The HIP-3 projects are changing the Hyperliquid ecosystem

Author: Cookie

The top Perp DEX Hyperliquid completed the HIP-3 upgrade last month. This upgrade inherits the HyperCore tech stack, including its high-performance margin and order book features, allowing any developer to deploy and launch a Perp DEX without permission by staking 500,000 $HYPE.

On November 19, Hyperliquid launched the HIP-3 Growth Mode, reducing the comprehensive taker fee for newly listed markets by over 90%. Deployers can freely enable this mode for individual assets without any approval or centralized gatekeeping. After the upgrade, the comprehensive taker fee will drop from the regular 0.045% to 0.0045%--0.009%. At the highest staking and trading volume levels, the fee can even be further reduced to 0.00144%--0.00288%.

The HIP-3 project not only has a 500,000 $HYPE entry threshold (currently valued at approximately $16.3 million) but also boasts impressive data that deserves our attention. This article will outline the HIP-3 project.

trade.xyz

trade.xyz is built by the Hyperunit team. After the completion of the HIP-3 upgrade, trade.xyz (Hyperunit) purchased its first ticker "XYZ100". According to data from @GLC_Research, yesterday, the trading volume of the HIP-3 market trade.xyz surpassed $400 million for the first time. Notably, the "on-chain Nasdaq index contract" $XYZ100 reached a trading volume of $285 million yesterday.

On November 24, trade.xyz's official Twitter announced that the HIP-3 Growth Mode had been activated, and the trading fees for all XYZ assets had been reduced by 90%. The maximum fee is now below 0.009%. For new users trading $1,000 worth of any XYZ asset, the taker fee is approximately 9 cents, while the maker fee is below 3 cents.

The platform focuses on perpetual contracts for U.S. stock assets, aiming to create a "24/7 liquidity capital market." In addition to the aforementioned "on-chain Nasdaq index contract" XYZ100, the platform currently supports perpetual contracts for Nvidia, Tesla, Apple, Google, Amazon, Microsoft, Meta, and Palantir.

The previously popular "AI Trading Competition" Alpha Arena's latest season features AI competing in trading U.S. stock perpetual contracts on trade.xyz. Currently, GPT-5.1 is in the lead.

When the U.S. stock market is closed, the platform's oracle advances using a continuous time index weighted moving average. When the stock market reopens, the oracle will revert to using externally derived spot prices in the next trading cycle. To enable faster price responses, trade.xyz shortened the internal oracle's time constant to 1 hour starting November 22.

It can be said that trade.xyz enables 24/7 trading for U.S. stocks, and its impressive data reflects the strong demand for on-chain U.S. stock trading.

TROVE

Like trade.xyz focusing on U.S. stock trading, TROVE has its own distinct feature, focusing on trendy toy trading.

The platform is currently in a closed testing phase and requires an invitation code. It supports perpetual contracts for Pokémon cards, CS2 skins, as well as Nintendo and Pop Mart stocks, with plans to support Yu-Gi-Oh! cards, Magic: The Gathering, One Piece cards, and sports collectible cards in the future.

Another interesting point is that TROVE has formed a partnership with the prediction market Kalshi. For example, the F1LN contract shown below is actually a long-short trade on whether F1 driver Lando Norris can win the championship, with data sourced from Kalshi. This collaboration effectively bridges the gap between the prediction market and Perp DEX for arbitrage opportunities.

Ventuals

Ventuals specializes in long-short trading for companies before their IPOs.

However, since pre-IPO companies do not have reference stock prices, how can trading occur? On Ventuals, traders do not trade based on stock prices but rather on their expectations of the company's total valuation fluctuations. Holding a position in a pre-IPO company on the Ventuals platform does not imply any actual economic ownership of the company—it's merely speculating on changes in its valuation.

In other words, it is essentially a platform for betting on company valuations.

Currently, the platform supports trading for SpaceX and OpenAI, and will soon support Anthropic.

Hyena

There is currently no further information on what kind of market this will be, but this project is significant, supported by Ethena and built on Hyperliquid as a trading + prediction market.

Based indicates that it will combine the advantages of both Hyperliquid and Ethena ecosystems to create a new product called Hyena. The market speculates that this may be a platform allowing users to trade using USDe collateral and earn sUSDe returns during the trading process.

Conclusion

Although there are currently not many HIP-3 projects, the ones mentioned above are all very interesting and have distinct features. They either meet the on-chain, 24/7 trading demands for certain popular assets or expand their own ecosystems to promote larger-scale adoption of their protocols.

From this perspective, Hyperliquid's future development has gained a broader outlook. Its HyperCore architecture's low development threshold and the high integration willingness of third-party projects are attracting more diversified on-chain liquidity assets beyond crypto-native assets, subtly hinting at a trend towards becoming a "24/7 liquidity capital market." If the previous Hyperliquid was like Nintendo in the gaming world, standing out in the market with its flagship Perp DEX product, the current Hyperliquid is even more exciting—the influx of third-party projects is changing Hyperliquid's positioning and ecosystem.