HIP-3 weekly trading volume hits record $31.87 billion

Hyperliquid’s HIP-3 market has added another milestone, with open interest in traditional asset markets surpassing $4.13 billion for the first time, according to Hyperscreener ASXN. Daily trading volume rose 229% to $4.87 billion and moved above the amount of capital held on the platform, showing that activity in the market has accelerated sharply. The trading mix has also shifted away from memecoin speculation and toward 24/7 markets for tokenized stocks, commodities and indices on blockchain rails, a format that lets traders respond immediately to overnight developments while traditional exchanges are closed. Contracts linked to memory chip makers SK Hynix and Micron Technology were among the most actively traded markets, while Palantir’s 25.86% gain was the day’s strongest move in the equities section. That volatility drove a 544% jump in daily liquidations across markets deployed by xyz, taking total liquidations to more than $19.25 million. The same expansion has also revealed how concentrated liquidity has become. xyz now controls almost all of the market, with $4.12 billion of the $4.13 billion total, while smaller deployers are said to be holding only about $15 million to $20 million in liquidity. Felix, one of the ecosystem’s earlier protocols, has already announced that it is closing its markets. The structure of the system helps explain that outcome: a major participant must lock 500 million HYPE tokens as collateral to launch a trading interface, and half of the fees generated are used for HYPE buybacks. The result is a market that has grown into billions of dollars of turnover, but one that is also leaving very little room for rival deployers as liquidity gravitates to a single dominant operator.