New Markets on Hyperliquid Account for Half of Futures Trading Volume: Equity Contracts Lead

While perpetual futures trading volume based on real-world assets increased approximately 5.5-fold from January to June, Hyperliquid’s HIP-3 markets reached nearly half of the platform’s futures trading volume by the beginning of summer.

At Hyperliquid, the weight in derivative transactions is shifting from assets like Bitcoin and Ethereum toward contracts tracking stocks and indices. Haseeb Qureshi, Managing Partner at Dragonfly Capital, stated that this transformation shows the sector is leaning more toward real-world assets and that multiple specialized blockchains may be needed in the new era.

Real-world asset (RWA) themed perpetual trading volume on exchanges rose from approximately $85 billion in January to $470 billion in June. Binance, Hyperliquid, and OKX accounted for more than 80 percent of the volume within this category.

Stock and Index Contracts Stand Out on Hyperliquid

Hyperliquid’s HIP-3 framework, which allows developers to create perpetual futures markets, accounted for approximately 2 percent of the platform’s perpetual futures volume at the start of the year. This ratio rose to nearly 50 percent by early summer.

In transactions under HIP-3, TradeXYZ’s contracts tracking the Nasdaq-100 and individual stocks stood out. Thus, a significant portion of derivative transactions on the platform concentrated on products tracking traditional financial markets instead of crypto-native assets alone.

Qureshi noted that institutions like Goldman Sachs and BlackRock might need private blockchain environments with their own compliance rules and operational requirements. According to him, Ethereum, Solana, or Avalanche do not necessarily need to dominate the entire sector alone.

The Dragonfly executive compared blockchains to cities with different economic hubs. Just as New York has a strong financial network but does not host all of the world’s economic activity alone, he argued that blockchains could create their own network effects across different use cases.