Trade.xyz, a startup built on the Hyperliquid crypto trading platform, is extending round-the-clock trading into oil, precious metals, stock indexes and private-company markets. Its contracts traded through the final Saturday of February, when U.S. and Israeli airstrikes on Iran occurred while major oil markets were closed, allowing traders to adjust prices before traditional futures reopened. Since launching in October last year, the markets have generated about $500 billion in volume, representing more than 99% of activity in Hyperliquid’s third-party HIP-3 system. Trade.xyz and Hyperliquid are seeking U.S. regulatory approval for pre-IPO perpetual contracts, arguing that they can improve price discovery before companies go public. The platform’s products have generally anticipated higher opening prices in several large listings, including SpaceX and SK hynix, but high leverage has also produced short squeezes, forced liquidations and sharp dislocations. Trade.xyz’s liquidity remains its main competitive advantage, while regulators and market participants are weighing whether nonstop offshore trading could transmit weekend disruptions into traditional markets.