This week has been much quieter than usual, but there is still plenty of news and metrics surrounding HIP-3, as well as some news from HyperliquidPC, code builders, and whales trading HIP-3.

1. Impressive revenues that keep growing

  • TradeXYZ generated 97.67% of Polymarket's revenue in 7 days (while Polymarket eyes a $20B valuation). Many have criticized the fact that Polymarket has not activated fees on all markets, but this is very similar to TradeXYZ still being in Growth mode.
  • In 24 hours, TradeXYZ produced more revenue than Lighter and ranked 4th overall among all perps and interfaces.
  • Builders Code has now generated $16.501 million in revenue for phantom.
  • Hyperliquid now accounts for 3 of the top 6 largest derivatives/interfaces by revenue (with Phantom and TradeXYZ).
  • TradeXYZ total revenue exceeded $7 million.

With all these protocols generating revenue thanks to Hyperliquid, it's clear that they have truly succeeded in becoming the "AWS of liquidity and tech," although there is still plenty of room for future teams. The choice of horizontal scaling, leaving the door open for any team to create value and recover a share of that value, seems to be really paying off and benefiting HYPE in every way.

2. New ATH on HIP-3 and cross margin

  • HIP-3 total open interest hit a new all-time high of $1.16 billion (19.74% of total Hyperliquid OI).
  • Dreamcash recorded a new ATH volume day with $548.67 million.
  • Unique traders on HIP-3 (wallets active on different days) surpassed 1.5 million.
  • Felix crossed $2 billion in total HIP-3 volume (heavily driven by $SILVER and $OIL pairs).
  • Cross margin is now live on additional TradeXYZ HIP-3 pairs: $XYZ-100, $GOLD, and $SILVER.

3. HYPE March Unlock and Foundation

The team has released the funds, with only 7 wallets receiving between 40,832 and 9,033 HYPE.
48,214 out of 173,164 HYPE has already been stacked, and the rest has not moved from the wallets.
What I said last week has been confirmed: the first unlocks were very important to pay a bunch of core contributors who are not directly part of the team, and/or once the team has secured a few million, they are ready to keep the rest and receive only very small amounts.

The 1 million HYPE (approximately $30 million) to pay for the "Hyperliquid Policy Center" was sent to a wallet linked to Anchorage.
Some people seem to not understand where this 1 million HYPE comes from; it is the foundation's wallet.
The foundation has 6% of the total supply, or 60 million HYPE.
The team's wallet, also known as HyperLabs, contains 24% of the total supply, or 240 million HYPE.

💡 Key takeaway: At the current rate, it would take more than 117 years to redistribute all of the team's HYPE. That's not counting staking, otherwise they would simply never reach the end of the wallet.

4. Whale Watching

Multiple whales were seen taking directional trades (probably not hedges), particularly on $XYZ-100, with a single whale holding a $39 million position, representing exactly 20% of the pair's open interest. With a smooth entry over several days, there was no price impact and no movement in funding rates.

This will become commonplace, and it is likely that the next major positions that have attracted significant attention, notably those of 2TheMoon in 2024 and JamesWynn in 2025, will be placed on HIP-3 and will be widely discussed on Twitter and in the major financial media outlets.

Thank you for your reading and see you next week.
Hyperliquid.