Trade[XYZ] 2026 Q2 Report

Trade[XYZ] went from leading HIP-3 to effectively owning the category in Q2, as volume scaled past $200B, equities and pre-IPO markets emerged as new growth engines, and competitors fell away.

Sep 2, 2026

Researcher

GLC

Four Pillars

Hyperliquid Research Collective

Arrakis

GRZ RESEARCH

Four Pillars

Ponyo

Read the full report

English Ver.

Q1 established Trade[XYZ] as HIP-3's leader. By Q2, there was barely a competitive field left. Quarterly volume rose 79.2% to $202.36B, average open interest nearly tripled to $2.39B, and Trade[XYZ] captured 95.1% of HIP-3 volume. Its share reached roughly 99.5% on a trailing 30-day basis as Ventuals, Felix, and Dreamcash exited. Revenue grew 32.9% to $7.59M despite the average deployer take rate falling from 0.51 bps to 0.375 bps. Q2 growth came from scale, not higher monetization.
The growth also became much broader. Commodities fell from 67.7% of Q1 volume to 43.1% in Q2, while equities grew 377% to $58.9B and indices grew 133%. Eighty-four markets traded during the quarter, up from 45 in Q1. Pre-IPO Perpetuals added an entirely new product line, taking Cerebras, Quantinuum, and SpaceX from pre-listing trading through their IPOs and into standard equity perpetuals.
Pre-IPO Perpetuals proved more than the headline numbers suggest, but less than the strongest claims imply. All three markets traded continuously into listing and converted successfully afterward. Their ability to forecast the eventual opening price is less conclusive. Cerebras was within 1.3% one hour before the opening cross, while Quantinuum and SpaceX were still 10.8% and 9.9% above their eventual opens. Much of the final convergence came after Nasdaq began publishing auction indications. The product works; whether it can independently discover private-company prices consistently remains an open question.
Trade[XYZ]'s dominance now cuts both ways. The CFTC approved the first US-regulated perpetual futures contracts during the quarter, yet US users remain unable to access Trade[XYZ]. At the same time, roughly 99.5% of HIP-3 volume now sits on a single deployer. Regulation could open the world's deepest capital pool to the platform, but any Trade[XYZ]-specific regulatory, licensing, or operational issue would now affect almost the entire HIP-3 RWA market.
This report was produced by HRC, GLC Research, Four Pillars, and Arrakis, with contributions from GRZ Research and continued support from HypurrCollective, Hyperion DeFi, Hyperliquid Strategies, and Altus.

The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see below links in the footer for FP Validated's participating network disclosures and for broader disclosure details.

Trade[XYZ] 2026 Q2 Report

Researcher

Disclaimer

Recommended

2026 Hyperliquid Q2 Quarterly Report

Securitize, Inc. (SECZ) — Initiating Coverage

Trade[xyz] Q1 2026 Report