, ICE will become the exclusive operator of TradeXYZ's regulated markets and will also make a strategic minority equity investment in TradeXYZ. The two companies plan to establish a dedicated retail marketplace and clearing system, reaching users through brokers, platforms, and the joint venture between ICE and OKX. ICE also disclosed that over 99% of its existing business participants are institutional investors, while this new business targets retail traders. This detail is quite interesting. For ICE, the partnership expands its customer base; for TradeXYZ, it provides access to exchange operations, clearing, and distribution capabilities; and for Hyperliquid, it offers the opportunity to leverage existing financial channels to meet new trading demands. Users may still encounter familiar brokerage accounts and trading brands, but the underlying infrastructure will be Hyperliquid. We saw a similar direction when discussing Payward a few days ago: platforms with existing customers can retain their own brand and services while utilizing on-chain trading infrastructure. Now, ICE and TradeXYZ offer a new path. Product access is progressing, and the approval process for new venues and clearing arrangements will continue. Next, we can observe which stock contracts are launched initially, which brokers join, how deep the order book can be established, and whether clients are willing to continue trading. This will determine the ultimate size of the announced partnerships. What I'm more concerned about is how far the stock trading business can grow as it reaches more US clients through regulated channels, given that it has already achieved scale among existing on-chain users. Hyperliquid's next opportunity may lie in enabling stock traders to use it without first becoming familiar with DeFi. Only when the trading interface becomes more familiar can the on-chain infrastructure serve a larger population. HYPE Hyperliquid US Stocks TradeXYZ