The market trading volume share of Hyperliquid HIP-3 has soared from 2% at the beginning of the year to nearly 50%, driven by on-chain stock trading demand

According to data from The Block, the trading volume of Hyperliquid's permissionless perpetual contract framework HIP-3 has risen from about 2% at the beginning of the year to approximately 50% currently, in line with the growth in retail demand for on-chain stock trading.

This category is dominated by TradeXYZ, which operates XYZ100 (tracking the Nasdaq 100 index) and individual stock contracts for companies like Nvidia and Tesla, all settled in stablecoins rather than the underlying stocks. Compared to traditional options, perpetual contracts avoid time value decay, requiring only the payment of funding rates with no expiration date, making it more intuitive for retail traders accustomed to simple long and short operations.

24/7 trading is another core selling point, allowing traders to react instantly to news or earnings reports without waiting for the market to open. However, the underlying stocks are still only traded during market hours, and outside of trading hours, HIP-3 prices rely entirely on oracles and funding rate mechanisms for anchoring, which has not been fully validated compared to native 24/7 assets like cryptocurrencies.