TradeXYZ, a trading platform on Hyperliquid, handled $202.36 billion in volume in the second quarter, up 79.2% from the previous quarter as equity perpetuals drove more activity across its onchain markets.
Revenue rose 32.9% to $7.59 million as trading activity increased across equity-linked derivatives and other markets.
Equity Trading Takes Off
Equity perpetual volume jumped 377% to $58.9 billion during the quarter. Commodities remained a major source of activity, but their share of TradeXYZ’s total volume fell to 43.1% from 67.7%.
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Micron generated $9.7 billion in volume, while SanDisk reached $6 billion. SK Hynix volume surged 2,976% to $4.4 billion.
TradeXYZ also launched pre-IPO perpetuals tied to companies including Cerebras, SpaceX and Quantinuum, allowing traders to speculate on private companies before their public listings.
Market Share Expands
TradeXYZ increased its share of HIP-3 volume to 95.1% from 84.5% as three competing deployers — Felix, Ventuals and Dreamcash — shut down.
Open interest, which measures the value of outstanding derivative contracts, rose 64.6% to $2.96 billion over the three months. Forex trading moved the other way, with volume falling 40.9% to $700 million as activity shifted across different markets.
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