HTX offers negative trading fees to pull more activity into TradFi perpetuals
The second phase of the exchange's campaign covers 28 stock, index, commodity and precious-metals contracts, with rewards tied to trading fees through Aug. 15.
HTX is using fee rebates and token rewards to bring more trading into its TradFi derivatives market. The exchange said in an Aug. 6 announcement that the second phase of its Trade to Earn campaign began Aug. 5 with 28 perpetual futures pairs linked to stocks, indices, commodities and precious metals.
The campaign runs through Aug. 15 at 11:59 p.m. UTC and carries an $80,000 prize pool. Registered users trading designated pairs receive rewards calculated from their actual fees at a 110% rate for maker orders and 105% for taker orders, which can turn the fee line into a net rebate during the event. HTX says the rewards are paid in $HTX and that fees from the selected contracts will be used for $HTX buybacks.
The incentive changes what volume means
HTX says its first TradFi campaign generated more than 63 million USDT in volume across selected pairs and distributed more than $23,000 in rewards over 10 days. Those figures are useful evidence that the format can attract activity, but they are also a reminder that incentivized volume is not the same as hedging demand, open interest or recurring market use.
A trader can respond to a negative fee by increasing turnover, splitting orders or running a short-lived strategy around the reward rules. The durable question is whether participants remain once the subsidy ends. HTX has not published current-phase volume, open interest, liquidation data or the cost of operating the contracts.
TradFi references, crypto-native mechanics
The listed contracts reference gold and silver, oil, the S&P 500, the Nasdaq 100, semiconductor companies and crypto-linked equities such as MicroStrategy and Circle. HTX presents them as a way to trade around the clock and across geographic restrictions that apply to conventional markets.
That convenience comes with a different set of questions from owning the underlying asset. The announcement does not spell out the price source, funding schedule, margin rules, settlement method or protections available if a contract is suspended. Its event page gives the operational terms, while the broader product still needs independent evidence on execution and risk.
