Hyperliquid’s HIP-3 posts $62B, tops perpetuals market

Hyperliquid captured a record share of the global perpetuals market after HIP-3, the platform’s flagship perpetuals product, posted $62 billion in trading volume over the most recent month, according to the platform’s reporting period data.

Perpetual contracts are derivatives that let traders hold leveraged positions without a fixed expiry. These contracts account for the bulk of crypto derivatives turnover and are traded continuously across multiple venues worldwide.

Market participants attributed HIP-3’s volume gain to higher liquidity and concentrated order flow on the book, which narrowed bid-ask spreads and supported larger trade sizes. That environment drew both high-frequency trading firms and institutional liquidity providers seeking capacity in major crypto pairs.

Additional platform metrics for the month showed rising open interest and a higher average trade size on HIP-3. Traders who moved capital to the platform cited execution quality and available depth as reasons for redirecting orders.

Hyperliquid’s fee schedule and liquidity incentives were reported to encourage market makers to post continuous bids and offers, contributing to deeper order books and more consistent fills for larger orders.

The platform’s monthly figures add to data on where derivatives volume is concentrated among trading venues. Further monthly reports will indicate whether HIP-3 sustains its increased share or if volumes redistribute across competing platforms.