Key Highlights
- TradeXYZ recorded $202.36 billion in Q2 trading volume, up 79.2% quarter over quarter.
- Revenue increased 32.9% to $7.59 million, while open interest rose 64.6% to $2.96 billion.
- Equity perpetual volume climbed 377% to $58.9 billion.
TradeXYZ recorded $202.36 billion in trading volume during Q2 2026, up 79.2% from the previous quarter. Revenue rose 32.9% to $7.59 million, while open interest increased 64.6% to $2.96 billion.
According to a GLC Research report published September 1, prepared with Four Pillars and the Hyperliquid Research Collective, the growth was driven partly by a sharp increase in equity perpetual trading, while commodities remained a major source of activity.
TradeXYZ’s share of Hyperliquid’s HIP-3 market also rose as several competing deployers shut down or reduced their offerings. However, daily active addresses fell 16.3%, suggesting that higher trading volume did not translate into comparable growth in active users.
Equity perpetuals drive a larger share of volume
TradeXYZ’s trading mix changed significantly during Q2.
Commodities accounted for 67.7% of volume in Q1, but their share fell to 43.1% in Q2. Equity markets became a substantially larger part of activity, with equity perpetual volume increasing 377% to $58.9 billion.
Several semiconductor-related contracts recorded particularly large increases.
Micron generated approximately $9.7 billion in volume, up 989% from Q1. SanDisk reached roughly $6 billion, an increase of 639%, while SK Hynix volume rose 2,976% to approximately $4.4 billion.
SK Hynix finished the quarter as TradeXYZ’s third-largest market by open interest.
The concentration of equity trading also changed. Contracts linked to the so-called Magnificent Seven accounted for 39.3% of TradeXYZ’s equity volume in Q1, but their share declined to 15.6% in Q2 as trading expanded across a wider group of companies.
Commodities remained important despite their lower share of the overall mix. WTI crude oil volume rose 160% to $45.2 billion, while Brent crude volume increased 202% to $21.6 billion.
TradeXYZ’s HIP-3 share rises as competitors exit
TradeXYZ’s growing share of Hyperliquid’s HIP-3 market was partly the result of changes among competing deployers.
Three deployers, Felix, Ventuals, and Dreamcash, shut down between June 19 and July 2. Kinetiq also paused trading before returning under a different name with a smaller market lineup.
TradeXYZ’s quarterly average share of HIP-3 volume consequently increased from 84.5% at the end of Q1 to 95.1% in Q2.
By late July, its trailing 30-day share had reached approximately 99.5%, according to the report.
The decline in competition is relevant when assessing those figures. A larger percentage of HIP-3 volume does not necessarily mean that TradeXYZ captured all of the growth from competing platforms; part of the increase reflects the reduction in the amount of volume being handled by other deployers.
The reasons for the shutdowns also differed. Felix and Dreamcash cited the planned wind-down of the USDH stablecoin used by their platforms, while Ventuals said it no longer saw a viable path toward launching a value-accruing token.
Hyperliquid executive Xulian rejected suggestions that TradeXYZ’s position had been deliberately engineered by the protocol.
TradeXYZ co-founder Collins said the team had initially expected more deployers to launch under HIP-3 but encountered relatively limited competition during the framework’s early stages.
Pre-IPO contracts add another trading category
TradeXYZ also expanded its product range to include perpetual contracts linked to companies that had not yet completed their public listings.
One example was Cerebras Systems, whose perpetual market launched on May 1, around two weeks before its Nasdaq debut.
The contract moved significantly around the IPO. On the morning of the listing, it traded 18.4% below Cerebras’ eventual opening price before moving 1.3% above it shortly before the market opened.
Cerebras priced its IPO at $185 per share and opened at $350.
TradeXYZ later introduced a perpetual market linked to SpaceX on June 12.
The report estimated that TradeXYZ accounted for approximately 22.5% of tracked cross-venue SpaceX volume, compared with 54.7% for Binance.
The SpaceX market also did not consistently predict the eventual opening price. TradeXYZ’s contract traded 18.1% above SpaceX’s eventual $150 opening price before the gap narrowed within seven minutes of the Nasdaq opening cross.
The examples show that pre-IPO perpetuals can provide a venue for trading before a company enters the public market, but their prices should not necessarily be treated as reliable forecasts of the eventual IPO opening price.
Quantinuum became the third pre-IPO market to convert following its June 4 IPO.
Trading volume rises while active addresses fall
Not all of TradeXYZ’s Q2 metrics moved in the same direction.
Daily active addresses averaged approximately 16,149, down 16.3% from Q1.
That decline stands in contrast to the 79.2% increase in quarterly trading volume and suggests that the additional activity was not accompanied by equivalent growth in the number of active addresses.
Open interest nevertheless increased 64.6% to $2.96 billion, indicating that more capital remained committed to open positions during the quarter.
Liquidations totaled approximately $1.77 billion, equal to about 0.88% of traded volume. Crude oil and Brent contracts accounted for the largest share.
According to the report, TradeXYZ’s order books handled the liquidation activity without requiring intervention from Hyperliquid’s backstop mechanism, including during a volatile June 5 session following a weak Broadcom earnings outlook.
Forex trading remained comparatively small, with volume falling 40.9% to approximately $700 million, or just 0.3% of total quarterly activity.
Equity markets continue expanding beyond large tech
The shift toward equity perpetuals was not limited to the largest U.S. technology companies.
Semiconductor-related contracts were among the biggest contributors to the increase, with Micron, SanDisk and SK Hynix recording particularly sharp quarter-over-quarter gains.
The platform subsequently added additional equity markets after the quarter.
An SK Hynix ADS perpetual converted on July 10, followed later in July by a market linked to Chinese memory manufacturer ChangXin Memory Technologies (CXMT).
The expansion suggests that TradeXYZ’s equity activity is becoming less concentrated in a small group of widely traded U.S. technology stocks.
However, the sustainability of that growth will depend on whether newer markets maintain sufficient liquidity and trading interest once the initial increase in activity subsides.
U.S. access remains restricted
TradeXYZ’s growth also comes with geographic and regulatory limitations.
The platform remains unavailable to U.S. users, restricting its access to one of the world’s largest financial markets.
Equity perpetuals and similar products can raise regulatory questions because they combine features associated with traditional securities and derivatives with continuous blockchain-based trading.
The broader U.S. derivatives market is also changing. The CFTC approved a U.S.-regulated perpetual futures product during the quarter, while CME Group subsequently challenged the agency’s approval framework in court.
For TradeXYZ and other HIP-3 deployers, changes in U.S. derivatives regulation could eventually affect how similar products are structured or offered to American users.
TradeXYZ’s Q2 results show a mixed picture
TradeXYZ’s second-quarter numbers show a substantial increase in trading activity, but several factors sit behind the headline growth.
The $202.36 billion volume increase was supported by a sharp rise in equity perpetuals, particularly semiconductor-related markets, while crude oil and other commodities remained major sources of activity.
At the same time, TradeXYZ’s 95.1% average HIP-3 share was partly influenced by the withdrawal or reduction of competing deployers. Its late-July share of nearly 100% therefore reflects both TradeXYZ’s activity and a smaller competitive field.
The decline in daily active addresses provides another counterpoint to the volume growth, indicating that higher turnover did not translate into a larger active-address base.
Pre-IPO perpetuals added another area of activity, although the Cerebras and SpaceX examples suggest these contracts did not consistently anticipate eventual IPO opening prices.
TradeXYZ therefore enters the second half of 2026 with substantially higher volume and open interest, but also with a highly concentrated position within HIP-3, declining active addresses, and continued restrictions on U.S. access.
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