Trade[XYZ] trading volume rises 79% to $202 billion in Q2

Trade[XYZ] has had a strong second quarter. Quarterly volume rose 79.2% to $202.36 billion, revenue grew 32.9% to $7.59 million and open interest closed the quarter at $2.96 billion, an increase of 64.6% on the previous quarter. Three competing platforms on Hyperliquid ceased trading entirely during the period, handing Trade[XYZ] a market share of almost 95% within the HIP-3 segment.

In short:

• Trade[XYZ] saw its quarterly volume rise to $202.36 billion, growth of 79.2% compared with Q1 2026.
• Equity perpetuals were the fastest-growing segment, with volume growth of 377% to $58.9 billion.
• Three competitors closed their doors, meaning Trade[XYZ] now accounts for well over 95% of HIP-3 volume.

Dominance grows as competitors depart

According to the quarterly report from the Hyperliquid Research Collective, Trade[XYZ] closed the second quarter of 2026 as the dominant HIP-3 player on Hyperliquid. That share grew from 84.5% to 95.1%, and based on the most recent thirty days, even to around 99.5%.

That position was reinforced by the fact that three competing platforms, Felix, Ventuals and Dreamcash, stopped entirely between 19 June and 2 July. Average daily volume rose quarter on quarter from $1.25 billion to $2.22 billion, an increase of 77.3%.

Equity perpetuals as the fastest grower

The most striking new product of the quarter was the introduction of Pre-IPO Perpetuals, launched on 1 May with chip designer Cerebras as the first market. SpaceX and Quantinuum followed. All three markets ran until the actual stock market listing and then transitioned seamlessly into regular equity perpetuals. According to the report, Trade[XYZ] was able to estimate the opening price of private companies at the time of their IPO with notable precision, something that had not previously been possible through a decentralised platform.

The broader equity perpetuals category grew by 377% in Q2 to $58.9 billion, spread across 55 stocks. This made it by far the fastest-growing segment of the quarter. Total HIP-3 quarterly volume, including other deployers, amounted to $212.80 billion, an increase of 59.2%.

Regulation and outlook

Another development was the approval by the US regulator CFTC of the first regulated perpetual futures contract in the United States. The report describes this as the clearest regulatory recognition Hyperliquid has received to date, although legal proceedings are still ongoing and further steps towards full domestic access have not yet been completed.

The annual revenue projection based on the last thirty days stands at $37.72 million, an increase of 19.1% compared with Q1. The average fee per unit of volume did decline slightly, however, from 0.51 to 0.38 basis points. The broader crypto market performed strongly in August, which may also have supported the trading segment. Hyperliquid’s HYPE token is currently trading at $82, down 2.3% in the past 24 hours.