According to public information cited by TechFlow on June 14, Hyperliquid’s HIP-3 framework has surpassed $200 billion in cumulative trading volume since its launch in October 2025. The platform’s peak open interest, or OI, reached about $3.2 billion in June this year, reflecting the continued expansion of the on-chain derivatives market for traditional assets.
HIP-3 brings traditional asset derivatives into on-chain trading
The development of HIP-3 is closely tied to the migration of traditional financial asset exposure into on-chain derivative products. One of the most notable examples is the officially licensed S&P 500 perpetual contract launched on Hyperliquid by Trade[XYZ] under authorization from S&P Dow Jones Indices. The product has been regarded as an important step for the on-chain traditional asset derivatives segment.
The S&P 500 perpetual contract is available to eligible non-U.S. investors. It supports 24-hour trading and is settled in USDC. Unlike traditional futures, the product has no fixed expiry date, and traders do not need to bear the rollover costs associated with traditional futures contracts. Data shows that during its first week of trading, the product recorded more than $100 million in single-day volume and quickly moved into the top ten products by trading volume on Hyperliquid.
SpaceX listing adds to discussion around popular asset exposure
Market views cited in the source also connect the recent on-chain traditional asset trend with listing events involving major technology companies. After SpaceX completed its Nasdaq listing, some investors began looking at on-chain derivatives as a way to gain price exposure to popular assets. This has brought further discussion to the link between crypto infrastructure and traditional capital markets.
Simon Dedic, co-founder of Moon Rock Capital, said publicly that compared with custody and lock-up restrictions on some centralized platforms, on-chain perpetual contracts are becoming a new choice for investors seeking exposure to popular asset concepts such as SpaceX, Anthropic and OpenAI. He also said that if the U.S. CLARITY Act is formally implemented in the future, it will further promote markets related to on-chain traditional assets and real-world assets, or RWA.