Hyperliquid founder says HIP-3 once made up 51% of platform volume as Pre-IPO markets widen access

News Editor

2026-10-07 03:58:26

Hyperliquid founder Jeff Yan said at a TOKEN2049 discussion in Singapore that HIP-3 markets accounted for about 51% of Hyperliquid’s trading volume at one point in July, a figure he said showed clear product-market fit. He said users’ willingness to move from existing financial products into new on-chain markets points to a sizable supply gap in prior offerings and also reflects trust in the execution of market deployers. Yan said one of the most notable shifts over the past year has been the rise of markets that let users access trading opportunities that were previously out of reach. During the discussion, crude oil and Pre-IPO perpetuals tied to real-world assets were cited as key use cases for HIP-3. He also argued that in traditional finance, some assets are only available to a small group early on, and by the time public access opens, much of the growth may already have been captured by those with privileged access. Yan added that Hyperliquid aims to be an open protocol and infrastructure layer for different financial products and applications, rather than competing directly with front-end platforms.

According to on-site reporting from Foresight News, Hyperliquid founder Jeff Yan said during a TOKEN2049 discussion in Singapore that HIP-3 markets accounted for about 51% of Hyperliquid’s trading volume at one point in July this year. He said that level showed clear product-market fit.

Yan said users have been willing to move away from existing financial products and try new on-chain markets. In his view, that points to a sizable gap in product supply and also shows user trust in the execution capabilities of the teams deploying those markets.

Crude oil and Pre-IPO perpetuals cited as key HIP-3 use cases

Speaking about HIP-3’s development, Yan said one of the most exciting changes over the past year has been the growing number of markets that let users take part in trading opportunities that were previously unavailable to them. The discussion noted that perpetual contracts tied to real-world assets, including crude oil and Pre-IPO markets, have become an important application direction for HIP-3.

Yan said that in the traditional financial system, some assets are often only accessible to a small group at an early stage. By the time those assets become available to the public, the main growth phase may already have been captured by people with better access. He said the financial system should be opened to a broader group of users as much as possible.

Hyperliquid positions itself as infrastructure, not a front-end competitor

Yan also said Hyperliquid would rather serve as an open protocol and infrastructure layer that different financial products and applications can build on, instead of competing directly with front-end platforms.

He said Builder Codes allows developers to build products such as mobile applications and institutional trading terminals without having to set up core systems like matching and clearing on their own, while connecting directly to Hyperliquid’s markets and liquidity.

Yan said, 「No one is competing with the internet,」 adding that Hyperliquid is similarly closer to an infrastructure layer that can be adopted by different companies.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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