Hyperliquid markets built under HIP-3 briefly accounted for nearly half of the platform’s perpetual contract volume in summer 2026, up from about 2% at the start of the year, The Block reported. TradeXYZ’s stock markets dominated the activity, including contracts tied to the Nasdaq 100 and individual equities. Across the industry, real-world-asset perpetual volume rose from about $85 billion per month in January to approximately $470 billion in June. Binance, Hyperliquid and OKX together held more than 80% of that category. Dragonfly managing partner Haseeb Qureshi said institutional investors require dedicated environments for regulatory and operational requirements, pointing to a future in which multiple specialized blockchains coexist rather than activity concentrating on a single chain such as Ethereum.