- Hyperliquid leads perpetual DEXs with $8.06B daily volume and $6.51B open interest, outperforming Aster, Lighter, and EdgeX.
- HIP-3 allows users to create synthetic equity markets by staking HYPE, earning 50% of transaction fees for market creation.
- Growth mode cuts taker fees to 0.0045%–0.009%, boosting liquidity and active engagement in synthetic perpetual markets.
Hyperliquid X has recorded $8.06 billion in 24-hour trading volume and $6.51 billion in open interest. This milestone places it well ahead of competitors and showcases its dominance in trader activity and long-term market commitment.
Besides raw numbers, Hyperliquid’s performance highlights its growing influence in decentralized finance (DeFi) ecosystem. Traders flock to the platform not only for liquidity but also for innovative features introduced under its HIP-3 update.
Hyperliquid is followed by Aster and Lighter, albeit they differ significantly. Aster recorded only $2.24 billion in open interest despite achieving $7.43 billion in trading volume, indicating a high turnover but poor long-term positioning. In a similar vein, Lighter reported $1.77 billion in open interest and $7.84 billion in volume, indicating active trading without long-term investment.
EdgeX ranks last, with $5.3 billion in volume and $724 million in open interest, underlining limited market depth despite some activity. Consequently, Hyperliquid’s lead becomes more impressive when considering both metrics, signaling strong trader confidence and liquidity provision.
HIP-3 Custom Markets Drive Trading Surge
The recent trading boost correlates directly with the launch of HIP-3 custom markets. These markets allow users to create synthetic perpetual contracts linked to equities by staking 500,000 HYPE tokens. Besides unlocking market creation, stakers receive 50% of transaction fees, incentivizing community engagement and deeper liquidity.
On the same day, Hyperliquid reported over $500 million in trading volume across synthetic equity markets. Notably, the broad-based XYZ100, akin to Nasdaq100, led with $320 million.
NVDA followed with $66 million, and GOOGL reached $45 million. Other markets like Tesla, Microsoft, and Palantir showed $8–28 million in daily volume, maintaining open interest between $1.4 million and $6.3 million.
Moreover, the platform introduced a “growth mode” feature during HIP-3 activation. This mode cut taker fees drastically, from 0.045% to as low as 0.0045%–0.009%, encouraging faster liquidity formation. Consequently, traders could engage with synthetic assets more actively, boosting both volume and market engagement.
