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Volume surges across all categories
The quarterly volume rose by approximately $89.43 billion from the estimated Q1 level of $112.93 billion. Growth in trading activity outpaced revenue, which increased by 32.9% to $7.59 million over the same period. That difference can reflect changes in product mix, fee rates, trader tiers and the proportion of volume generated by markets with lower effective fees.
The report was prepared by GLC Research, Four Pillars, Arrakis and GRZ Research. It should not be treated as audited financial results or figures confirmed through a regulatory filing. The figures provide an external view of trading activity on the platform during the quarter.
Equity perpetuals drive fastest growth
Equity perpetual volume reached $58.9 billion during Q2, representing about 29.1% of total reported volume. The segment covered 55 equity-linked markets by the end of the quarter. A perpetual contract gives traders price exposure to an underlying asset without a fixed expiration date, tracking the market value of a company's shares while trading outside normal stock exchange hours.
TradeXYZ introduced its pre-IPO perpetual product, known as IPOP, on May 1. The first market tracked Cerebras, followed by contracts linked to SpaceX and Quantinuum. Those contracts continued through the companies' public listings and then converted into standard equity perpetuals. The research group claimed that pre-IPO markets provided prices close to the companies' opening public trades, though three completed examples do not establish long-term reliability.
The growth forms part of a wider convergence between cryptocurrency infrastructure and equity markets. Wintermute registered as a U.S. broker-dealer while preparing to expand into equities and tokenized securities, reflecting how traditional finance and crypto infrastructure increasingly overlap.
Rival closures concentrate HIP-3 market
TradeXYZ's share of Hyperliquid HIP-3 volume increased from 84.5% to 95.1% during the quarter. The platform's estimated share reached approximately 99.5% on a trailing 30-day basis by the time the report was prepared. HIP-3 allows third parties to deploy perpetual futures markets on Hyperliquid while using the network's trading infrastructure.
The rising share reflects both volume growth and the departure of competing deployers. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2. Their closures removed alternative venues during and shortly after the quarter. The report did not provide detailed reasons for each closure, nor whether customers experienced losses or open positions were transferred.
A market share approaching 100% gives TradeXYZ a strong position among HIP-3 deployers, but it also concentrates activity and operational dependence in one platform. The concentration is specific to HIP-3 markets and should not be confused with TradeXYZ controlling all Hyperliquid trading, as the network also hosts original perpetual markets and spot assets outside TradeXYZ's deployed products.
Open interest and CFTC context
Quarter-end open interest reached $2.96 billion, representing a 64.6% increase from the previous quarter's level. The growth in open interest alongside volume suggests that traders were not just turning over positions quickly but maintaining larger outstanding bets across TradeXYZ's markets.
The report described the CFTC's May 29 action on perpetual futures as regulatory validation for the broader product category. On that date, the CFTC issued a policy statement alongside an order allowing a designated contract market to list a Bitcoin-linked perpetual futures contract. That action covered a U.S.-regulated contract offered by a registered market operator. It did not approve TradeXYZ, Hyperliquid's offshore markets, or TradeXYZ's equity perpetual products specifically.
Hyperliquid's current fee documentation says HIP-3 deployers may retain up to 50% of the trading fees generated by their markets, creating a direct revenue model for platforms that can attract traders and maintain liquid order books.
