HIP-3, Hyperliquid's permissionless framework for builder-deployed perpetual markets, has gone from a niche corner of the exchange to nearly half its daily volume.
HIP-3's share of total Hyperliquid perp volume has climbed from roughly 2% at the start of the year to around 50% now, coinciding with growing retail appetite for trading equities onchain.
The category is dominated by TradeXYZ, which runs markets like XYZ100 (tracking the Nasdaq-100) and single-stock contracts on names like Nvidia and Tesla, all settled in stablecoin rather than the underlying shares.
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Perps leverage mechanisms are a major unlock for volume. Compared to traditional options, perpetuals avoid the time decay that erodes options positions, since there's no expiration to fight against, only funding payments. That structure is arguably more intuitive for retail traders used to simple long or short exposure than options' strike-and-expiry math.
