Hyperliquid HIP-3 on-chain stock perpetual contract trading volume surges, now accounting for nearly 50% of the platform’s total volume

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Deep Tide TechFlow news: On July 14, according to The Block, Hyperliquid’s HIP-3 framework—a permissionless mechanism that lets developers freely deploy perpetual contract markets—has seen its share of trading volume rise sharply from around 2% at the start of the year to nearly 50% currently. The growth is mainly driven by on-chain stock trading demand.

At present, the space is led by TradeXYZ, whose products include XYZ100, which tracks the Nasdaq 100 index, and perpetual contracts for individual stocks such as Nvidia and Tesla; all of them use stablecoin settlement.

Analysts say the core appeal of on-chain stock perpetual contracts lies in two points: first, the no-expiry design—compared with traditional options, it avoids time-value decay, making it more intuitive for retail traders who prefer straightforward long/short strategies; second, 24/7 nonstop trading, allowing users to react immediately at the first moment after news is released, without waiting for traditional markets to open.

HYPE-6.11%
NAS100-1.09%
NVDAX-2.20%
TSLAX-2.29%
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