News linked to both this project and an event.
According to Odaily, Trade.XYZ today launched the pre-market contract for ChangXin Memory Technologies (CXMT) on the Hyperliquid HIP-3 market. The price peaked at $8.64 and has now retreated to around $8. According to statistics, CXMT's total share capital post-issuance is approximately 66.888 billion shares. Based on the current pre-market price, CXMT's market value is approximately $540 billion, surpassing Tencent ($526.5 billion) to rank 32nd globally in market capitalization.It is reported that CXMT will initiate its new share subscription on the STAR Market (科创板) on July 16.
Odaily Planet Daily reported that HyperliquidNews posted on platform X, stating that the new HIP-3 ticker CXMT was acquired for 500 HYPE, valued at $32,625. The ticker is for Chinese storage chip manufacturer CXMT, which plans to list on IPOP ahead of its anticipated IPO on July 27.
According to The Block, Hyperliquid's HIP-3 framework—a permissionless mechanism that allows developers to freely deploy perpetual contract markets—has seen its trading volume share surge from about 2% at the beginning of the year to nearly 50% currently, with growth primarily driven by demand for on-chain stock trading. Currently, this sector is dominated by TradeXYZ, whose products include XYZ100, which tracks the Nasdaq 100 Index, as well as perpetual contracts for individual stocks such as NVIDIA and Tesla, all settled in stablecoins. Analysts point out that the core appeal of on-chain stock perpetual contracts lies in two aspects: first, the no-expiration design avoids time value decay compared to traditional options, making it more intuitive for retail traders accustomed to simple long/short positions; second, 24/7 non-stop trading enables users to respond immediately when news is released, without waiting for traditional markets to open.
Hyperliquid's HIP-3 market volume is growing rapidly. HIP-3 is Hyperliquid's permissionless framework for developers to deploy perpetual contract markets, with its share of Hyperliquid's total perpetual contract trading volume rising from approximately 2% at the beginning of the year to nearly 50% currently.This growth coincides with rising retail interest in on-chain stock trading. The current HIP-3 market is primarily dominated by TradeXYZ, which has launched markets including XYZ100 (tracking the Nasdaq 100 index) as well as contracts related to individual stocks such as Nvidia and Tesla.
On-chain data analysis shows that on the Hyperliquid HIP-3 platform, the SK Hynix (SKHX) perpetual contract currently accounts for approximately 33% of all HIP-3 trading volume, while also accounting for about 50% of the total trading volume of stock perpetual contracts, making it the single contract with the highest trading volume in this category. SKHX is a tokenized stock perpetual contract deployed by a builder via the HIP-3 mechanism, corresponding to the stock price of SK Hynix, South Korea. SK Hynix has long been listed on the Korean main board and is scheduled to complete its U.S. ADR (Nasdaq: SKHY) listing around July 10, 2026. HIP-3 allows eligible builders to stake HYPE and then permissionlessly deploy perpetual markets, enabling traders to trade related assets with leverage on the platform 24/7. This is also the context behind the original post author @0xNairolf's joke that "people really want to trade it before they are truly allowed to trade it"—namely, achieving relatively barrier-free trading through decentralized rails. The data is sourced from Hyperliquid official HIP-3 dashboard screenshots and verified by on-chain tracking sites; recently, SKHX's single-day trading volume has reached the hundreds of millions of U.S. dollars level multiple times.
crypto venture capital fund Pantera Capital stated in a post that Hyperliquid's total addressable market is approximately $10 trillion in daily notional trading volume, including around $200 billion in 0DTE options and leveraged ETF trading, approximately $2 trillion in commodity derivatives trading, and around $8 trillion in foreign exchange derivatives trading.Pantera indicated that if Hyperliquid can consistently capture a low-single-digit percentage share of the aforementioned markets, its revenue potential could reach five times current levels. According to estimates, if the HIP-3 market achieves an annualized notional trading volume of $3.65 quadrillion and captures a 1% market share, under the assumptions of a combined fee rate of 2 basis points and Hyperliquid's economic split of 50%, the platform's revenue could reach approximately $3.7 billion.However, Pantera pointed out that regulation remains the biggest risk for Hyperliquid. Perpetual contracts are currently not fully open in the United States, and if the US promotes the legalization of related products in the future and introduces regulated platforms, Hyperliquid could face more intense competition, with some US user trading volume potentially shifting to compliant trading venues. Pantera believes Hyperliquid could also launch a regulated version targeting the US market in the future.
According to Hyperinsight monitoring, the Hyperliquid HIP-3 ecosystem launched MINIMAX (MiniMax) perpetual contract trading today. As of press time, approximately $480,000 in open positions have been established for MINIMAX, with the current price at $60.70. Notably, a trader has opened a short position on MINIMAX with 10x leverage, amounting to $178,000 in position size, at an average entry price of $60.60.
Ventuals today announced it will gradually shut down its operations and integrate into the Hyperliquid ecosystem team, marking the official conclusion of its 24/7 private market experiments. The platform, which focuses on trading pre-IPO private tech companies, had raised over 500,000 HYPE tokens and achieved a total trading volume of approximately $650 million.The platform's existing HIP-3 markets are now entering the settlement phase. Pre-IPO markets such as OpenAI and Anthropic are settling based on a 24-hour weighted average price, with corresponding prices of $1,341.80 and $1,618.90 respectively. Commodity and index markets including MAG7, semiconductors, and energy will be suspended in batches starting June 18, with open positions being auto-liquidated.vHYPE holders can redeem their staked assets at a 1:1 ratio and claim corresponding rewards. Withdrawal services will be initiated in batches starting June 19, with processing times ranging from 7 to 72 hours. The project has terminated its points and promotional activities and has clearly stated that no tokens will be issued. Officials require all users to complete fund withdrawals and wallet export operations by September 15.
Hyperliquid stated that the cumulative trading volume of the HIP-3 framework has surpassed $20 billion, with peak open interest reaching $3.2 billion. As the officially authorized S&P 500 perpetual contract goes live, on-chain traditional asset derivatives markets are attracting growing attention.
Grayscale Research Head Zach Pandl stated that perpetual contracts, as a core product of the crypto market, have long been limited to crypto assets such as BTC and ETH. However, Hyperliquid is changing this landscape through its HIP-3 upgrade. HIP-3 allows for the permissionless deployment of perpetual contract markets on the Hyperliquid infrastructure, and a S&P 500 perpetual contract product has already been launched on Hyperliquid.Data shows that the HIP-3 market reached a peak open interest of approximately $3.2 billion in June 2026, with a cumulative trading volume of about $200 billion. These markets are not directly operated by Hyperliquid but adopt a "permissionless infrastructure" model: any qualified developer can create derivatives trading markets on its underlying network. This makes Hyperliquid more akin to an open financial infrastructure similar to AWS, with the HYPE token capturing the overall transaction value flow.
Odaily News: Ahead of the SpaceX IPO, the SPCX pre-market contract on several CEXs and on-chain Perp DEXs presented arbitrage opportunities due to differences in share count calculations and rebase mechanisms, which multiple KOLs capitalized on. Among them, crypto KOL Silicon Bird | Ray shared: “Last night, I went long on BN and short on HL, still capturing a 10-point arbitrage opportunity. BN issued a rebase announcement last night. Since the initially estimated share count (11.87B) differed from the actual share count (13.08B), SPCXUSDT positions will be converted at a ratio of 1.1. This means BN’s SPCX price will be divided by 1.1, while the position size will be multiplied by 1.1. This created a massive arbitrage opportunity because SPCX on Hyperliquid was also originally launched based on the 11.87B share count. However, the documentation clearly states that Hyperliquid’s SPCX will not rebase (as an HIP-3 DEX, trade.xyz doesn’t have this capability either). Hyperliquid’s current SPCX tracks the Class A common stock price. I submitted a ticket to trade.xyz and received a clear response confirming there will be no rebase.” Additionally, he analyzed the reasons behind "SPCX on trade.xyz will not rebase," stating: “There are several key reasons. Those familiar with Hyperliquid and trade.xyz understand their relationship: the former is a trading-specific L1 blockchain, while the latter is a DEX based on Hyperliquid’s HIP-3. trade.xyz is somewhat like an outsourced team, essentially just setting up a platform within Hyperliquid’s ecosystem.1. We need to understand that a rebase is an extremely complex operation, involving halting trading, forced liquidations, and reopening positions. This is a major engineering challenge even for large CEXs (such as OKX and BN, which are undergoing this rebase). Smaller exchanges like Bitget have simply given up and opted for a relist. For an on-chain team dependent on another blockchain, this is an even more daunting task.2. When trade.xyz first launched the contract, it mentioned an estimated share count of 11.87B. However, they later realized this could be controversial and promptly removed any mention of the estimated share count from their documentation. They clearly emphasized that the price tracked by SPCX on trade.xyz is the Class A common stock price of SPCX, and added extensive disclaimers stating there will be no rebase.”Crypto KOL KyleChen also posted last night: “The optimal hedging strategy should be on OKX’s pre-market perpetual. The IPO subscription cost is 142u, leaving around 14% profit margin. Comparison of three pre-market platforms:- OKX Pre SpacX: 162u, essentially confirmed as per-share price- Binance current price: 167u, with an announced rebase scheduled for 6/10 at a factor of 1.1, resulting in an adjusted price around 151.2u- Hyperliquid: 168u, its pre-market contract is provided via trade.xyz based on HIP-3. From a technical infrastructure standpoint, the contract does not directly supp
Charlie (@0xBroze), co-founder of the Felix Protocol, announced that Felix’s HIP-3 DEX and all spot markets will begin shutting down on June 19 and complete shutdown by June 20; all traders must close their active positions before then. In its post-mortem analysis, the Felix team noted that competitor TradeXYZ successfully established a growth flywheel and gained market dominance by launching earlier, pricing in USDC (rather than Felix’s USDH), rapidly expanding the number of markets, and leveraging airdrop-driven brand effects. Although Felix launched first in markets such as OIL, GOLD, and SILVER—and recorded approximately $3 billion in trading volume—it was ultimately overtaken by TradeXYZ. Felix emphasized that the DEX shutdown will not affect its lending or spot stock trading businesses, and the team will continue focusing on upgrading and iterating these core products.
According to monitoring by Karthik Subramanian, Hyperliquid's perpetual contract trading volume reached 6.63% of the total perpetual contract trading volume on global centralized exchanges (CEX) in May, setting a new record. Meanwhile, the platform's trading volume reached 14.4% of Binance's. Data shows that developer-deployed markets supported by the HIP-3 framework (a framework for deploying new perpetual contract markets on the platform) generated over $62 billion in monthly trading volume in May. Currently, global perpetual contract activity remains dominated by centralized exchanges such as Binance, OKX, Bybit, and Bitget, with Binance maintaining its leading position in this sector. (financefeeds)
Trust Wallet has integrated Hyperliquid’s perpetual contracts and HIP-4 prediction markets, enabling users to seamlessly switch between different trading scenarios directly within the wallet—no need to navigate to external platforms.
Trust Wallet has announced the integration of the Hyperliquid trading stack, enabling Hyperliquid perpetual contracts and HIP-4 native outcome markets directly within the wallet, with no additional markup fees charged at present.
decentralized derivatives platform Hyperliquid has launched a pre-listing perpetual contract for SpaceX (SPCX-USDC) via Trade.xyz, sparking controversy over a global regulatory gap. The contract provides leveraged trading without requiring users to hold any SpaceX stock or authorization from the company. Initially priced at $150, corresponding to an implied valuation of approximately $1.78 trillion, the contract surged to $216 shortly after launch.According to reports, the contract is settled in USDC, with prices derived from market oracles and not linked to SpaceX's actual financials or equity structure. SpaceX itself has neither authorized nor participated in this market, yet its valuation is being priced and traded in real-time on-chain, raising concerns that "decentralized derivatives are taking over price discovery for private companies." This market originates from Hyperliquid's HIP-3 mechanism, suggesting that private company valuations may increasingly be re-priced by on-chain derivatives, while regulatory frameworks have yet to establish corresponding standards. (Forbes)
According to official data, the "2026 World Cup Winner" prediction event has gone live on the HIP-4 testnet.Previously, the Hyperliquid mainnet launched HIP-4, with the first offering being the BTC daily settlement prediction market.
trade.xyz, a Hyperliquid ecosystem exchange platform, successfully secured the listing rights for MiniMax perpetual contracts in HIP-3’s Dutch auction at a price of 500 HYPE tokens (approximately USD $30,660). Following the successful auction, trade.xyz has officially launched MiniMax (HKEX: 00100.HK) perpetual contracts and will soon open trading.
a report released by FalconX shows that the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction contracts, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report indicates that Hyperliquid's HIP-3 market allows users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, with traders already using it for pre-IPO speculation on companies such as Cerebras, Anthropic, and SpaceX. The HIP-4 outcome market allows traders to place binary bets on political, economic, and crypto events.In terms of capital inflows, the HYPE spot ETFs launched by 21Shares and Bitwise have attracted a combined $53 million in inflows within just a few trading days. Hyperliquid's USDC partnership with Coinbase and Circle is expected to generate up to $160 million in annual protocol revenue. FalconX warns that CME and ICE have expressed concerns to regulators about potential market manipulation risks on the Hyperliquid market. Nevertheless, Hyperliquid continues to lead the decentralized perpetual contract market in terms of trading volume, revenue, and total value locked. (CoinDesk)
according to community sources, the "Federal Reserve June Interest Rate Decision" prediction event has gone live on the HIP-4 testnet.Previously, Hyperliquid’s mainnet launched HIP-4, with the first offering being a BTC daily settlement prediction market.