Hyperliquid's HIP3 markets notch $2 trillion in trading volume

Odaily Planet Daily reported that Grayscale Research Head Zach Pandl said perpetual futures have historically been concentrated in crypto majors such as BTC and ETH, but Hyperliquid's HIP3 upgrade is broadening the model. HIP3 allows developers to deploy perpetual contract markets on Hyperliquid's infrastructure without permission, and an S&P 500 perpetual product is already live on the platform. Data cited show HIP3 markets hit peak open interest of about $3.2 billion in June 2026, with cumulative trading volume around $200 billion. Pandl noted these markets are not run directly by Hyperliquid; instead, the project is pursuing a "permissionless infrastructure" approach where qualified developers can launch derivatives venues on the underlying network. The structure is positioned to move Hyperliquid toward an open financial infrastructure comparable to AWS, while the HYPE token is designed to capture aggregate trading value flows.