2026 Trade[XYZ] Q2 Report Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report. While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%. Quarterly volume rose 79.2% to $202.36B. More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it. Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy. Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.