hip-3

On-chain data shows that as of now, the HIP-3 market has generated a total revenue of 44 million USD. Among them, 22 million USD has been allocated to HIP-3 developers, and the remaining 22 million USD is used for repurchasing HYPE tokens. HIP-3 is the market creation and incentive mechanism within the Hyperliquid ecosystem, allowing developers to create and operate trading markets and earn protocol revenue sharing based on market performance. The disclosed data indicates that HIP-3 has become an important source of revenue for the Hyperliquid ecosystem while continuously providing financial support for the repurchase of HYPE tokens.

Felix protocol co-founder Charlie disclosed on the X platform that Felix's HIP-3 DEX and all spot markets will begin closing on June 19 and will be completed by June 20. All traders must close their active positions before this date.The Felix team reviewed and pointed out that competitor TradeXYZ successfully established a growth flywheel and dominated the market due to its earlier launch, pricing in USDC (instead of Felix's USDH), rapid market expansion, and the brand effect of airdrops. Although Felix was the first to launch in markets like OIL, GOLD, and SILVER and recorded approximately $3 billion in trading volume, it was ultimately surpassed by TradeXYZ.Felix stated that closing the DEX will not affect the lending and spot stock business, and the team will continue to focus on upgrading and iterating on the aforementioned core products.

The open interest (OI) of the HIP-3 market on Hyperliquid reached a peak of approximately $2.38 billion and currently remains at a high of around $2.1 billion, reflecting a growth of about 580% year-to-date. This growth is primarily driven by "non-crypto assets."Among the top ten markets by trading volume on the platform, only three are crypto trading pairs, while the rest consist of tokenized stocks and commodities, including the Nasdaq index, S&P 500, crude oil, gold, and silver. Analysis indicates that the core driving force comes from the demand for "24/7 trading of traditional assets." Unlike traditional markets that are limited by trading hours, HIP-3 enables investors to trade stock and commodity exposure around the clock through on-chain settlement and a non-intermediary structure. Additionally, TradeXYZ accounts for over 90% of the open interest in HIP-3, becoming the main source of liquidity in this sector.

Hyperliquid founder Jeff announced in the Discord channel that the priority fee mechanism has now been launched on the mainnet in Alpha mode, including Gossip priority fees (used for prioritizing data reads) and Order priority fees (used for prioritizing order writes), for more details please refer to the official documentation.It is important to note that based on user feedback, the cap for order priority fees has been reduced from 20 bps to 8 bps. Currently, order priority fees are only applicable to IOC orders on HIP-3 assets.

According to MLM monitoring, two days ago, Paragon (PARA) staked 500,000 HYPE (approximately 18.5 million USD) and launched the HIP-3 decentralized trading platform Para on the mainnet 8 hours ago, and has obtained trading codes TOTAL2, OTHERS, and BTCD.

Data shows that the total open interest of Hyperliquid's HIP-3 market has reached $1.43 billion, setting a new historical high. Since the launch of the first HIP-3 markets six months ago, this metric has achieved over 100 times growth.Currently, the trading platform trade.xyz, developed by Hyperliquid's tokenization business unit Hyperunit, dominates the market, contributing about 90% of the open interest. The platform's daily trading volume is approximately $22 billion, also accounting for about 90% of the overall trading activity in HIP-3. Notably, among the top 30 markets by trading volume on trade.xyz, only 7 are cryptocurrency trading pairs, while the majority are tokenized traditional assets, including the S&P 500, Nasdaq index, individual stock futures, and commodity contracts such as gold, silver, and crude oil.Analysis suggests that one of the key reasons for the growth of the HIP-3 market is its support for 24/7 trading, allowing traditional assets to break through the time constraints of traditional market trading hours.

Decentralized derivatives exchange Hyperliquid has disclosed that among its top 20 markets by trading volume, 12 are HIP-3 assets, covering real-world assets such as commodities and stock indices, marking the platform's ecosystem is accelerating its extension into the macro-financial domain.HIP-3 (Hyperliquid Improvement Proposal No. 3) allows developers to deploy perpetual futures markets for various assets such as commodities and stock indices through external price feeds. Contracts related to crude oil, silver, and major stock indices have already become some of the most actively traded products on the platform.

According to monitoring by Hyperinsight, the daily trading volume of all HIP-3 markets on Hyperliquid reached $2.2 billion, accounting for 30.1% of the platform's total trading volume of $7.34 billion. This indicates that the demand and activity for on-chain trading of traditional assets such as U.S. stocks, gold, and crude oil continue to rise, with SILVER (silver mapping contract) currently leading in trading volume for traditional assets.Recently, the contract with the largest increase in trading volume on Hyperliquid is xyz:CL (WTI crude oil mapping contract). After surpassing $100 million in daily trading volume, this trading pair set a new record of $242 million in trading volume in the past 24 hours, representing a 140% increase, and is now ranked sixth on the platform. During the same period, the open interest reached $66.06 million. Note: The core of HIP-3 is the RWA (real-world asset) mapping contract.

According to official news, Hyperliquid announced that the cross-margin feature for the HIP-3 permissionless perpetual contract market has been enabled on the testnet, but it is not yet available on the mainnet. However, this feature qualifies for the mainnet-level bug bounty program.The deployer of HIP-3 must first enable cross-margin for a specific asset before users can trade that asset using cross-margin. Under a unified account, all cross-margin perpetual contracts using the same collateral asset can share margin, even across multiple DEXs. However, assets from different DEXs will be protected up to their maintenance margin level to avoid automatic liquidation due to significant price fluctuations on other DEXs.This new "protective cross-margin" system ensures the solvency of the system while not affecting user experience. Cross-margin is not designed for DEX abstract interfaces, and related interfaces should not allow cross-margin trading through DEX abstraction. Users should use a unified account or combined margin to achieve the expected behavior of cross-margin for HIP-3 assets.

According to The Block, the permissionless perpetual contract market HIP-3 of the decentralized derivatives protocol Hyperliquid has set a record of $5.2 billion in daily trading volume, the highest level since its launch in October 2025.This trading volume is primarily contributed by the mainstream market provider TradeXYZ deployed on HIP-3, which accounts for nearly 90% of the trading share through precious metals, stock indices, and individual stock perpetual contracts. TradeXYZ's silver contracts reached a daily trading volume of $40.9 billion, accounting for about 68% of the total trading volume on HIP-3 that day, indicating that the price fluctuations of precious metals are attracting traders to seek alternative assets outside of cryptocurrencies. The surge in HIP-3 trading volume began in the last week of January when gold first broke the $5,000 per ounce mark and silver surpassed $100. However, both metals subsequently experienced historic pullbacks of about 20% and 30% in a single day. Before the price pullback, HIP-3's open interest also set a record of $1.06 billion, with 87% coming from TradeXYZ; the current open interest is approximately $665 million, reflecting an 88% month-over-month increase.

Hyperliquid posted on the X platform that since last week, the HIP-3 market has reached an all-time high, with open interest hitting $1 billion and a 24-hour trading volume of $4.8 billion.

According to The Block, the total open interest of HIP-3 DEX under Hyperliquid has exceeded $925 million, surpassing the record of nearly $790 million set on Monday. According to data from CoinGlass, the current total open interest of Hyperliquid is approximately $7.8 billion.In addition, the HYPE token has risen by about 50% in the past three days, with the current trading price close to $35.

According to The Block, Hyperliquid announced on Monday that its HIP-3 deployed DEX has reached a historic high of over $790 million in open interest, driven by a surge in commodity trading.This data is based on the permissionless perpetual contract market deployment feature introduced by HIP-3, which allows qualified builders to independently deploy and operate perpetual contract DEXs on the HyperCore infrastructure using staked HYPE tokens. Hyperliquid CEO Jeff Yan stated that the platform has become "the most liquid venue for cryptocurrency price discovery," with its Bitcoin perpetual contract bid-ask spread narrowing to $1, compared to about $5.5 on Binance.

As the trading of commodities heats up, the open interest of the decentralized perpetual contract exchange (DEX) based on HIP-3 in the Hyperliquid ecosystem has risen to over $790 million, setting a new historical high.HIP-3 (Hyperliquid Improvement Proposal 3) was launched last October, introducing the "Builder-Deployed Perpetuals" mechanism, which allows eligible developers who stake sufficient HYPE tokens to deploy perpetual contract markets on Hyperliquid's HyperCore infrastructure without permission. Official data shows that a month ago, the open interest related to HIP-3 was only about $260 million, and it has recently continued to set weekly new highs.

According to market news, Hyperliquid has recently attracted attention. HIP-3 has officially launched, achieving a trading volume of 500 million dollars on-chain within 24 hours. Currently, more than 100 decentralized applications are being built, generating 94 million dollars in new revenue. In addition, Hyperliquid has introduced the "HIP-3 Growth Mode," reducing transaction fees by 90% to explore new markets.

According to CoinDesk, the decentralized exchange Hyperliquid has launched the HIP-3 growth model, allowing anyone to deploy new markets without permission and significantly reducing fees to enhance liquidity.This feature reduces the total acceptance fees for newly launched markets by over 90%, from the usual 0.045% to 0.0045%-0.009%. For top staking and trading volume tiers, the fees can be further reduced to 0.00144%-0.00288%.