hip-3

According to The Block, the permissionless perpetual contract market HIP-3 of the decentralized derivatives protocol Hyperliquid has set a record of $5.2 billion in daily trading volume, the highest level since its launch in October 2025.This trading volume is primarily contributed by the mainstream market provider TradeXYZ deployed on HIP-3, which accounts for nearly 90% of the trading share through precious metals, stock indices, and individual stock perpetual contracts. TradeXYZ's silver contracts reached a daily trading volume of $40.9 billion, accounting for about 68% of the total trading volume on HIP-3 that day, indicating that the price fluctuations of precious metals are attracting traders to seek alternative assets outside of cryptocurrencies. The surge in HIP-3 trading volume began in the last week of January when gold first broke the $5,000 per ounce mark and silver surpassed $100. However, both metals subsequently experienced historic pullbacks of about 20% and 30% in a single day. Before the price pullback, HIP-3's open interest also set a record of $1.06 billion, with 87% coming from TradeXYZ; the current open interest is approximately $665 million, reflecting an 88% month-over-month increase.

Hyperliquid posted on the X platform that since last week, the HIP-3 market has reached an all-time high, with open interest hitting $1 billion and a 24-hour trading volume of $4.8 billion.

According to The Block, the total open interest of HIP-3 DEX under Hyperliquid has exceeded $925 million, surpassing the record of nearly $790 million set on Monday. According to data from CoinGlass, the current total open interest of Hyperliquid is approximately $7.8 billion.In addition, the HYPE token has risen by about 50% in the past three days, with the current trading price close to $35.

According to The Block, Hyperliquid announced on Monday that its HIP-3 deployed DEX has reached a historic high of over $790 million in open interest, driven by a surge in commodity trading.This data is based on the permissionless perpetual contract market deployment feature introduced by HIP-3, which allows qualified builders to independently deploy and operate perpetual contract DEXs on the HyperCore infrastructure using staked HYPE tokens. Hyperliquid CEO Jeff Yan stated that the platform has become "the most liquid venue for cryptocurrency price discovery," with its Bitcoin perpetual contract bid-ask spread narrowing to $1, compared to about $5.5 on Binance.

As the trading of commodities heats up, the open interest of the decentralized perpetual contract exchange (DEX) based on HIP-3 in the Hyperliquid ecosystem has risen to over $790 million, setting a new historical high.HIP-3 (Hyperliquid Improvement Proposal 3) was launched last October, introducing the "Builder-Deployed Perpetuals" mechanism, which allows eligible developers who stake sufficient HYPE tokens to deploy perpetual contract markets on Hyperliquid's HyperCore infrastructure without permission. Official data shows that a month ago, the open interest related to HIP-3 was only about $260 million, and it has recently continued to set weekly new highs.

According to market news, Hyperliquid has recently attracted attention. HIP-3 has officially launched, achieving a trading volume of 500 million dollars on-chain within 24 hours. Currently, more than 100 decentralized applications are being built, generating 94 million dollars in new revenue. In addition, Hyperliquid has introduced the "HIP-3 Growth Mode," reducing transaction fees by 90% to explore new markets.

According to CoinDesk, the decentralized exchange Hyperliquid has launched the HIP-3 growth model, allowing anyone to deploy new markets without permission and significantly reducing fees to enhance liquidity.This feature reduces the total acceptance fees for newly launched markets by over 90%, from the usual 0.045% to 0.0045%-0.009%. For top staking and trading volume tiers, the fees can be further reduced to 0.00144%-0.00288%.

ChainCatcher news, according to The Block, Hyperliquid is expected to activate a significant protocol upgrade HIP-3 later, which will support the creation of perpetual futures markets without permission. A Hyperliquid administrator announced in the protocol's Discord channel that the network upgrade will include the activation of HIP-3.The administrator stated, "HIP-3 will be enabled during this network upgrade. There will be no immediate changes for users. Once the deployers meet the on-chain requirements and are ready, they can deploy perpetual contracts for trading." The project mentioned in a previously disclosed document that HIP-3 (Hyperliquid Improvement Proposal 3) will support perpetual contracts deployed by developers, marking a "key milestone in achieving a fully decentralized perpetual contract listing process."According to the document, after HIP-3 is enabled, deployers only need to stake 500,000 HYPE tokens to launch a perpetual contract DEX on HyperCore without permission. HIP-3 integrates with HyperEVM to enable smart contract and governance functionalities, and also includes safeguards such as validator slashing and position limits.