The trading volume of perpetual contracts (perps) on the Hyperliquid platform has undergone dramatic changes. While the share of HIP-3 markets in total volume was a modest 2% at the beginning of the year, it is now approaching 50%. This is not just a statistic — it is a paradigm shift within the derivatives ecosystem.
What is HIP-3 and why has it become dominant?
HIP-3 is not a separate token, but rather a category of assets that includes 24/7 perps on traditional financial instruments. This refers to contracts on stocks of giants such as Nvidia and Tesla, as well as on indices, including the Nasdaq-100. The key difference from classic crypto derivatives is the lack of ties to exchange trading hours. Trading is available 24/7, which attracts traders seeking maximum flexibility.
Outside standard trading sessions, the pricing of these contracts depends entirely on the operation of oracles and the funding rate mechanism. This creates a unique dynamic: volatility can be higher, and liquidity more concentrated than in traditional markets.
Analysis and expert perspective
The growth of HIP-3's share from 2% to nearly 50% in a few months is a signal of deep integration between crypto and traditional markets. Traders are clearly voting for access to off-exchange instruments in a 24/7 format. However, it is worth noting that such concentration carries risks: during sharp movements in traditional markets (for example, during the release of macroeconomic data), oracles may lag, leading to cascading liquidations. In my professional opinion, Hyperliquid is becoming a testing ground for hybrid models, but investors should closely monitor liquidity during off-peak hours.