On October 13, 2025, the first HIP-3 ticker was bought and launched the same day: $XYZ100, by @unitxyz, the team behind Trade[XYZ]. Exactly one year later, HIP-3 has become one of the biggest products on Hyperliquid and one of the strongest drivers of adoption crypto has seen. Here is everything we can take away from its first year.

🎂 1. Year One in Numbers

  • $644.04B of cumulative trading volume
  • 484,636 unique traders
  • 258,828,872 trades
  • $74.76M in trading fees: $37.38M to the deployers and $37.38M to the Assistance Fund
  • $8.94M of builder revenue on top of that, earned by the frontends routing the trades
  • $4.65B liquidated across 1,181,625 fills

HIP-3 fees are split 50/50: half goes to the deployer, half to the protocol. The protocol's half goes to the Assistance Fund, which uses it to buy back HYPE. Every trade on a stock, an index or a barrel of oil now feeds HYPE buybacks.

💡 Key fact: in its first 31 days, HIP-3 traded $1.43B in total, about $46M a day. Over the last 30 days, the average weekday was $2.5B, and not a single weekday fell below $1.98B.

📈 2. From Zero to $9B in a Day

  • The first $1B day came on January 26, 2026. Six days later, on February 1, HIP-3 cleared $5B
  • Cross margin arrived on HIP-3 in February and March 2026, starting with the MAG7 stocks, $XYZ100, $GOLD and $SILVER
  • The all-time record was set on July 29, 2026: about $9.06B traded in a single day, almost all of it on Trade[XYZ]
  • Open interest peaked at $2.13B on August 16, 2026, and still sits around $1.8B
  • On its best days, HIP-3 now makes up more than half of all volume on Hyperliquid

⚙️ 3. Growth Mode and Adjustable Fees

HIP-3 gives deployers two levers on fees. Standard HIP-3 fees are currently 2x the fees on Hyperliquid's own perps, but since November 2025, deployers can switch eligible markets to growth mode:

  • All-in fees drop by 90% or more. On Trade[XYZ], the entry-tier taker fee goes from 0.090% to 0.009%
  • The deployer gives up the same 90% of its revenue, in exchange for faster growth in a new market
  • Crypto perps are not eligible: growth mode is built for new assets like stocks, indices and commodities

Deployers can also set their own fee share, from 0% up to 300%. So far, no deployer has used it to raise fees: the competition is still on growth, not on margins.

🌍 4. HIP-3 Brought Wall Street On-Chain

Hyperliquid is the most liquid place on-chain, and HIP-3 turned that liquidity toward assets crypto had never traded at scale. The rest of the industry followed: today, almost every trading platform, centralized or decentralized, offers its own "RWA" perps on stocks, indices and commodities. HIP-3 showed the demand was there.

  • S&P 500: in March 2026, S&P Dow Jones Indices gave Trade[XYZ] an exclusive license for the first official S&P 500 perpetual, trading 24/7 on Hyperliquid
  • Bloomberg: during the Iran crisis, Bloomberg ran a story on oil and gold rallying on Hyperliquid, highlighting its 24/7 price discovery
  • 24/7 access: for the first time, anyone with a wallet can trade the Nasdaq, oil or Apple on a Sunday night, with the same account they use for BTC

Institutions now take Hyperliquid very seriously. They watch and trade the IPOPs to gauge where a company could price before it lists. And when traditional markets are closed, they look at Hyperliquid to see where stocks, indices, oil or gold are trading over the weekend, on assets that normally have no market at all until Monday's open.

♾️ 5. Infinite Possibilities, No KYC

This is what makes HIP-3 so powerful: if something has a price, it can become a perp. Stocks and oil were only the start. Paragon shows how far it goes:

  • $TOTAL2: the total crypto market cap excluding BTC, up to 20x
  • $OTHERS: the market cap of altcoins outside the top 10, up to 10x
  • $BTCD: Bitcoin dominance, up to 20x
  • $2Y, $10Y and $30Y: US Treasury yields, up to 20x

Indicators that traders used to just watch on TradingView are now markets you can go long or short on.

And anyone can access them. No KYC, no broker account, no minimum deposit: a wallet is enough to trade stocks, indices, commodities, yields or pre-IPO companies with leverage. In many countries, retail traders simply cannot get leveraged exposure to these assets, or cannot access some of them at all. On HIP-3, everyone gets the same markets.

👑 6. Trade[XYZ] Owns HIP-3

Anyone holding 500,000 HYPE in stake can deploy a HIP-3 DEX. Ten DEXs have done so in year one, but one of them took almost everything:

  • Trade[XYZ]: $608.69B of volume, 94.5% of HIP-3, with 465,062 traders and 97.6% of the open interest
  • Dreamcash: 3.0%, the clear number two until it sunset its HIP-3 markets in early July 2026
  • HyENA 0.7%, Felix 0.6%, Kinetiq 0.7% across its two DEXs, EntropyIO 0.3%, Ventuals and Paragon 0.1% each

Only four DEXs are trading today: Trade[XYZ], EntropyIO, Paragon and Markets by Kinetiq. EntropyIO, launched in August 2026, is already the second DEX by daily volume.

🛢️ 7. Oil, Silver and the Nasdaq

HIP-3's first year was not about crypto. Its biggest markets are oil, metals, indices and chip stocks.

The 10 biggest Trade[XYZ] markets in HIP-3's first year
  • Oil leads: $CL (13.8%) and $BRENTOIL (6.8%) together account for about one dollar in five traded on Trade[XYZ]
  • $XYZ100, the very first HIP-3 market, is still number two with 13.3%
  • $SKHX is SK Hynix (Korea Exchange: 000660): with $SNDK (SanDisk) and $MU (Micron), memory chips have three markets in the top 10
  • The official $SP500 market already weighs 8.2%

🚀 8. Pre-IPOs: The Same Access for Everyone

Before Hyperliquid, an IPO worked the same way for decades. Shares are allocated to institutions and well-connected clients at the IPO price. Everyone else can only buy on the first day of trading, often after the pop. Before that, pre-IPO exposure means private markets, with accreditation rules and high minimums.

HIP-3 changed that with pre-IPO perpetuals (IPOPs) on Trade[XYZ]: cash-settled contracts that track the expected value of a company before it lists, and convert automatically into a regular stock perp once it does.

  • $CBRS (Cerebras), the first IPOP: its price lined up almost exactly with the final IPO pricing, before the IPO happened
  • $SPCX (SpaceX): $200M+ of volume in its first 10 days, and now 3.9% of all Trade[XYZ] volume, about $23.7B
  • $QNT (Quantinuum), launched in May 2026 after its S-1 filing
  • $CXMT, a Chinese memory chipmaker, was auctioned onto HIP-3 ahead of its IPO in July 2026

The same rules apply to everyone: the same price, the same order book and the same access, whether you trade $10 or $10M. Price discovery that used to happen behind closed doors now happens in public, 24/7.

🐋 9. One Trader, 12.6% of All Volume

The biggest HIP-3 trader of the year is 0x4692…164f, a wallet belonging to Jump (@Jump_):

  • $81.04B of HIP-3 volume, 12.6% of the ecosystem on its own
  • 37,984,749 trades and $2.27M in fees paid
  • Active on 21 markets, from stocks to oil and silver
  • Its all-time Hyperliquid volume is $81.19B: nearly all of its activity is on HIP-3

One of the biggest trading firms in the world now makes markets on HIP-3. Behind it, 10 wallets have traded more than $19B each.

⚡ What's next: in one year, HIP-3 went from a single index ticker to $644B of volume on oil, chips, the S&P 500 and companies that are not even public yet. With HIP-4 outcome markets on the way and new DEXs still launching, year two starts with the bar set very high.