Trade[XYZ] generated $202.36 billion in trading volume during the second quarter of 2026, up 79.2% from the previous quarter, according to a report released September 1 by the Hyperliquid Research Collective. The Q2 review says the HIP-3 deployer also lifted revenue 32.9% to $7.59 million and ended the period with $2.96 billion in open interest. The figures are attributed to the research group and have not been independently audited.
Trade[XYZ] Expands Its Share of HIP-3 Activity
The report estimates Trade[XYZ] handled 95.1% of HIP-3 volume during the quarter, compared with 84.5% previously. It puts the platform’s trailing 30-day share at about 99.5%. The concentration increased as three competing deployers—Felix, Ventuals and Dreamcash—ceased operations between June 19 and July 2, according to the researchers. HIP-3 lets independent teams deploy perpetual markets on Hyperliquid, extending the network beyond markets listed directly by the core exchange. Wallet integrations have already brought HIP-3 macro markets to a broader set of users.
Equity Perpetual Volume Climbs 377%
Equity perpetuals were the fastest-growing part of Trade[XYZ]’s book. The report says quarterly volume in the segment rose 377% to $58.9 billion across 55 names. Trade[XYZ] also introduced pre-IPO perpetuals on May 1, beginning with Cerebras and later adding SpaceX and Quantinuum. The researchers say all three markets remained live through their respective public listings and converted into standard equity perpetual contracts. That progression gives traders continuous exposure around listing events, while newer execution services are also building tokenized-equity trading on Hyperliquid .
Growth Comes With Concentration and Regulatory Caveats
The quarterly numbers show rapid expansion, but they also underline dependence on one deployer within the HIP-3 ecosystem. A dominant venue can concentrate liquidity and improve execution, yet the shutdown of rival platforms leaves fewer operational alternatives. The report additionally cites approval of a first U.S.-regulated perpetual futures contract as a regulatory milestone for the broader market, while noting that litigation and further steps toward full onshore access remain unresolved. Trade[XYZ]’s Q2 results are therefore a data point on product demand, not evidence that permissionless perpetual markets have secured broad U.S. authorization. Because the report comes from an independent research group, its methodology and classifications also matter when comparing the figures with exchange-reported statistics. Future quarters will show whether equity contracts can retain their new share after high-profile listing events fade.
