Hyperliquid just flipped the switch to full growth mode on its equity perps, and the market responded immediately — and violently.

Less than a day after the XYZ team announced a 90% fee reduction across all equity perpetual contracts, the XYZ100 (Nasdaq 100 index) perp is already the most traded asset on the entire platform, clocking $221.42 million in volume.

For context, that’s more than Nvidia ($25.8M), Google ($23.9M), Tesla ($13.4M), and Palantir ($12.6M) combined — and U.S. equity markets had only been open for about two hours when this screenshot was taken.

Ryan Watkins, co-founder of Syncracy Capital and former Messari analyst, was one of the first to spotlight the surge:

Already a huge surge in volume on Hyperliquid’s XYZ100 (Nasdaq) perp since growth mode was activated.
Equity markets only opened 2 hours ago.

The fee cut is brutal. The highest tier is now under 0.009%, meaning a $1,000 taker trade costs roughly 9 cents, while makers pay under 3 cents.

That makes XYZ assets the cheapest way to trade equity perps in the world right now — cheaper than any CEX, cheaper than Polymarket for election-style bets, cheaper than everything.

This is what real product-market fit looks like in DeFi: drop fees to near-zero and watch liquidity and volume flood in within hours.

It also proves (once again) that crypto traders are the most price-sensitive humans on earth. Give them leverage, tight spreads, and basically free fees, and they will show up in force.

Whether this volume is algos arbitraging, retail piling into a Nasdaq beta play, or institutions quietly rotating, the message is clear: Hyperliquid’s XYZ book is now the deepest, cheapest equity perpetual venue on the planet.

And it happened literally overnight.

If you’ve been waiting for the moment when on-chain perps seriously compete with centralized giants for stock and index trading volume, that moment might have just arrived.