TradeXYZ volume jumps 79% to $202B in Q2

TradeXYZ recorded $202.36 billion in trading volume during the second quarter of 2026, an increase of 79.2% from the previous quarter, according to a Sept. 1 report from the Hyperliquid Research Collective.

The platform’s estimated share of trading across Hyperliquid’s HIP-3 markets rose from 84.5% to 95.1% during the quarter. Its fastest-growing segment was equity perpetuals, where volume increased 377% quarter-on-quarter to $58.9 billion across 55 markets.

The figures come from an external research report prepared by GLC Research, Four Pillars, Arrakis and GRZ Research. They should not be treated as audited financial results or figures confirmed through a TradeXYZ regulatory filing.

2026 Trade[XYZ] Q2 Report

Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.

While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.… pic.twitter.com/F2irNgYE2r

— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 1, 2026

The report also calculated $7.59 million in quarterly revenue, up 32.9%, while open interest reached $2.96 billion at the end of June. Open interest increased 64.6% from the previous quarter.

TradeXYZ captures 95.1% of HIP-3 trading volume

TradeXYZ’s quarterly volume rose by approximately $89.43 billion from the estimated Q1 level of $112.93 billion. Growth in trading activity outpaced revenue, which increased by 32.9% over the same period.

That difference can reflect changes in product mix, fee rates, trader tiers and the proportion of volume generated by markets with lower effective fees. The report did not provide enough audited information to identify a single cause.

TradeXYZ’s HIP-3 market share increased by 10.6 percentage points during Q2. The research group estimated that its share had reached approximately 99.5% on a trailing 30-day basis by the time the report was prepared.

HIP-3 allows third parties to deploy perpetual futures markets on Hyperliquid while using the network’s trading infrastructure. Deployers can choose market parameters and list assets that are not available through Hyperliquid’s original validator-operated markets.

Hyperliquid’s current fee documentation says HIP-3 deployers may retain up to 50% of the trading fees generated by their markets. That creates a direct revenue model for platforms that can attract traders and maintain liquid order books.

The structure also separates TradeXYZ from a conventional centralized exchange. Users trade through Hyperliquid’s on-chain infrastructure, while TradeXYZ acts as the deployer responsible for its market selection and related parameters.

Equity perpetuals drive the fastest growth

Equity perpetual volume reached $58.9 billion during Q2, representing about 29.1% of TradeXYZ’s total reported volume. The segment covered 55 equity-linked markets by the end of the quarter.

A perpetual contract gives traders price exposure to an underlying asset without a fixed expiration date. Equity perpetuals can therefore track the market value of a company’s shares while trading outside the normal operating hours of traditional stock exchanges.

These contracts do not necessarily provide the same rights as owning the underlying shares. Perpetual holders generally do not receive voting rights, legal ownership or direct claims on company assets. Funding payments and liquidation rules also create risks that do not apply to ordinary unleveraged share ownership.

TradeXYZ introduced its pre-IPO perpetual product, known as IPOP, on May 1. The first market tracked Cerebras, followed by contracts linked to SpaceX and Quantinuum, according to the report.

The research group said those contracts continued through the companies’ public listings and then converted into standard equity perpetuals. It also claimed that the pre-IPO markets provided prices close to the companies’ opening public trades.

Those conclusions come from the report’s analysis. TradeXYZ has not filed audited evidence showing that pre-IPO perpetual prices consistently predict opening prices, and three completed examples would not establish long-term reliability.

The growth forms part of a wider convergence between cryptocurrency infrastructure and equity markets. For example, Wintermute registered as a U.S. broker-dealer while preparing to expand into equities and tokenized securities, as covered in the report on its regulated U.S. securities entry.

Rival closures increase market concentration

TradeXYZ’s rising share also reflects the departure of competing HIP-3 deployers. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, according to the research report.

Their closures removed alternative venues during and shortly after the quarter. This means TradeXYZ’s 95.1% share resulted from both its own volume growth and reduced competition.

The report did not provide detailed reasons for each closure. It also did not disclose whether customers experienced losses, whether open positions were transferred or how much volume each departing platform handled before stopping operations.

A market share approaching 100% gives TradeXYZ a strong position among HIP-3 deployers, but it also concentrates activity and operational dependence in one platform. Future market share could change if new deployers enter, existing teams relaunch or Hyperliquid modifies the HIP-3 framework.

The concentration is specific to HIP-3 markets and should not be confused with TradeXYZ controlling all Hyperliquid trading. Hyperliquid also hosts its original perpetual markets, spot assets and other infrastructure outside TradeXYZ’s deployed products.

CFTC action does not directly approve TradeXYZ

The report described the U.S. Commodity Futures Trading Commission’s May action on perpetual futures as regulatory validation for the broader product category.

On May 29, the CFTC issued a policy statement explaining its position on listing perpetual contracts. The agency released the statement alongside an order allowing a designated contract market to list a bitcoin-linked perpetual futures contract.

That action covered a U.S.-regulated contract offered by a registered market operator. It did not approve TradeXYZ, Hyperliquid’s offshore markets or TradeXYZ’s equity perpetual products.

TradeXYZ users should therefore not interpret the CFTC decision as granting U.S. regulatory authorization to the platform. The legal treatment of equity-linked perpetuals can involve derivatives and securities rules that differ from those governing a bitcoin contract.

Regulators in other jurisdictions have followed separate approaches. One Trading received a Dutch license to offer regulated perpetual futures in the European Union, according to coverage of its European derivatives authorization.

The comparison shows that regulatory approval normally applies to a specific operator, legal entity and product structure. Broader acceptance of perpetual futures does not automatically authorize every on-chain market using a similar contract design.

Q3 data will test whether TradeXYZ retains its lead

The next relevant update will be TradeXYZ’s third-quarter volume, revenue and open-interest data. Those figures should show whether Q2 growth continued after three competing HIP-3 deployers closed.

Equity perpetual activity will be another key measure. The segment must maintain liquidity across its expanded list of markets for the 377% quarterly increase to represent more than a short-term surge around major listings.

Future pre-IPO conversions will also provide more evidence about how TradeXYZ handles corporate listings, reference prices and contract transitions. The report did not announce a fixed schedule for additional IPOP markets.

TradeXYZ’s U.S. availability remains a separate regulatory question. Neither the research report nor the CFTC statement announced approval for the platform to offer equity perpetuals directly to U.S. customers.