hip-3

Hyperliquid Research Collective released the Hyperliquid Q3 2026 report, which was compiled by Four Pillars and GLC Research. The third-quarter agreement revenue increased by 21.7% compared to the second quarter, reaching $190.9 million. Hyperliquid began earning USDC reserve revenue sharing on August 27, and within a month, this revenue amounted to $17.3 million, accounting for about half of the revenue increase this quarter. The Assistance Fund spent $149 million in the third quarter to purchase HYPE.The average daily users of Hyperliquid reached 65,161 traders, setting a quarterly record. In HIP-3, the trading volume of stocks surpassed that of commodities. On August 19, U.S. President Trump expressed to technology and cryptocurrency industry executives at the White House that the Commodity Futures Trading Commission is pushing to bring Hyperliquid to the U.S. Less than a month later, Kraken's parent company proposed to establish a U.S. derivatives trading venue on Hyperliquid, with Bitnomial serving as the operator. As of the end of the quarter, the proposal is still awaiting regulatory approval. Sunny Shi from Syncracy Capital advocated for buybacks in the preface and expects that the independent team built on Hyperliquid will drive further growth.

According to monitoring by Mlm on chain, Nvidia (NVDA) has currently become the largest HIP-3 market by open contract size on Hyperliquid, and it is the fourth largest market on the platform, only behind BTC, ETH, and HYPE. Its open contract size has reached 535 million dollars, growing 5.8 times in the past 7 days, which is 2.4 times the previous peak of 227 million dollars in June of this year.Currently, the NVDA market's daily trading volume has surpassed 1 billion dollars for the first time. The largest single position is a short position of 348,000 shares of NVDA held by Jump, valued at approximately 56 million dollars, which is a non-directional position. The largest directional position is a long position of 191,000 shares of NVDA, valued at approximately 30.7 million dollars, which has been gradually built up over the past 24 hours, with an average entry price of 174.43 dollars, currently showing an unrealized loss of about 2.6 million dollars.The market has a total of 9,517 trading wallets, of which 83% hold long positions; market makers account for 70% of the short open contract size. The average entry price for longs is currently 169.55 dollars, while the mark price is 160.66 dollars, which is about 5.2% lower than the average entry price. The total unrealized losses for all NVDA long positions have reached 14.6 million dollars.

Hyperliquid posted on platform X that HIP-3 will support optional configurations for licensed markets in future network upgrades, with related additional features collectively referred to as HIP-3*. The core feature is an on-chain allowlist managed by the deployer or its sub-deployers. This feature is an optional addition to HIP-3, and whether to enable it is decided by the deployer; existing markets are not affected. The first version has been launched on the testnet, and the related specifications are still in preliminary version.Hyperliquid also stated that Kraken's parent company Payward plans to become the first deployer of HIP-3* markets regulated by the CFTC, utilizing Hyperliquid to deploy perpetual contract markets for U.S. customers. Upon regulatory approval, Payward's CFTC-regulated Bitnomial will serve as the deployer, responsible for creating and managing the market and clearing settlement contracts, while NinjaTrader Clearing will handle customer accounts.

According to Hyperliquid News, entropyIO purchased the MOONSHOT ticker for 574.98 HYPE (approximately 46,068 USD). This is a new HIP-3 ticker added by Hyperliquid.

Hyperliquid HIP-3 has generated a total revenue of 75 million USD, of which 37.5 million USD goes to the deployer, and another 37.5 million USD is used for the buyback and destruction of Hyperliquid's native tokens.HIP-3 is the mechanism for the deployer to launch perpetual markets on Hyperliquid, allowing the deployer to define the oracles and contract specifications and be responsible for operations, while reusing the protocol's order book and clearing infrastructure. The related market fees are usually shared between the deployer and the protocol in proportion, and the protocol's revenue can be used for buyback and destruction.

The WeChat public account "Zeping Macro," managed by Chinese macroeconomist Ren Zeping, published an article titled "11 People Earn 900 Million Dollars a Year, Hyperliquid Changes Wall Street," focusing on the decentralized trading platform Hyperliquid and its Chinese co-founder Jeff Yan.The article states that Hyperliquid's core team consists of only 11 people, with a net profit exceeding 900 million dollars in 2025, and an average profit surpassing that of Apple, Nvidia, and OpenAI.Zeping Macro indicates that Hyperliquid is challenging the traditional financial model that relies on centralized intermediaries through self-developed blockchain, on-chain transparent trading, automatic execution of smart contracts, and a round-the-clock trading mechanism. Additionally, it is expanding the trading scope to traditional financial assets such as crude oil and stock indices with the help of HIP-3.The article claims that its core breakthrough lies in replacing some of the credit of traditional financial intermediaries with code and publicly verifiable rules.

Hyperliquid founder Jeff Yan stated in a discussion at TOKEN2049 in Singapore that in July this year, the HIP-3 market contributed about 51% of Hyperliquid's trading volume at one point, reflecting a significant product-market fit in the related market. He mentioned that users are willing to migrate from existing financial products and try new on-chain markets, indicating a substantial gap in product supply previously and demonstrating users' trust in the execution capabilities of the relevant deployers.The discussion mentioned that perpetual contracts for real-world assets such as crude oil and Pre-IPO have become important application directions for HIP-3. Jeff Yan noted that one of the more concerning changes over the past year is that more markets are allowing users to participate in trading opportunities that were previously inaccessible. He believes that in traditional finance, some assets are often only accessible to a few people in the early stages, and by the time they are open to the public, the main growth phase may have already been captured by a few with access advantages. The financial system should be as open as possible to a broader range of users.Jeff Yan also stated that Hyperliquid hopes to become an open protocol and infrastructure for various financial products and applications rather than directly competing with front-end platforms. Builder Codes allow developers to create mobile applications, institutional trading terminals, and other products without having to build their own underlying systems for matching, clearing, etc., and directly connect to Hyperliquid's market and liquidity. He said, "No one is competing with the internet," and Hyperliquid is similarly more like a layer of infrastructure that can be adopted by different companies.

HyperliquidNews posted on platform X that in the next network upgrade, HIP-3 deployers will be able to configure funding rate limits.

HyperDash Chief Revenue Officer Hanson Birringer stated: TradeXYZ launched its first HIP-3 contract on October 13, 2025, and within months, these markets became Hyperliquid's largest user acquisition channels. Tracking all 356,886 wallets that have traded on the xyz market (excluding two manufacturing clusters), of which 173,794 had never traded on Hyperliquid before, accounting for 48.7%, with an increasing number coming from third-party builder code applications.The two removed clusters include 7,663 bot wallets on XYZ100 and 49,727 oil farm wallets; if included, the number of new wallets would increase from 173,794 to 231,184. The open interest of xyz rose from 0.2% at launch to 25.9% on September 8, peaking at 37.2%, even as the total open interest on the exchange increased from $7.4 billion to $14.3 billion. The share of first-time Hyperliquid users rose from 22% at launch to 60% during the semiconductor and storage boom, with 104 markets currently live, and the five major catalysts now account for a quarter of the exchange's open contracts and trading volume.

According to HyperliquidNews monitoring, large positions have returned to Hyperliquid, with currently 6 positions exceeding 100 million USD, 18 positions exceeding 50 million USD, 55 positions exceeding 25 million USD, and 176 positions exceeding 10 million USD.Meanwhile, large positions in HIP-3 have decreased, with currently 1 position reaching 41.4 million USD, 7 positions exceeding 25 million USD, and 33 positions exceeding 10 million USD.

Hyperliquid testnet has added compliance operation control features such as whitelisting, forced liquidation, and collateral transfer. Currently, a node named "Kraken HIP-3 test DEX" is testing these licensed features, and 10 wallets have been whitelisted.Although the testnet supports permissionless deployment, in light of Kraken's parent company's recent business expansion trends, the community speculates that Kraken may be the first CEX to test this compliant DEX functionality.

ARK Invest Research Director lorenzoark suggested that Hyperliquid acquire the U.S. compliant trading platform Gemini, transforming it into a U.S. regulated HIP-3 and HIP-4 deployment platform. Hyperliquid is in contact with the CFTC and SEC to support U.S. regulated companies in offering perpetual contract trading and settlement on its public chain. Gemini went public in September 2025 with a valuation of $3.3 billion, and its current market value is approximately $450 million, down over 85% from its IPO. Its core business is under pressure, having scaled back operations in the UK, EU, and Australia, with staff reduced by about 40% from a peak of 402 to 402, and platform assets decreasing from $18.2 billion to $8.4 billion, with spot trading volume down 66%.Approximately $450 million would secure Gemini's complete U.S. regulatory license portfolio, including the NYDFS trust license, CFTC-regulated DCM (Gemini Titan), DCO (Gemini Olympus), an ongoing FCM, nearly all state MTLs, and broker-dealer licenses. In comparison, Kraken's parent company acquired Bitnomial for up to $550 million, making Gemini's overall market value lower. After the acquisition, it could inherit operational assets such as approximately 580,000 monthly active trading users, 1.72 million lifetime users, $8.4 billion in platform assets, quarterly spot volume of $3.8 billion, and approximately $180 million in annualized revenue.

Blockworks research indicates that Hyperliquid is seeking a compliant path in the U.S. market through regulatory advocacy and technical adjustments. The report states that Hyperliquid's modular architecture (HyperCore is responsible for trading and clearing, Deployer is responsible for market creation, Builder is responsible for user access) naturally corresponds to the functional division of DCM, DCO, and FCM in traditional finance, but is implemented on-chain.Hyperliquid is currently blocked due to conflicts with U.S. market structure laws. The report believes that the licensed HIP-3 deployment (DEX for whitelisted users only) is key to the compliance path, where registered entities can assume KYC and compliance obligations while bridging liquidity through whitelisted market makers. Trump's recent announcement that the CFTC chairman intends to include Hyperliquid in the U.S. regulatory framework is seen as a positive signal. The Hyperliquid policy center has submitted recommendations to the CFTC and SEC, advocating for allowing registered institutions to use HyperCore while assuming compliance responsibilities.

According to the official announcement, the Hyperliquid HIP-3 market's open interest (OI) has reached a historic high of $4.3 billion.In addition, Hyperliquid stated that it will expand the HIP-1 specification based on community feedback and has added relevant features for HIP-4; the non-validator nodes of the Hyper Foundation are now open to high-quality infrastructure providers and can serve as reliable peer nodes. Regarding HyperEVM and HyperCore, Buoy Finance has deployed a vault system for HyperCore trading through the HyperEVM customized vault.

Hyperliquid News posted on the X platform that the value of open contracts for HIP-3 has reached a historic high of 4.12 billion dollars.

Hyperliquid News posted on the X platform that the open interest of HIP-3 has once again exceeded $4 billion, reaching $4.01 billion. This is an increase of 17.6% compared to $3.41 billion one month ago. It has increased by 65.7% compared to $2.42 billion three months ago.Compared to $682.45 million six months ago, it has increased by 487.6%. Compared to $49.97 million nine months ago, it has increased by 7,924.8%. Previously, it was reported that the open interest of HIP-3 first exceeded $4 billion, setting a new historical high.

Hyperliquid on-chain Perp DEX Trade.xyz has used its HIP-3 revenue to purchase HYPE for the first time, buying 2000 HYPE, worth approximately $108,000.

The Hyperliquid testnet recently introduced a new feature called "stars." This feature introduces an optional trading address whitelist mechanism for the HIP-3 DEX, allowing deployers to restrict trading to only whitelisted addresses for opening or increasing positions. Currently, the whitelist size limit on the testnet is 10,000 addresses, while unauthorized addresses can still deposit into accounts and submit orders limited to reducing positions, in order to close or lower existing positions.Community members analyze that this feature is expected to expand the application scenarios of the HIP-3 DEX. For example, tokenized stocks, real-world assets (RWA), institutional indices, and other regulated products can open trading only to users who have completed identity verification (KYC) or meet access requirements through the address whitelist. At the same time, new markets can first open testing to market makers, partners, or community members, reducing the risk of encountering junk trading, wash trading, or malicious manipulation in the early stages of the market, while allowing non-whitelisted users to continue reducing positions, thus avoiding situations where users cannot exit their holdings due to permission restrictions.In addition, the stars feature does not change the permissionless nature of the Hyperliquid base layer but adds an optional access control feature that developers can enable or disable based on their needs. This means that scenarios such as DAOs, trading clubs, private equity funds, or partner-exclusive markets can build closed trading markets with access mechanisms while maintaining the advantages of the Hyperliquid matching engine and settlement layer. Currently, this feature is still in the testnet phase, and the official has not yet announced its specific uses; further application scenarios await confirmation with the mainnet launch and more developer documentation.