Trade[xyz] 2026 Q1 Report

Earlier this year, HRC published the Hyperliquid 2025 Annual Report, a TradFi-style review of Hyperliquid's financial performance, key milestones, and ecosystem dynamics, written for investors and market participants more accustomed to reading earnings reports than parsing blockchain data. The goal was to reduce information asymmetry and lower barriers for new entrants.

That mission does not stop at Hyperliquid itself. HIP-3 formalized the open-infrastructure thesis at the market layer: external teams can deploy perpetual markets on Hyperliquid's orderbook, controlling oracle design, leverage, discovery bounds, and fee structures, while earning 50% of the fees their markets generate. The protocol requires deployers to stake 500,000 HYPE as economic collateral, aligning incentives without centralized gatekeeping. For Hyperliquid, each new deployer adds volume at zero marginal infrastructure cost.

Trade[XYZ] was the first team to deploy under this framework and remains by far the largest, accounting for approximately 85 to 90% of all HIP-3 volume. Processing billions of dollars in daily volume and the emerging signs of genuine weekend price discovery all point to something larger than a successful product launch. They point to a structural shift in how global markets could operate. Given that scale, independent and structured reporting on its performance has become a necessity.

This quarterly report documents Trade[XYZ]'s progress with the same rigor we brought to the Annual Report.

We hope you find it valuable.