The Hyperliquid HIP-3 upgrade has sparked interest among crypto traders in trading U.S. stocks on-chain by enabling permissionless creation of native on-chain order books for perpetual markets. TradeXYZ's XYZ100, a perpetual contract linked to the Nasdaq index, recorded $63 million in trading volume over two days, with open interest hitting $15 million. This product utilizes a centralized limit order book model, offers up to 20x leverage, and is anchored to the CME Nasdaq futures oracle. Other protocols, including xStocks, Derive.xyz, and Kraken xStocks, are also expanding the on-chain U.S. stock market. However, these platforms face challenges such as oracle manipulation risks and regulatory uncertainties, which could impact their growth and adoption.