Hyperliquid’s HIP-3 Markets Explode — $500M+ in 24-Hour Volume, Equity Tokens Surge

By / / Crypto News, Current
Hyperliquid’s HIP-3 Markets Explode — $500M+ in 24-Hour Volume, Equity Tokens Surge

Summary:
According to the Hyperliquid interface, its newly launched HIP-3 custom markets saw more than US$500 million in trading volume in the past 24 hours. The surge is largely driven by three market segments — XYZ, FLX, and VNTI — which together support over 20 tokenized assets. Among them, XYZ100 captured US$320 million in volume, while tokenized equities such as NVDA and GOOGL posted US$66 million and US$45 million, respectively.

What Is HIP-3 & Why It’s Gaining Traction

  • The HIP-3 upgrade on Hyperliquid enables permissionless creation of perpetual markets, allowing anyone who stakes 500,000 HYPE (the platform’s native token) to launch new derivatives markets.
  • As part of a “Growth Mode,” HIP-3 markets benefit from dramatically reduced taker fees — cut by more than 90%, down to as low as 0.00144% for top traders — helping to attract liquidity quickly.
  • This permissionless model shifts market creation from being tightly controlled to a more decentralized structure, promoting innovation and rapidly scaling the number of tradable assets.

Market Breakdown & Volume Highlights

  • XYZ100, an index tracking major equities launched under HIP-3, dominated trading volume with US$320 millionin 24-hour activity.
  • NVDA-PERP, a perpetual market representing tokenized Nvidia stock, saw approximately US$66 million traded in that same timeframe.
  • GOOGL-equivalent perpetuals also pulled in volume, reportedly around US$45 million over the day.
  • In total, HIP-3 markets now cover 20+ tokens across various segments (equities, indexes, and more), reflecting strong builder and trader demand.

Why This Matters

  1. DeFi Bridging to Traditional Markets: With tokenized versions of real-world equities like NVDA and GOOGL, Hyperliquid is helping bridge traditional finance and crypto derivatives through fully on-chain market structures.
  2. Liquidity & Capital Efficiency: The dramatic fee reductions under “growth mode” are incentivizing both market makers and traders, driving enormous volume.
  3. Decentralized Innovation: By letting any qualified builder spin up markets, Hyperliquid may accelerate the development of niche or exotic perpetuals, potentially outpacing centralized exchanges.
  4. Market Diversification: Instead of relying solely on crypto tokens, HIP-3 is enabling derivatives on equities — broadening use-cases and attracting more traditional capital into DeFi.

Risks & What to Watch

  • Counterparty & Smart-Contract Risk: Permissionless market creation is powerful but could expose users to risks if builders fail to maintain liquidity or properly configure oracles.
  • Volatility & Leverage: Equity-based perpetuals can be highly volatile, especially under leverage, which may lead to sharp price swings or liquidations.
  • Sustainability of Volume: While 24-hour volume is impressive, sustaining such levels will depend on continued builder activity, trader retention, and market maker incentives.
  • Regulatory Scrutiny: Tokenization of equities — especially perpetuals — could draw attention from regulators, raising compliance challenges.

What’s Next

  • New Market Launches: Further expansion is likely, with more equities, indexes, and perhaps even other asset classes being tokenized under HIP-3.
  • User Growth Metrics: Watch for on-chain data showing number of new wallets, open interest trends, and liquidity per market.
  • Fee and Incentive Evolution: How long “growth mode” incentives last could significantly impact future volume and adoption.
  • Regulatory Developments: Whether regulators take stances on tokenized equity perp markets — especially around securities law — will be a key factor.

Bottom Line:
Hyperliquid’s HIP-3 framework is proving to be a powerful accelerator for decentralized derivatives, especially for tokenized equity markets. With over US$500 million in 24-hour trading volume, permissionless perps like XYZ100, NVDA, and GOOGL are not just experiments — they may represent a real step toward merging traditional finance with on-chain trading infrastructure.

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