TradeXYZ recorded $202.36 billion in Q2 2026 trading volume, up 79.2% from the previous quarter, according to a September 1 report released by the Hyperliquid Research Collective. Revenue rose 32.9% to $7.59 million and open interest ended the quarter at $2.96 billion. Equity perpetual volume surged 377% to $58.9 billion across 55 markets. TradeXYZ’s average share of Hyperliquid’s HIP-3 markets rose from 84.5% to 95.1% after Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, while its trailing 30-day share reached approximately 99.5%. The figures are research estimates and have not been independently audited. TradeXYZ also expanded pre-IPO perpetuals linked to Cerebras, SpaceX and Quantinuum, with those markets remaining live through their respective public listings before converting into standard equity perpetuals. The report presents the results as evidence of product demand, not proof that permissionless perpetual markets have secured broad U.S. authorization. Its methodology and classifications also remain relevant when comparing the figures with exchange-reported statistics.