What is HIP-3 and what role does it play in Hyperliquid?

HIP-3 is a set of solutions within Hyperliquid, initially focused on stocks and later expanded to other asset classes. The ecosystem accounts for about 5% of the protocol's total trading volume and enables the creation of specialized builder products.

Which asset classes does HIP-3 support?

HIP-3 supports trading in stocks, commodities, Pre-IPO assets, cryptocurrencies, and the forex market. Plans include launching trading for collectible assets and real-world assets (RWA).

How active is trading within HIP-3?

Current daily trading volume within HIP-3 ranges from $300 million to $500 million, total volume has exceeded $10 billion, open interest is over $200 million, and accumulated fees exceed $1.6 million.

HIP-3 on Hyperliquid Surpasses $10B in Total Trading Volume

HIP-3 ecosystem on Hyperliquid accounts for about 5% of platform volume: total trades exceed $10B, daily turnover $300–500M, and open interest over $200M.

The HIP-3 ecosystem on the decentralized Hyperliquid platform continues to expand, now accounting for about 5% of the protocol's total trading volume. The cumulative trading volume within HIP-3 has exceeded $10 billion, with the current daily turnover ranging between $300 million and $500 million. Open interest regularly hits new records, surpassing $200 million, while accumulated fees within HIP-3 have crossed the $1.6 million mark.

What is HIP-3 on Hyperliquid?

HIP-3 is a set of solutions within the Hyperliquid protocol, initially focused on stock trading and later expanded to other asset classes. This model enables the development of specialized products, with builders concentrating on specific verticals to enhance the depth and variety of trading offerings. For a general overview of the platform, you can check the review Hyperliquid Cryptocurrency (HYPE), which discusses key features of the ecosystem.

HIP-3 Trading Metrics

Trading metrics show significant activity within HIP-3: daily turnover, accumulated fees, and open interest demonstrate a substantial contribution to Hyperliquid's operations. These figures reflect both the volume of trades and the economic importance of this segment within the protocol.

Daily trading volume: $300 million to $500 million.
Total trading volume: exceeded $10 billion.
Open interest: over $200 million.
Accumulated fees: more than $1.6 million.

Supported Assets and Builder Specializations

The HIP-3 model initially focused on stocks but has since expanded to support stocks, commodities, Pre-IPO assets, cryptocurrencies, and the forex market. This multi-asset approach makes the ecosystem flexible and attracts various types of traders and builders.

TradeXYZ — focuses on stocks and forex instruments.
Felix Protocol — specializes in commodities.
Ventuals — works with Pre-IPO assets.
Hyena Trade — covers the cryptocurrency segment.
Trove Markets — solutions for collectible assets and RWA (real-world assets).

Recent Updates in the HIP-3 Ecosystem

Recently, HIP-3 builders have implemented several notable changes and products that expand functionality and the range of trading instruments. These updates aim to increase the number of trading pairs and improve user offerings within the ecosystem.

TradeXYZ reduced funding rates on stocks from 10% to 5.5% and started adding currency tickers.
Felix Protocol is preparing to launch the OIL instrument for the commodities segment.
Hyena Trade released the premarket token LIT.
Ventuals launched the MAG7 product.
Trove Markets is in the final stages of preparation for mainnet launch.

HIP-3 Development Prospects

The source text mentions plans to launch trading in collectible assets and RWA, which should broaden the range of asset classes in HIP-3 and increase the number of available trading pairs. Growth in ecosystem solutions directly boosts total trading volume and protocol revenue, impacting Hyperliquid's economic model and income distribution mechanisms within the ecosystem. Additional context on platform asset dynamics can be found in the article about the recent AUM decline Hyperliquid Lost $430M in a Week, which examines changes in platform metrics.

Why This Matters

If you are a miner with 1–1000 devices living in Russia, these updates have little direct impact on your mining operations: HIP-3 metrics relate to Hyperliquid's trading segment, not mining. However, growth in the trading ecosystem increases liquidity and service variety on the platform, which can indirectly improve access to tools for trading and exchanging crypto assets.

Additionally, changes in funding rates and the introduction of new trading pairs may affect margin trading conditions and fees for Hyperliquid users, which is useful to consider if you use mining income for trading on this platform. Overall, for most miners, this signals ecosystem development rather than direct changes in electricity costs or equipment operation.

What to Do?

Recommendations are concise and practical so you can make quick decisions without distracting from your main equipment work. Monitor rate and fee changes from builders if you use mining income for trading on Hyperliquid.

Subscribe to builder announcements (e.g., TradeXYZ and Hyena Trade) and track funding rate changes.
Check the fee structure within HIP-3 before transferring mining income to trading.
If you use Hyperliquid products, follow the Trove Markets launch and new trading pairs to expand asset conversion options.
Do not change mining equipment configuration based on trading news; such decisions are not directly related to farm operations.

Where to Follow Updates

Follow official Hyperliquid channels and builder announcements within HIP-3 to stay informed about new tools and condition changes. This will help you make informed decisions about using mining revenue and minimize risks when transferring funds to trading services.