
Hyperliquid’s HIP-3 markets of perp volume amid onchain stock trading boom
The rise in onchain trading suggests a shift towards blockchain integration in traditional finance, potentially reshaping global market dynamics.

The rise in onchain trading suggests a shift towards blockchain integration in traditional finance, potentially reshaping global market dynamics.

HIP-3's share of total Hyperliquid perp volume has climbed from roughly 2% at the start of the year to around 50% now.

Stock-linked HIP-3 markets have generated more than $18.8 billion in volume so far this month, eclipsing crude oil and Brent perps combined.

Hyperliquid's HIP-3 framework — which lets anyone deploy a perpetual futures market on the protocol's settlement layer — cleared $62 billion in May volume, pushing the venue to a record 6.63% share of global perps and 14.4% against Binance.