I went and took a look. If you applied the trade cap to the current season, one team would be over the cap (Raiders) with two more currently at the cap (Broncos and Falcons). There have also been fewer trades overall than there were in season 1 last year. With the trade deadline a week away, it certainly doesn't look like the lack of a cap has made too much of a difference in either the volume or impact of trades.
For the record, here are just a few of the players who were traded last year under the cap, just in season one:
Again, that's just from season one. All with the cap in place.
Facts.?....who uses facts....