Hyperliquid HIP-3 grows from 2% to nearly 50% of perpetual volume

Hyperliquid’s HIP-3 framework has expanded from about 2% of the platform’s perpetual futures volume at the start of the year to roughly 50%, and builder-deployed markets for stocks, commodities and indices have now outtraded the exchange’s native crypto perpetuals on recent weekdays. Data queried from Hyperliquid’s API showed builder markets handled $5.41 billion, or 51.8% of the $10.44 billion traded across the exchange over a 24-hour period on Tuesday, versus $5.03 billion for native crypto contracts led by Bitcoin at $2.69 billion and Ether at $1.27 billion. Builder markets first topped crypto over a full trading day on July 8, when they took 54.6% of volume, and repeated that on July 9 and July 10, while the pattern faded on weekends as trading in stocks, commodities and indices thinned. The crossover marks a notable shift for Hyperliquid from a crypto derivatives venue toward a round-the-clock market for a broader mix of assets. Still, claims that traders are doing more stock trading than crypto overstate the data. Single-name equity perps generated $3.2 billion in the period, below crypto’s $5.03 billion, and builder markets exceeded crypto only after adding commodity and index contracts, including about $1.42 billion in crude oil, Brent and silver perps and roughly $686 million in Nasdaq-100 and S&P 500 index perps. Equity activity was also concentrated, with SK Hynix alone contributing $1.62 billion, around half of all single-stock volume. One builder, trade.xyz, dominates the segment. HIP-3 lets outside teams launch perpetual markets on Hyperliquid by staking 500,000 HYPE, worth about $32 million at current prices, and trade.xyz accounted for nearly all of the latest builder-market volume. The framework went live on Oct. 13, 2025. Hyperliquid settles an estimated 70% of all onchain perpetual futures volume and ranks among crypto’s largest fee-generating protocols, with an annualized revenue run rate near $840 million. HYPE rose 1.7% over the past 24 hours, trailing Bitcoin’s 3.6% gain, and traded at about a $14.4 billion market cap while remaining down roughly 10% over the past week.