The framework has topped $200 billion in cumulative volume since October 2025, while a licensed S&P 500 perpetual for eligible non-U.S. investors passed $100 million in daily volume in its first week.
Hyperliquid’s HIP-3 upgrade is expanding perpetual contracts beyond crypto-native assets such as BTC and ETH, according to Grayscale research head Zach Pandl. The framework enables permissionless deployment of perpetual markets on Hyperliquid, allowing new markets to be listed without centralized gatekeeping. Hyperliquid said HIP-3 has exceeded $200 billion in cumulative trading volume since launching in October 2025, and open interest reached a record $3.2 billion in June. Trade[XYZ] launched the first officially licensed S&P 500 perpetual on Hyperliquid for eligible non-U.S. investors, and the contract surpassed $100 million in daily volume in its first week.