HIP-3: This share has been rising a bit too absurdly—on-chain trading of U.S. stocks really has become a new track.

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Hyperliquid’s HIP-3 market’s share of platform perpetual futures trading volume has risen from about 2% at the start of the year to nearly 50%, mainly driven by demand for on-chain stock trading. TradeXYZ is currently the largest participant, offering XYZ100 to track the Nasdaq 100 index, as well as perpetual contracts for individual stocks such as Nvidia and Tesla, all settled in stablecoins. (The Block)
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