Hyperliquid’s HIP-3 ecosystem has crossed $93.17 billion in total trading volume. According to Hyperliquid_Hub on X, the number of traders has reached 131,805, with $8.61M in fees generated across the system since launch.
That kind of growth, for a derivatives layer this new, is hard to ignore. The volume chart shows a near-exponential climb starting late January, when activity began picking up across multiple DEXs.
Multiple DEXs, One Shared Liquidity Layer
TradeXYZ, Felix, HyENA, Kinetiq, Dreamcash, and Ventuals have all launched on top of HIP-3 since then. Each brings its own interface, but they all draw from the same underlying infrastructure, which is how Hyperliquid is positioned here, not as a single exchange but as a shared base layer for competing platforms.
As Hyperliquid_Hub noted on X, any team can launch a perpetual DEX on Hyperliquid under HIP-3’s open model. That openness is what’s pulling in the volume. More DEXs mean more competition, more liquidity paths, and faster user growth.
Per-DEX symbol analytics show $78.02B of that total came through tracked pair data, with 118,674 traders active. The leading pairs are not just crypto. GOLD, NVDA, TSLA, GOOGL, PLTR, and HOOD are among the most traded symbols, pointing to rising demand for tokenized traditional assets within on-chain venues.
What HIP-4 Could Change
The next phase, HIP-4, is expected to launch in Q2 this year. Hyperliquid_Hub on X suggested the upgrade has the scope to challenge Polymarket and Kalshi in the prediction market space, drawing the same parallel to how HIP-3 took ground in stocks, commodities, and other real-world asset categories.
Whether that holds up depends on execution and adoption timing. Still, the foundation HIP-3 built since January shows the infrastructure can scale fast when developer incentives align.
The $93 billion figure keeps climbing. At the current pace, HIP-3’s share of on-chain derivatives activity is one of the more closely watched numbers in the space right now.
