Hyperliquid’s HIP-3 custom markets go live with $500M+ in 24-hour trading volume

Hyperliquid recorded one of its busiest trading days of the month after launching HIP-3 custom markets, with its Hyperliquid interface showing more than $500 million in trading volume over the past 24 hours poured into synthetic markets linked to equity underlyings.

HIP-3 introduced xyz, flx, and vnti to the decentralized exchange, which currently supports more than 20 tokens. Most of these track equity benchmarks or single-stock exposures using synthetic perpetual contracts. 

The broad-based XYZ100 that traders have equated to the Nasdaq100 index led the day with $320 million in trading volume. NVDA followed with $66 million, while GOOGL reached $45 million. 

Tesla, Microsoft, and Palantir markets each reported between $8 million and $28 million in daily volume. Their open interest figures were concentrated between $1.4 million and $6.3 million, a rather healthy positioning even among individual equities with smaller relative market caps. 

HIP-3 market activity crosses $500 million in daily volume

According to Hyperliquid’s developer notes forum, HIP-3 allows any user who locks a defined amount of HYPE tokens to create their own perpetual futures markets on the Hyperliquid blockchain. The requirement initially stands at 500,000 HYPE, and stakers can access a reward system in which market creators earn 50% of the transaction fees produced by their listings.

The 24-hour trading session also featured “growth mode,” first deployed during HIP-3’s activation to accelerate liquidity formation by cutting taker fees from 0.045% to as low as 0.0045% and 0.009%, more than 90% down from the standard mode. 

Protocol fees and maker rebates were also reduced by 90%, creating one of the lowest-cost environments in decentralized finance for new market listings.

The strong volume was accompanied by sizable price upticks in many of the HIP-3 synthetic tokens. META-USDC topped the biggest earners by climbing 4.44% to $638.69 after gaining 27.18 points. PLTR-USDC rose 2.42% to $164.48, while TSLA-USDC moved 2.18% higher to $421.71.

Over the last day, GOOGL-USDC and MSFT-USDC went up by 1% and 1.48% respectively, and AAPL-USDC rose modestly to $278.17. The only notable loser in the top 10 was NVDA-USDC, which slipped 0.45% to $175.22.

Hyperliquid DEX crypto volume nets $2 billion in seven days

Beyond HIP-3, Hyperliquid’s broader crypto exchange registered $364.97 million in 24-hour volume, $2.014 billion over seven days, and $8.652 billion in the last 30 days, according to DefiLlama. 

Its native Hyper EVM chain generated $94 million in revenue since the end of October, and total cumulative revenue has exceeded $415 million. 

Compared to its competitors, Hyperliquid ranks 10th on DefiLlama’s 7-day recorded volume charts, $1.6 billion behind 9th-place Curve Finance and $15 billion away from the top spot occupied by Ethereum-based DEX Uniswap.

The HYPE token rose 3.18% from Tuesday’s market close after consolidating between the $29-$32 mark for the past week. The DEX coin is now changing hands at $33.8 at the time of this reporting, 11% down from its weekly high of $38.3.

About 2.6 million HYPE, valued at about $91 million, was unstaked ahead of a scheduled unlock event on November 29, which caused a brief price correction that sent the token to $28 early Tuesday morning, before it recovered.

The upcoming unlock will release between 2.66% and 3.6% of the total token supply over the next 2 years, gradually, a value estimated at $314 million to $316 million.

According to market watchers, HYPE’s price chart is similar to the conditions seen on the broader crypto market, owing to its 30% value downtick for the month. Some traders are holding onto the belief of a rally if the $29 support level continues to hold, seeing a potential charge towards the $40 price level before November comes to a close.

“There’s been a lot of fud around the unlocks, but if you believe in the project, these are the times to get behind,” trader Crypto Bully said on X.

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