Trade[xyz] 2026 Q2 Report

Trade[XYZ] closed Q2 2026 as Hyperliquid's dominant HIP-3 deployer, a dominance sharpened by the fact that three rival HIP-3 deployers, Felix, Ventuals, and Dreamcash, shut down entirely between June 19 and July 2.

Quarterly volume rose 79.2% to $202.36B, revenue grew 32.9% to $7.59M, and open interest closed the quarter at $2.96B, up 64.6%. Its share of HIP-3 volume climbed from 84.5% to 95.1%, and to roughly 99.5% on a trailing 30-day basis.

The quarter's defining new product was Pre-IPO Perpetuals (IPOP), launched May 1 with Cerebras as the flagship market, followed by SpaceX and Quantinuum. All three ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the year's two most-watched new US listings (SpaceX, Cerebras) live on Trade[XYZ] from the first minute of public trading. That gave the first real evidence that a permissionless, onchain market can price a private company's actual opening trade with remarkable accuracy, a capability with no real precedent. That momentum showed up across the book more broadly too: equity volume grew 377% to $58.9B across 55 names, the fastest-growing segment of the quarter.

The quarter also brought the clearest regulatory validation Hyperliquid has had to date: the CFTC's approval of the first US-regulated perpetual futures contract, a landmark even as the litigation it triggered and the remaining steps toward full onshore access are still playing out.

This is the report of the quarter Trade[XYZ] stopped competing for the category and started defining it.