Traders on Hyperliquid are now pushing more money through builder-deployed markets than through the exchange’s native crypto perpetual contracts, at least on recent weekdays.
Data from Hyperliquid’s API queried by The Defiant on Tuesday showed that builder markets launched under the exchange’s HIP-3 framework generated $5.41 billion in notional volume over the latest 24-hour window. That was 51.8% of the $10.44 billion traded across the platform. Native crypto perps made up the other $5.03 billion, led by Bitcoin at $2.69 billion and Ether at $1.27 billion.
First crossover came on July 8
The Defiant’s review of daily Hyperliquid market data showed builder markets first outtraded native crypto over a full trading day on July 8, when they captured 54.6% of total volume. The same happened again on July 9 and July 10.
The pattern is limited to weekdays. On July 5, 11 and 12, all weekend sessions, builder-market share fell back to between 16% and 33% as trading in stocks, commodities and indices thinned out while crypto kept turning over.
Builder-market share has climbed from near zero at the launch of HIP-3 to above 50% for the first time on July 8.
A shift that has been building for months
This change did not appear overnight. Builder-market share rose from a fraction of a percent when HIP-3 launched in October to roughly one-third through the spring. It came close to parity with native crypto on individual days in April and June, then moved through the 50% mark this month.
The crossover points to how far Hyperliquid has moved from its starting point as a crypto derivatives venue toward a 24/7 market for a broader set of assets. The Defiant said the move also lines up with a thesis argued by firms including Grayscale: the exchange’s long-term value may rest less on the HYPE token itself and more on its ability to act as a round-the-clock trading layer for equities, commodities and other instruments that traditional venues shut down from each night through the weekend.
Why the “stocks beat crypto” claim goes too far
The shift drew attention on Tuesday after a trader posting as @ryandcrypto wrote that “people are officially trading more stocks than crypto on hyperliquid,” sharing a chart that compared the two pools of volume.
Hyperliquid’s own data supports only a narrower version of that claim. Builder markets as a group have topped crypto on recent weekdays, but Tuesday was not the first day that happened. And single-name stocks by themselves have not overtaken crypto.
Single-stock perps are still smaller than crypto
Over the same 24-hour period, single-name equity perps drew $3.2 billion in volume, still below crypto’s $5.03 billion. Builder markets clear crypto only after commodity and index perps are included in the total.
Crude oil, Brent and silver contracts together traded about $1.42 billion. Index perps tracking the Nasdaq-100 and the S&P 500 added roughly $686 million.
Equity activity is also highly concentrated. Perps tied to SK Hynix, the South Korean memory-chip maker, accounted for $1.62 billion alone, or roughly half of all single-stock volume. A cluster of related semiconductor and memory names followed, including Micron, SanDisk and Samsung, along with a market tied to DRAM chip prices.
Remove SK Hynix, and stock volume drops to less than one-third of crypto volume.
One builder accounts for almost all of it
HIP-3 allows outside teams to launch their own perpetual markets on Hyperliquid’s infrastructure by staking 500,000 HYPE, worth about $32 million at current prices. The framework went live on Oct. 13, 2025.
One builder, trade.xyz, dominates the segment. On Tuesday, it accounted for all but a fraction of the $5.41 billion in builder-market volume through the equity, commodity and index perps it operates.
Exchange data shows HIP-3’s share of total Hyperliquid activity has grown from a small slice at the start of the year to roughly half today.
Hyperliquid’s broader position and HYPE pricing
Hyperliquid settles an estimated 70% of all onchain perpetual futures volume, according to the figures cited in the article, and ranks among the largest fee-generating protocols in crypto. Its annualized revenue run rate is near $840 million.
CoinGecko data shows HYPE rose 1.7% over the past 24 hours, trailing Bitcoin’s 3.6% gain. The token trades at around a $14.4 billion market capitalization and is down about 10% over the past week.