Hyperliquid’s HIP-3 market nears 50% of perp volume as on-chain equity demand grows
Hyperliquid’s HIP-3 market has expanded quickly, with its share of the platform’s total perpetual futures trading volume rising from about 2% at the start of the year to nearly 50%, according to Odaily. HIP-3 is Hyperliquid’s permissionless framework that lets developers deploy perpetual contract markets. The increase has coincided with rising retail interest in on-chain stock trading. At present, the HIP-3 segment is led mainly by TradeXYZ, which has rolled out markets including XYZ100, a contract tracking the Nasdaq 100 Index, as well as single-stock related contracts tied to names such as Nvidia and Tesla. The figures point to a sharp shift in where activity is occurring inside Hyperliquid’s perp ecosystem, with developer-launched markets taking a much larger share than they did earlier this year.








