TradeXYZ’s RWA perpetuals trading volume cools to $2.6B daily, 71% below July peak

TradeXYZ, the dominant deployer of real-world asset perpetual contracts on Hyperliquid’s L1 blockchain, has seen its daily RWA trading volume settle around $2.1 to $2.6 billion. That’s a far cry from the platform’s blistering July 2026 performance, when monthly volume hit roughly $100 billion, largely fueled by semiconductor-linked contracts. The pullback represents a roughly 71% decline from peak daily averages. But open interest on the platform still hovers near $3.6 billion, suggesting traders haven’t fled so much as eased off the gas. From launch to $200B in under a year TradeXYZ debuted in late 2025, initially focused on index perpetuals before expanding into commodities and individual equities. In Q2 2026, the platform logged $202.36 billion in total trading volume, a 79.2% increase from the prior quarter. Equity perpetuals alone surged 377% during that stretch, reaching $58.9 billion as traders piled into leveraged positions on stocks they couldn’t easily short or lever up in traditional markets. July marked the crescendo. The platform posted its largest monthly volume on record at roughly $100 billion, with semiconductor-related contracts acting as the primary engine. What ...