HIP-3 projects are transforming the Hyperliquid ecosystem

Top Perp DEX Hyperliquid completed the HIP-3 upgrade last month. This upgrade inherits the HyperCore tech stack, including its high-performance margin and order book features, allowing any developer to permissionlessly deploy and launch a Perp DEX by staking 500,000 $HYPE.

On November 19, Hyperliquid launched the HIP-3 Growth Mode, slashing the aggregate taker fee for newly listed markets by over 90%. Deployers can freely enable this mode for individual assets, with no approval process or centralized gatekeeping required. After the upgrade, the aggregate taker fee drops directly from the regular 0.045% to 0.0045%–0.009%. At the highest staking and trading volume tiers, fees can be further reduced to as low as 0.00144%–0.00288%.

The HIP-3 project not only has an entry threshold of 500,000 $HYPE (currently valued at about $16.3 million), but also boasts impressive data, making it worthy of attention. This article will provide an overview of the HIP-3 project.

trade.xyz

trade.xyz is built by the Hyperunit team. After the HIP-3 upgrade was completed, trade.xyz (Hyperunit) purchased the first ticker "XYZ100". According to data, yesterday, the HIP-3 market trade.xyz saw its trading volume break through the $400 million mark for the first time. Notably, trade.xyz's "On-chain Nasdaq Index Contract" $XYZ100 reached a trading volume of $285 million yesterday.

On November 24, trade.xyz officially announced the launch of HIP-3 Growth Mode, reducing trading fees for all XYZ assets by 90%. The maximum fee is now below 0.009%. For new users trading $1,000 worth of any XYZ asset, the taker fee is about 9 cents, and the maker fee is less than 3 cents.

The platform focuses on perpetual contracts for US stock assets, aiming to achieve an "around-the-clock liquidity capital market." In addition to the aforementioned "On-chain Nasdaq Index Contract" XYZ100, the platform currently also supports perpetual contracts for Nvidia, Tesla, Apple, Google, Amazon, Microsoft, Meta, and Palantir.

The latest season of the previously popular "AI Trading Competition" Alpha Arena is now focused on trading US stock perpetual contracts on trade.xyz. Currently, GPT-5.1 is in the lead.

When the US stock market is closed, the platform's oracle advances using a continuous-time exponentially weighted moving average. When the market reopens, the oracle resumes using externally derived spot prices in the next trading cycle. For faster price response, as of November 22, trade.xyz has shortened the internal oracle's time constant to 1 hour.

It can be said that trade.xyz enables 24/7 trading for US stocks, and its impressive data reflects the strong demand for on-chain US stock trading.

TROVE

Like trade.xyz, which focuses on US stock trading, TROVE also has a distinctive feature, specializing in trendy collectibles trading.

The platform is still in closed beta and requires an invitation code. It already supports perpetual contracts for Pokémon cards, CS2 skins, as well as Nintendo and Pop Mart stocks, and plans to support perpetual contracts for Yu-Gi-Oh! cards, Magic: The Gathering, One Piece cards, and sports collectible cards in the future.

Another interesting point is that TROVE has established a partnership with the prediction market Kalshi. For example, the F1LN contract in the image below is actually for long/short trading on whether F1 driver Lando Norris will win the championship, with data sourced from Kalshi. This collaboration effectively bridges arbitrage opportunities between prediction markets and Perp DEXs.

Ventuals

Ventuals is characterized by enabling long/short trading on pre-IPO companies.

However, since pre-IPO companies have no reference stock price, how is trading conducted? On Ventuals, traders do not trade based on stock price, but rather on expectations of the company's total valuation rising or falling. Holding a position in a pre-IPO company on the Ventuals platform does not mean owning any actual economic ownership of the company—it's purely speculating on changes in its valuation.

In other words, it is essentially a platform for betting on company valuations.

Currently, the platform supports trading for SpaceX and OpenAI, and will soon support Anthropic.

Hyena

There is currently no further information about what kind of market this will be, but the project is notable, as it is supported by Ethena and built on Hyperliquid by Based, a trading + prediction market project.

Based has stated that it will combine the advantages of both the Hyperliquid and Ethena ecosystems to create a brand new product—Hyena. Market speculation suggests this may be a platform that allows users to trade using USDe collateral and earn sUSDe yields during trading.

Conclusion

Although there are not many HIP-3 projects at present, as seen from the above, each is very interesting and has distinctive features. They either meet the on-chain and around-the-clock trading needs of certain popular assets, or expand their own ecosystems to drive greater adoption of their protocols.

From this perspective, Hyperliquid's development prospects have broadened even further. Its HyperCore architecture, with its low development threshold and high willingness for third-party project integration, is introducing a more diversified range of on-chain liquidity assets beyond crypto-native ones, hinting at the emergence of an "around-the-clock liquidity capital market." If Hyperliquid was previously like Nintendo in the gaming world, standing out in the market with its flagship Perp DEX product, now Hyperliquid is even more promising—the influx of third-party projects is changing Hyperliquid's positioning and ecosystem.