Hyperliquid HIP-3's cumulative trading volume surpasses 200 billion USD, and the S&P 500 on-chain ignites the traditional asset track on the blockchain

Since the launch of Hyperliquid's HIP-3 framework in October 2025, the cumulative trading volume has exceeded $200 billion, with peak open interest (OI) reaching a historical high of $3.2 billion in June, marking a new phase for the on-chain traditional asset derivatives market.

The most significant milestone occurred when S&P Dow Jones Indices officially authorized Trade[XYZ] to launch the world's first officially authorized S&P 500 perpetual contract on Hyperliquid, providing eligible non-U.S. investors with 24/7 leveraged exposure, settled in USDC, with no expiration date and no rollover costs. In its first week, it surpassed a single-day trading volume of $100 million, quickly entering the platform's top ten trading pairs.

This surge was also catalyzed by the SpaceX listing event. This week, SpaceX went public on Nasdaq, and retail investors generally reported facing custody restrictions and lock-up barriers on centralized platforms. Moon Rock Capital co-founder Simon Dedic publicly stated that Hyperliquid's on-chain perpetual contracts have become a "better choice" for trading high-profile assets like SpaceX, Anthropic, and OpenAI, and pointed out that once the CLARITY Act is implemented, it will become the biggest catalyst for the industry.