TheBlock
Hyperliquid's HIP-3 builder-deployed perp markets have climbed to nearly 50% of the exchange's total perpetual trading volume, with onchain stock perpetuals emerging as the fastest-growing slice of that flow. The shift signals real demand for around-the-clock equity exposure on a venue originally built around crypto-native pairs.
Why it matters
HIP-3 lets external builders deploy their own perpetual markets on Hyperliquid, breaking the single-venue model most DEXs have followed since launch. The near-50% share inside weeks of meaningful product rollout shows that permissionless market creation, not just a deep order book, is what draws liquidity to a perps venue. Equities running 24/7 onchain is a structural use case that traditional crypto pairs alone never opened up.
Market impact
Early volume is encouraging, but the asset class was not designed for continuous trading, and gaps during US market hours remain the real test. If HIP-3 holds share as stocks reopen stateside and onchain equity perpetuals compound, the category pulls a new risk-on flow onto Hyperliquid that does not depend on BTC or ETH beta. Watch the stock-vs-crypto mix during US cash-session windows for confirmation.
Frequently asked questions
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What is HIP-3 on Hyperliquid?
HIP-3 is a Hyperliquid upgrade that lets external builders deploy their own perpetual markets on the protocol, breaking the single-venue model most DEXs had previously followed.
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How much of Hyperliquid's volume now runs through HIP-3?
HIP-3 builder-deployed perp markets have climbed to nearly 50% of Hyperliquid's total perpetual trading volume, with onchain stock perpetuals emerging as the fastest-growing slice.
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Why are onchain stock perpetuals growing so fast?
Traders want around-the-clock equity exposure on a venue that can settle perps 24/7, something traditional equity markets and most crypto venues cannot offer. HIP-3 lets that market be deployed directly on Hyperliquid.
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Do HIP-3 stock perps trade during US market hours too?
Yes, they trade continuously, including during US cash sessions. The open question is how price discovery behaves across the gap between US closes and reopens, since equities were not designed for non-stop trading.
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What should traders watch next on HIP-3?
The stock-versus-crypto mix during US cash-session windows is the key signal. If HIP-3 holds share as US markets reopen, the flow becomes a structural addition to Hyperliquid independent of BTC or ETH beta.
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