: : [Investment/Report] Trade[XYZ] 2026 Q2 Report
Written by GLC Research, Four Pillars, Arrakis, GRZ Research

- Trade[XYZ] volume rose 79.2% QoQ to $202.36B, while its share of HIP-3 reached 95.1% for the quarter and roughly 99.5% on a trailing 30-day basis. Revenue grew 32.9% to $7.59M despite a lower take rate.

- Growth broadened beyond commodities. Equity volume rose 377% to $58.9B, indices grew 133%, and Pre-IPO Perpetuals took Cerebras, Quantinuum, and SpaceX from pre-listing trading through their IPOs.

- The pre-IPO product worked, but three listings are not enough to establish a persistent forecasting edge. Much of the final price convergence came only after Nasdaq auction indications appeared.

- With US users still excluded and nearly all HIP-3 activity concentrated on one deployer, regulation is now both Trade[XYZ]'s largest upside and its largest external risk.

📱 Report Summary (Post)
🌎 Full Report (Website)

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