Builder-Deployed Perp Markets Push Hyperliquid to Record Share of Global Perps Volume

Hyperliquid's builder-deployed market framework, HIP-3, pushed the venue to a record 7.5% share of global perpetual futures volume in June, up from 6.6% in May — the largest monthly gain in The Block's dataset, which dates to June 2025. Against Binance specifically, Hyperliquid's share reached a record 14.4% in May, according to The Block.

HIP-3, which went live on mainnet on Oct. 13, 2025, allows any team to stake 500,000 HYPE (around $36.7 million at current prices) and deploy a perpetual DEX on HyperCore, Hyperliquid's matching layer. The first three markets per deployer are free; additional listings go through a Dutch auction, and deployers keep 50% of trading fees. In May, volume on HIP-3 markets exceeded $62 billion, on top of $176.97 billion in total 30-day perp volume across Hyperliquid, per DefiLlama. Open interest stands at $9.82 billion, or 54% of the $18.08 billion tracked across all perpetual DEXs.

Builders have used the framework to list products that centralized exchanges largely avoid, including synthetic perps on private companies, tokenized equities, and 24/7 commodities. trade.xyz, operated by Hyperliquid's tokenization unit, was the first HIP-3 DEX; its offerings include the XYZ100 index and single-name perps on Tesla, Apple, Nvidia, and Amazon. Tokenized equities and commodities make up 23 of the top 30 trading pairs on the platform. Ventuals, another deployer, offers synthetic perps on OpenAI, SpaceX, and Cursor. A SpaceX pre-IPO perp launched in May valued the company at $1.78 trillion, prompting ICE chief Jeff Sprecher to call Hyperliquid "bigger than Nasdaq."

HIP-3 markets do not appear on Hyperliquid's main front end, so builders rely on external interfaces. Phantom and BasedApp have listed trade.xyz's XYZ100 index perp through their Hyperliquid integrations, while some aggregators such as Axiom have declined to list HIP-3 markets, per Blockworks. The protocol supplies the matching engine and margining; oracle definition, interface, and liquidity remain with the deployer.

The market-share gains come amid a broader contraction in crypto derivatives. Centralized-exchange perp volume across the top 10 venues fell to roughly $2.9 trillion in May, the lowest monthly figure since late 2023 and well below the $6–7 trillion peaks of 2025. Hyperliquid's pure-crypto volume is also down year-on-year; the HIP-3 non-crypto markets are providing the offset. HYPE was trading at $73.31 on Wednesday, up 4% on the day and 23% on the week, about 3% below its all-time high. Market cap is $16.31 billion, with a fully diluted valuation of $70.03 billion. Annualized protocol revenue is $618 million, 97% of which goes to HYPE buybacks.

Growth is real but concentrated. trade.xyz alone accounts for more than 90% of HIP-3 open interest, per a CoinGecko compilation of Dune dashboards, meaning one deployer's risk management currently underwrites the framework's headline numbers. The 500,000-HYPE staking requirement — which subjects the capital to slashing — also limits entry; Hyperliquid has said the requirement is expected to decrease over time. HIP-4, the protocol's next proposal, is live on testnet, adding outcome-based prediction markets with 0-or-1 settlement to HyperCore. No mainnet date has been announced. If it ships with the same builder-deployed model, Hyperliquid would be the only crypto venue offering spot, perpetuals, and prediction markets natively in a single account.