The decentralised exchange Hyperliquid has launched custom markets for perpetual contracts as part of its HIP-3 update. The daily trading volume has exceeded $500 million, according to platform data.
As part of the upgrade, independent developers launched three segments:
- xyz (trade.xyz by the Hyperunit/Unit team) — focuses on major stock indices and high-volume stocks. The key token is XYZ100, which tracks the top 100 American non-financial companies with leverage up to 20x. Featured assets include NVDA, GOOGL, TSLA, PLTR, META, AMZN, AAPL, MSFT, and COIN. The platform mechanism uses Hyperliquid’s on-chain order book, and traders operate through deposits in USDC. To stimulate liquidity, a growth mode is applied, reducing taker fees by 90%.
- flx (Felix Protocol by Redstone) — targets stocks and experimental assets. For speed and reliability, it uses the HyperStone oracle, which updates prices every three seconds. Tokens include CRCL, TSLA, and COIN with leverage up to 3x. The protocol implements a haltTrading mechanism for emergency position closures at a settlement price.
- vnti (Ventuals) — enables leveraged trading of pre-IPO stocks not listed on exchanges. This new and innovative segment brings private markets to the blockchain. The list of specific tokens is still forming. Currently, it includes: OPENAI, SPACEX, and ANTHROPIC.
The most activity was seen in tokenised assets based on stocks. The leader by volume was XYZ100, with $316 million. Synthetic assets NVDA and GOOGL attracted $65 million and $42 million, respectively.
The segments are built on HyperCore. For the release, developers needed to stake 500,000 HYPE.
The HIP-3 update, released in October, allowed the creation of perpetual futures markets without requiring protocol-level permissions.
The technological foundation ensures high processing speed — low latency and throughput of millions of orders per second. Market creators can independently set key parameters, leverage limits, and funding rate mechanisms.
In return, developers receive up to 50% of the generated trading fees.
To protect Hyperliquid and its users, HIP-3 includes security mechanisms such as validator slashing and open interest limits.
Hyperliquid Metrics
At the time of writing, the decentralised exchange’s TVL stands at $4.3 billion — at its peak in September, it exceeded $6 billion. Activity has declined amid intensified competition in the perp-DEX sector.
Since the beginning of November, the trading volume of perpetual contracts on Hyperliquid has reached $220.9 billion. In terms of daily volume, the platform ranks second on DefiLlama’s list — $7.9 billion. It is surpassed by Lighter — $9.3 billion.
Previously, Aster on BNB Chain led the rankings, but at the time of writing, the platform has fallen to third place with $6.4 billion.
Earlier in November, the platform announced the launch of a privacy-focused blockchain.