Trade[XYZ]

Trade[XYZ] Income Statement

Total Revenue

The value Trade[XYZ] keeps from the markets it lists: its deployer share of every fee traders pay on them, before Operating Costs are deducted. Unlike the protocol's statement this is not gross — the builder's and the protocol's shares of each fee belong to others and never reach the venue.

• HIP-3 Deployer Fees: Trade[XYZ]'s share of trading fees on the perpetual futures it deploys under HIP-3 (permissionless, builder-deployed perp markets). Its markets bring real-world assets onchain and are broken out by asset class:
  • Commodity: perps on physical commodities.
  • Stock: perps on individual listed equities.
  • Index: perps on equity indices.
  • FX: perps on currency pairs.
  • Pre-IPO: perps on companies not yet publicly listed.
  • Bond: perps on government bonds.
• HIP-4 Deployer Fees: Trade[XYZ]'s share of fees on its outcome (prediction) markets. The venue has set no outcome fee scale, so this line is zero — it keeps none of the fees its outcome markets generate.

Builder fees and the protocol's share are paid out to third parties and are not booked as revenue.

Operating Costs

Payments the venue makes to operate on the chain, deducted from Total Revenue. One component:

• Deploy Auctions (HYPE burned): The right to deploy a new market is allocated by Dutch auction. Trade[XYZ] pays in HYPE, which is burned onchain — a cost to the venue and direct HYPE supply destruction for the network. Valued in USD at the HYPE price when each auction cleared.

A venue that lists markets on a chain it does not run has no validators to compensate and no vault taking a cut, so there are no operator payments.

Net Income

Net Income = Total Revenue − Operating Costs. It is what the venue earns onchain after its onchain operating costs: what its market-listing business produces after paying for its listings. The venue's offchain costs, such as staff and infrastructure, are not observable onchain and are not deducted. The venue has no token, so this is income to the venue itself rather than to any holders.

Data Coverage

The venue opened on 2025-10-13 and every line runs from that date. Deploy auctions appear from the venue's first auction on 2025-10-25. The current day is excluded, and the current month, quarter and year are partial. Unlike the protocol's statement, these dates cover the venue's full operating history.