Years ago, CZ asserted that the only genuine competitor to 币安 was NASDAQ. Today, Hyperliquid is materializing this vision as its trading volumes for U.S. stocks, gold, silver, and commodities surge. With the HYPE token gaining over 100%, the crypto sector and traditional finance are reevaluating this decentralized exchange. Following the Cerebras pre-market volatility, Hyperliquid has evolved into a primary price-discovery mechanism for U.S. equities, effectively positioning itself as a new NASDAQ. In May of the previous year, Shoku, founder of Trade.xyz, predicted that the team's ambitions extended far beyond on-chain contracts, hinting at a product called Units. That foresight has materialized with Trade.xyz, now recognized as the embryo of an on-chain NASDAQ. Launched in October alongside HIP-3, Trade.xyz became the largest third-party perpetual market application on the protocol. Within six months, it achieved a cumulative trading volume exceeding $110B. Data compiled by Woofun AI shows that on May 18, Hyperliquid's open RWA trading contracts reached a record $2.6B, doubling the figure from two months prior.

Concurrently, total trading volume for tokenized stocks hit $3.57B, cementing Hyperliquid's leadership in the Real World Asset sector. Crypto assets have receded from the spotlight; tokenized stocks and commodities now drive core liquidity, including the NASDAQ index, S&P 500, crude oil, gold, and silver. A recent weekly report by Arca noted that among Hyperliquid's top 30 markets, only 7 were crypto pairs, while the majority were commodity and stock pairs from Trade.xyz. When the CME closes on weekends, traders utilize Hyperliquid for crude oil price bets. Before the Cerebras IPO, fund managers relied on Hyperliquid's pre-market data for accurate valuation references. Upon the release of SpaceX's pre-market prices, the company's market valuation soared above $2T. These on-chain U.S. stock contracts have transitioned from novelty tools to critical financial infrastructure with genuine price-discovery capabilities. Historically, this power resided solely with major investment banks and exchanges. The proximity of Trade.xyz prices to actual market values forces an admission: for the first time, the right to price U.S. stocks has shifted from fixed trading hours to a 24/7 on-chain environment. This accuracy stems from continuous trading hours, product structure, global capital flows, and institutional leverage. Traditional markets suffer from a fundamental flaw: NASDAQ operates only from 9:30 AM to 4:00 PM ET, leaving gaps during major global events like U.S.-Iran conflicts or tariff disputes. Traders needing to hedge during these non-trading hours turn to Hyperliquid. Bloomberg now cites Hyperliquid's crude oil contract prices as the most reliable reference, signaling mainstream media recognition of on-chain authority. Woofun AI notes that the product structure offers distinct legal advantages over platforms like PreStocks. Trade.xyz utilizes pure perpetual synthetic assets settled in cash, avoiding actual equity involvement. This structure provides greater regulatory flexibility, evidenced by S&P Dow Jones authorizing the S&P 500 index for perpetual contract trading. Global capital flows further drive adoption; after U.S. markets close, Asian funds require a high-liquidity platform to operate. Hyperliquid provides this stage, leveraging the U.S. market's capital capacity and participant density. Large investors also benefit from the platform's favorable leverage environment compared to strict KYC exchanges. On-chain speed and leverage ratios ranging from 3x to 50x facilitate rapid operations. The U.S. stock market is increasingly exhibiting crypto characteristics, driven by macro data, political tweets, institutional orders, and retail FOMO. Conversely, mainstream cryptocurrencies have stabilized post-ETF approval, entering a period of sideways fluctuation. This convergence creates growth room for Hyperliquid, enabling on-chain tools to facilitate U.S. stock price discovery. The emerging transmission chain of on-chain pricing followed by pre-market confirmation and official opening validation is reshaping finance. Institutions are securing strategic positions within the ecosystem. On May 19, Bitwise announced it would allocate 10% of BHYP Hyperliquid ETF management fees to hold HYPE on its balance sheet as collateral. On May 20, Goldman Sachs sold $152M in XRP, $500M in ETH, and $450M in BTC to purchase HYPE tokens. Matt Hougan, Bitwise's CIO, stated that HYPE remains undervalued, with Hyperliquid's true potential lying in becoming a global trading superapp covering stocks, Pre-IPO assets, commodities, and predictive markets. Recent 13F disclosures reveal that Paradigm, Pentera, Vanguard Group, Castle Group, and Galaxy are competing to include HYPE in their portfolios. Woofun AI analysis suggests that Hyperliquid is reinterpreting CZ's statement not as a battle for the largest crypto exchange, but as a reconstruction of global financial infrastructure. The platform is redefining the concept of the market itself, breaking down boundaries of time zones and public pricing for unlisted companies. This is not merely assets going on-chain; it is a paradigm shift regarding the right to price. Users worldwide are approaching a prototype of a truly 24/7, borderless market where all assets flow freely, forcing traditional platforms like NASDAQ to rethink the future of finance.