This HIP-3 growth curve is a bit wild—starting the year at 2%, and now it accounts for half of the market. Tradexyz has indeed found a new angle with synthetic US stock assets.

Bianjie.com news: Hyperliquid’s HIP-3 market trading volume now accounts for about 50% of its daily perpetual futures trading volume, up sharply from roughly 2% at the start of the year. This framework allows external teams to launch their own markets on Hyperliquid’s trading infrastructure, expanding beyond core crypto assets to other asset classes. Tradexyz has become the largest trading venue in this growth wave, with products including XYZ100, which tracks the Nasdaq 100, and perpetual contracts tied to US stocks such as NVIDIA and Tesla. The product is settled in stablecoins rather than the underlying stocks, giving traders synthetic price exposure without directly owning shares. Despite the risks, the surge in trading volume suggests stock-related trading is becoming an important part of Hyperliquid rather than a fringe experiment.