Hyperliquid HIP-3 Markets Capture Nearly 50% of Perpetual Trading Volume as Onchain Stock Trading Expands

Onchain stock trading is gaining momentum, and Hyperliquid’s HIP-3 framework is emerging as one of the fastest growing segments in the decentralized derivatives market. New data shows that HIP-3 markets now account for nearly half of Hyperliquid’s total perpetual futures trading volume, reflecting growing demand from retail traders for 24/7 access to stock-linked markets on the blockchain.

HIP-3 Trading Volume Sees Rapid Growth

Hyperliquid’s HIP-3 is a permissionless framework that allows builders to launch their own perpetual futures markets without requiring approval from the platform. Since the beginning of the year, HIP-3’s share of Hyperliquid’s total perpetual trading volume has increased dramatically from around 2% to nearly 50%.

The rapid growth comes as more traders look for blockchain-based alternatives to traditional stock markets. Unlike conventional exchanges, HIP-3 markets operate around the clock, allowing users to trade at any time without waiting for stock market opening hours.

TradeXYZ Leads the Onchain Stock Trading Market

Much of the activity is driven by TradeXYZ, currently the largest builder using the HIP-3 framework. The platform offers products such as XYZ100, which tracks the Nasdaq-100 Index, along with perpetual contracts linked to major companies including Nvidia and Tesla.

These contracts are settled in stablecoins rather than actual company shares, giving traders price exposure without owning the underlying stocks.

24/7 Trading Creates New Opportunities and Risks

Perpetual contracts have become increasingly popular because they do not expire, unlike traditional options. Instead of dealing with expiration dates and time decay, traders only pay or receive funding payments, making the products easier to understand for many retail investors seeking simple long or short exposure.

The ability to trade 24 hours a day, seven days a week is another major advantage. Traders can immediately react to breaking news, earnings reports, or global events instead of waiting for stock exchanges to reopen.

However, challenges remain. Since the underlying stocks only trade during regular market hours, HIP-3 prices outside those hours depend on oracle data and funding rate mechanisms to stay aligned with real market prices. This pricing model is still relatively new compared with traditional cryptocurrency markets, meaning the sector remains in its early stages despite strong trading growth.