HIP-3 markets reach 50% of Hyperliquid perp volume as onchain trading grows

HIP-3, Hyperliquid's framework for perpetual markets, has increased its share of total perp volume from approximately 2% at the beginning of the year to nearly 50%. This surge coincides with a rising retail interest in onchain equity trading. The market is primarily led by TradeXYZ, which offers products like XYZ100 and single-stock contracts for companies such as Nvidia and Tesla, settled in stablecoin. The perpetual contracts provide advantages over traditional options by eliminating time decay, making them more appealing to retail traders. Additionally, HIP-3 allows for continuous trading, enabling traders to respond to news immediately, unlike traditional equities that have set trading hours. However, the underlying stocks still trade only during market hours, meaning HIP-3 prices outside these hours depend on oracle and funding-rate mechanics, which remain untested compared to established 24/7 assets like cryptocurrencies. Early trading volume indicates a genuine demand for continuous access, although this product category is still in its infancy.

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