TradeXYZ Dominates HIP-3 Markets as Quarterly Volume Hits $202 Billion

The platform’s expansion was driven largely by equity perpetuals, which surged 377% quarter-on-quarter to reach $58.9 billion across 55 markets. This rapid scaling occurred alongside the closure of rival platforms Felix, Ventuals, and Dreamcash between June 19 and July 2. With the departure of these competitors, TradeXYZ’s share of HIP-3 volume climbed from 84.5% to 95.1% by the end of the quarter.

While volume spiked, quarterly revenue saw a more modest growth of 32.9%, reaching $7.59 million. Analysts suggest this divergence between volume and revenue may stem from shifting trader tiers and the varying fee structures inherent in the platform’s product mix. Open interest also saw significant movement, jumping 64.6% to finish the quarter at $2.96 billion.

Despite the growth, the report serves as an independent analysis rather than an audited financial disclosure. The data highlights a narrowing competitive landscape within the Hyperliquid network, though TradeXYZ’s influence remains confined to specific HIP-3 markets rather than the broader exchange. Furthermore, the platform continues to operate without U.S. regulatory authorization, despite recent policy shifts from the Commodity Futures Trading Commission regarding perpetual futures, which do not extend to offshore equity-linked products.