Gmeow. This week brought more important news for the future of Hyperliquid, including further updates on HIP-3, code builders, and interesting data from the giants of our ecosystem.

1. User Growth Hits Near-ATH Levels

Active traders on Hyperliquid surged to 203,021, closing in on the all-time high of 216,000 from November 2025. Platform momentum is clearly rebounding strong.

2. HIP-3 Milestones & Updates

  • TradeXYZ blasted past $50 billion in total volume and is by far the foremost.
  • Markets.xyz hit $1 billion in volume just 4 weeks after launch, generating 41,258 $USDH in fees.
  • Cross margin for HIP-3 is coming soon (already on testnet). Selected assets will be monitored, with slashing for any deployer abuse.

Cross margin will optimize a wide range of strategies, particularly for delta-neutral farming between HIP-3s, which will allow for greater stability and even higher volumes. But it's also very practical for traders, and should have a significant positive impact on HIP-3s and crypto volumes.

3. Builders Code

Applications integrating Hyperliquid's Builders Code have now earned over $60 million in total. This flywheel is rewarding builders and expanding the ecosystem rapidly. Notably, two new code builders have this week:

  • The HyperSwap terminal, offering an excellent user experience and new features such as chat and specific trading pairs.
  • Trojan, the memecoin trading and copy trading platform on Solana which allows its users to trade directly from their site.

4. Major Investments & Purchases

  • DAT Hyperliquid Strategies Inc. (stock symbol: $PURR) announced that it had purchased 5 million HYPE tokens for $129.5 million at $25.9 per token, with $125 million in cash remaining. Their goal is to increase the number of $HYPE per share - as soon as PURR has an mNAV below 1, it would sell $PURR shares to buy back PURR shares, and if above 1, it would sell $PURR shares to buy HYPE.
  • Hyperliquid Strategies Inc. also filed financial results for the Quarter ended December 31, 2025.