TradeXYZ recorded $202.36 billion of trading volume during the second quarter of 2026, an increase of 79.2% from the previous quarter as demand for equity perpetual futures accelerated across Hyperliquid. The figures come from TradeXYZ’s Q2 report published September 1 by GLC Research in collaboration with Four Pillars and the Hyperliquid Research Collective. Revenue increased 32.9% quarter over quarter to $7.59 million, while open interest rose 64.6% to $2.96 billion.
Equity perpetuals provided the strongest growth. Trading volume across the category jumped 377% to $58.9 billion, making traditional equities an increasingly important component of TradeXYZ’s business alongside commodities. The increase helped TradeXYZ strengthen its position as the dominant deployer of permissionless perpetual markets through Hyperliquid’s HIP-3 infrastructure.
Semiconductor Perpetuals Drive Equity Expansion
TradeXYZ’s trading mix changed substantially during the quarter. Commodities represented 67.7% of volume in Q1 but declined to 43.1% in Q2 as equity markets expanded faster. Micron perpetuals generated approximately $9.7 billion of quarterly volume, representing a 989% increase from Q1. SanDisk reached roughly $6 billion, up 639%, while SK Hynix trading surged 2,976% to approximately $4.4 billion. SK Hynix subsequently finished the quarter as TradeXYZ’s third-largest market by open interest. Equity activity also became less dependent on America’s largest technology companies.
Magnificent Seven stocks represented 39.3% of TradeXYZ equity-perpetual volume during Q1. Their share fell to 15.6% in Q2 as traders increasingly moved into semiconductor, memory and other individual-stock markets. Commodities nevertheless remained substantial. WTI crude oil volume increased 160% to $45.2 billion, while Brent crude rose 202% to $21.6 billion. Forex was the notable exception, with volume declining 40.9% to approximately $700 million, representing only 0.3% of quarterly activity. TradeXYZ has also expanded into pre-IPO markets, launching perpetual contracts linked to companies including Cerebras, SpaceX and Quantinuum.
HIP-3 Market Share Climbs to 95.1%
TradeXYZ’s dominance of Hyperliquid’s HIP-3 ecosystem strengthened during the quarter. Its average share of HIP-3 volume increased from 84.5% at the end of Q1 to 95.1% during Q2, before its trailing 30-day share approached 99.5% by late July. Part of that increase reflects competitors leaving rather than TradeXYZ simply taking organic market share. Felix, Ventuals and Dreamcash ceased operations between June 19 and July 2, while Kinetiq paused trading before returning with a smaller product lineup under a different name. The concentration means TradeXYZ has effectively become the primary venue demonstrating whether Hyperliquid’s permissionless HIP-3 model can support large markets tied to traditional financial assets. TradeXYZ also received institutional validation in March when S&P Dow Jones Indices licensed the S&P 500 to the platform.
That agreement enabled TradeXYZ to launch the first officially licensed perpetual derivative based on the S&P 500, giving eligible non-U.S. traders 24/7 leveraged exposure using institutional S&P DJI index data. Not every Q2 metric points in the same direction, however. Average daily active addresses declined 16.3% to approximately 16,149 even as trading volume increased 79.2%. That divergence suggests growth was driven primarily by greater trading intensity and larger positions rather than a comparable increase in the number of active wallets. Liquidations reached approximately $1.77 billion during the quarter, equivalent to around 0.88% of total volume, with crude-oil markets contributing the largest share.
The expansion also creates additional infrastructure risks. TradeXYZ experienced a major oracle-related event involving its SK Hynix perpetual in July, when an anomalous but genuine print in South Korea propagated into its pricing system and caused roughly $60 million of liquidations. TradeXYZ subsequently committed to reimburse affected traders. Q2 nevertheless demonstrates the scale HIP-3 markets have achieved less than a year after launching. TradeXYZ is no longer primarily a crypto experiment offering synthetic exposure to traditional assets. With $202.36 billion of quarterly turnover and equity perpetuals approaching $60 billion, it is becoming a sizable derivatives venue in its own right — albeit one whose activity remains concentrated among fewer active addresses and overwhelmingly within a single HIP-3 deployer.
