HIP-3 Markets Surge to Nearly Half of Hyperliquid Perp Volume

Hyperliquid's HIP-3 markets have experienced significant growth in recent months, now accounting for nearly half of total Hyperliquid perp volume. This surge coincides with growing retail demand for trading equities on-chain.

The majority of this growth is attributed to TradeXYZ, which runs markets like XYZ100 (tracking the Nasdaq-100) and single-stock contracts on names like Nvidia and Tesla, all settled in stablecoin rather than the underlying shares.

Perpetuals offer a more intuitive structure for retail traders, avoiding time decay and allowing for continuous trading. However, prices outside of market hours rely entirely on oracle and funding-rate mechanics to stay anchored, an unproven setup relative to traditional 24/7 assets like crypto itself.