Hyperliquid is moving beyond crypto pairs. A framework called HIP-3, short for Hyperliquid Improvement Proposal 3, launched in October 2025. It allows builders to create markets for commodities, equity indices, foreign exchange, and pre-IPO stocks directly on the platform.
Key Takeaways:
- HIP-3 has cleared more than $60 billion in cumulative volume with over 75,000 unique traders since its October 2025 launch.
- trade.xyz secured an S&P Dow Jones Indices license for a decentralized S&P 500 perpetual contract in March.
- DIME holds the Hyperliquid Staking ETP as its largest position at about 15% of assets.
That expansion puts Hyperliquid in direct competition with traditional financial exchanges. According to a recent CoinShares report, on-chain venues offer something legacy platforms cannot. Traders can access global markets 24/7 without the friction of traditional brokerage.
Read more: Inside Hyperliquid: How the Fee Engine Works
On-chain perpetual contract volumes hit an all-time high of $6.7 trillion in 2025. That marked a 346% jump from the prior year, per CoinGecko’s 2025 Annual Crypto Report.
Since HIP-3 launched, Hyperliquid has cleared more than $60 billion in cumulative volume. Over 75,000 unique traders have used the platform, per the CoinShares report.
Two events accelerated that growth. A rally in precious metals pulled crypto traders toward gold and silver contracts earlier this year. Then, geopolitical tensions involving Iran in late February drove a surge in oil contract trading. It happened over a weekend, when traditional commodity markets were closed. Hyperliquid offered some of the only liquid pricing available at the time, per the report.
When traditional exchanges close, Hyperliquid stays open. That 24/7 availability proved its value during the oil episode, and remains central to its appeal for assets that can move on global news at any hour.
Hyperliquid Draws Institutional Interest, Regulatory Heat
In March, trade.xyz, a decentralized exchange built on Hyperliquid for trading global assets on-chain, secured an official license from S&P Dow Jones Indices, according to the CoinShares report. The license covers a perpetual contract referencing the S&P 500. At the time, trade.xyz accounted for roughly 90% of HIP-3 open interest. It was the first time a major index provider officially licensed a product for a decentralized platform.
That milestone has not gone unnoticed by incumbents. CME Group, Inc. and Intercontinental Exchange, Inc. have pushed U.S. regulators to scrutinize Hyperliquid over alleged manipulation risks, per the report. Hyperliquid is geoblocked in the U.S., which limits direct regulatory action. Broader regulatory acceptance, however, remains an open question.
For investors who want access to this space, the CoinShares Altcoins ETF (DIME) has already taken a position. DIME holds Hyperliquid as its largest holding at nearly 15% of its assets, per ETF Database. Launched in October 2025, the actively managed fund carries a 0.00% expense ratio and can adjust its holdings as the regulatory picture around on-chain derivatives develops.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
