Traders on Hyperliquid, the onchain exchange that settles the largest share of crypto perpetual futures volume, are trading more money through builder-deployed markets for stocks, commodities and indices than through the platform's native crypto contracts.
Those builder markets, deployed under Hyperliquid's HIP-3 framework, generated $5.41 billion in notional volume, or 51.8% of the $10.44 billion traded across the exchange, according to data from Hyperliquid's API queried by The Defiant on Tuesday. Native crypto perps, led by Bitcoin at $2.69 billion and Ether at $1.27 billion, accounted for the other $5.03 billion.
Builder markets first outtraded native crypto over a full trading day on July 8, when they took 54.6% of volume, and repeated it on July 9 and July 10, according to a Defiant analysis of daily Hyperliquid market data. The pattern is confined to weekdays.
On July 5, 11 and 12, all weekend days, builder markets fell back to between 16% and 33% of volume as trading in stocks, commodities and indices thinned while crypto kept turning over.
The shift has been building for months. Builder-market share climbed from a fraction of a percent when HIP-3 launched in October to roughly a third through the spring, peaking just under parity on single days in April and June before clearing 50% this month.
