“Early in the year these markets were a novel product for existing traders to explore a new asset class. They are now the exchange's largest single acquisition channel, onboarding 173,794 first-time users and keeping them coming back at a higher rate than the crypto-native cohort.”
Hyperliquid's daily active users are up 51% since @tradexyz launched.
Part II of our report looks at who the 173,794 new users are, how they arrived and what they have traded since.
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Events by trade[XYZ]
Introducing Events by trade[XYZ].
With Events, we’re advancing our vision of Hyperliquid as the universal exchange—a single, composable system for trading financial assets and real-world outcomes.
A user can deposit spot BTC, borrow USDC through portfolio margin, open a pre-ipo SpaceX perp position, hedge an upcoming SK Hynix earnings event with an events market, and pick the US Open winner—all from a single unified account on trade[XYZ].
Events will span sports, politics, economics, and financial markets, with an expanding range of categories and contract formats.
Our initial Up/Down markets cover equities, commodities, and pre-IPOs, powered by the depth and liquidity of trade[XYZ] perpetuals on HIP-3. These perpetuals provide continuous price discovery and serve as the resolution source, so each contract is grounded in XYZ's liquid market prices rather than an external oracle.
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always wanted to do a user acquisition breakdown like this but haven’t had the time. Shoutout to @HansonBirringer
We took a closer look at the data behind all 356,886 xyz traders since launch in October 2025.
These markets are the primary funnel for mass adoption and user retention on Hyperliquid, across both retail and institutional cohorts.
Full report below.
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s retweeted
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.
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Have an awesome sports team opportunity in Japan for @OpenAI or @AnthropicAI. DM!
If I ran anthropic’s marketing … I would just buy a sports team and let Claude 100% run it … from draft to contract negotiations to on field decisions. AGI is when it wins the championship.
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.@tradexyz order book depth is 50-300% greater than the next best venue (binance) for top equity perps
hypertradexyzliquid
source: loris.tools/depth
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