Jeff Yan Says HIP-3 Once Accounted for About 51% of Hyperliquid Trading Volume

News Editor

2026-10-07 04:05:09

Hyperliquid founder Jeff Yan said during a TOKEN2049 discussion in Singapore that the HIP-3 market at one point contributed about 51% of Hyperliquid’s trading volume in July, a figure he said points to clear product-market fit. He argued that users’ willingness to move from existing financial products into new on-chain markets shows there had been a sizable supply gap in available products, while also reflecting confidence in the execution ability of market deployers. Yan said perpetual contracts tied to real-world assets, including crude oil and Pre-IPO products, have become a key use case for HIP-3. He also described a broader shift over the past year, with more markets giving users access to trading opportunities that were previously out of reach. In the same discussion, Yan said Hyperliquid wants to function as open protocol infrastructure for different financial products and applications rather than compete directly with front-end platforms. He added that Builder Codes lets developers build products such as mobile apps and institutional-grade trading terminals without creating their own matching and liquidation systems, while plugging directly into Hyperliquid’s markets and liquidity.

According to ChainCatcher, Hyperliquid founder Jeff Yan said during a discussion at TOKEN2049 in Singapore that the HIP-3 market at one point contributed about 51% of Hyperliquid’s trading volume in July. He said that performance indicates clear product-market fit for the segment.

Yan said users’ willingness to move away from existing financial products and try new on-chain markets suggests there had been a large gap in product supply. He also said it shows users trust the execution ability of the teams deploying those markets.

Real-world asset perpetuals are becoming a key use case

The discussion highlighted perpetual contracts linked to real-world assets such as crude oil and Pre-IPO products. Yan said those products have become an important application direction for HIP-3.

He added that one of the more notable changes over the past year has been the rise of markets that allow users to participate in trading opportunities that were previously inaccessible. In his view, some assets in traditional finance are often available early only to a small group of participants, and by the time they are opened to the public, much of the main growth phase may already have been captured by those with access advantages. He said the financial system should be opened to a broader group of users as much as possible.

Hyperliquid wants to be infrastructure, not a front-end rival

Yan also said Hyperliquid would rather position itself as an open protocol and infrastructure layer that can be used by different financial products and applications, instead of competing directly with front-end platforms.

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

Yan said, 「No one is competing with the internet」, adding that Hyperliquid is likewise 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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