Hyperliquid has captured a record share of the global perpetuals market, driven in part by HIP-3, its tokenized asset framework, which surpassed $62 billion in monthly trading volume. The milestone reflects growing institutional and retail appetite for decentralized derivatives infrastructure, with HIP-3 attracting significant speculative activity. However, the headline figures mask a more complex picture: Hyperliquid's core crypto-native perpetuals volumes have declined sharply year over year, suggesting that much of the platform's growth is concentrated in newer product lines rather than its original offerings. The divergence raises questions about the sustainability of recent gains and whether HIP-3-driven volume can offset the broader slowdown in pure crypto derivatives trading across the platform.
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