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Brief
High-performance perpetual DEX on its own L1 chain. HIP-3 RWA synthetics live with $1.7B+ open interest (S&P 500, WTI crude oil perpetuals). HIP-3 share of RWA perps market grew from 2.8% at October 2025 launch to 28.6% by March 2026; Q1 2026 HIP-3 volume hit $130.87B (up from $12.65B in Q4 2025).
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Snapshot
Key terms and identifiers.
- Asset classes
- Commodities, Equities, Treasuries
- Analytics
- defillama.com/protocol/hyperliquid
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Milestones
How this player got here.
- May 2026Hyperliquid <-> Ondo Global Markets. HyperEVM gets tokenized stocks via LayerZero bridge.
- Apr 2026HIP-4 Binary Options launched
- Dec 2025Closed 2025 at 1.4M users, $32B daily volume, $16B OI; TVL tripled to $6B
- Oct 2025HIP-3 Permissionless Perpetuals launched, anyone can create perp markets by staking HYPE
- Feb 2025HyperEVM launched, enabling EVM smart contracts with native trading liquidity
- Jan 2025Daily volume crosses $3B
- Nov 2024HYPE token airdrop ($2B+ value)
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Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
