Top Perp DEX Hyperliquid completed the HIP-3 upgrade last month. This upgrade inherits the HyperCore technology stack, including its high-performance margin and order book features, allowing any developer to deploy a Perp DEX without permission by staking 500,000 $HYPE.

On November 19, Hyperliquid launched the HIP-3 Growth Mode, reducing the comprehensive taker fee for newly launched markets by over 90%. Deployers can freely enable this mode for individual assets without any approval or centralized oversight. After the upgrade, the comprehensive taker fee will drop from the regular 0.045% to 0.0045%–0.009%. At the highest staking and trading volume levels, fees can even be further reduced to 0.00144%–0.00288%.

The HIP-3 project not only has a 500,000 $HYPE entry threshold (currently valued at approximately $16.3 million) but also boasts impressive data that deserves our attention. This article will outline the HIP-3 project.

trade.xyz

trade.xyz is built by the Hyperunit team. After the completion of the HIP-3 upgrade, trade.xyz (Hyperunit) purchased its first ticker "XYZ100". According to data from @GLC_Research, yesterday, the trading volume of the HIP-3 market trade.xyz first surpassed $400 million. Notably, the "on-chain Nasdaq index contract" $XYZ100 reached a trading volume of $285 million yesterday.

On November 24, trade.xyz's official Twitter announced that the HIP-3 Growth Mode had been activated, 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 approximately 9 cents, while the maker fee is below 3 cents.

The platform focuses on perpetual contracts for U.S. stock assets, aiming to create a "24/7 liquidity capital market." In addition to the aforementioned "on-chain Nasdaq index contract" XYZ100, the platform currently supports perpetual contracts for Nvidia, Tesla, Apple, Google, Amazon, Microsoft, Meta, and Palantir.

The recently popular "AI Trading Competition" Alpha Arena's latest season features AI competitions trading U.S. stock perpetual contracts on trade.xyz. Currently, the leader is GPT-5.1.

When the U.S. stock market is closed, the platform's oracle advances using a continuous time index weighted moving average. When the stock market reopens, the oracle will revert to using externally derived spot prices for the next trading cycle. To achieve faster price responses, starting 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 of U.S. stocks, and its impressive data reflects the strong demand for on-chain U.S. stock trading.

TROVE

Similar to trade.xyz's focus on U.S. stock trading, TROVE has a distinct feature, focusing on trendy toy trading.

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

Another interesting point is that TROVE has formed a partnership with the prediction market Kalshi. For example, the F1LN contract shown below allows for long and short trading on whether F1 driver Lando Norris can win, with data sourced from Kalshi. This collaboration effectively bridges the gap between prediction markets and Perp DEX for arbitrage opportunities.

Ventuals

Ventuals specializes in long and short trading of companies before their IPOs.

However, since pre-IPO companies do not have reference stock prices, how can trading occur? On Ventuals, traders do not trade based on stock prices but rather on their expectations of the company's total valuation fluctuations. Holding a position in a pre-IPO company on the Ventuals platform does not imply any actual economic ownership of the company—it's merely speculation on its valuation changes.

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

Currently, there is no further information on what kind of market this will be, but this project is significant, supported by Ethena and built on Hyperliquid as a trading + prediction market.

Based indicates that it will combine the advantages of both the Hyperliquid and Ethena ecosystems to create a new product, Hyena. The market speculates that this may be a platform allowing users to trade using USDe collateral and earn sUSDe rewards during the trading process.

Conclusion

Although there are currently not many HIP-3 projects, the ones mentioned above are all very interesting and have distinct features. They either meet the on-chain and 24/7 trading demands for certain popular assets or expand their own ecosystems to promote larger-scale adoption of their protocols.

From this perspective, Hyperliquid's future development has gained a broader angle. Its HyperCore architecture's low development threshold and the high integration willingness of third-party projects are introducing more diversified on-chain liquidity assets beyond crypto-native assets, subtly hinting at a trend towards becoming a "24/7 liquidity capital market." If the previous Hyperliquid was like Nintendo in the gaming world, standing out in the market with its flagship Perp DEX product, the current Hyperliquid is even more promising— the influx of third-party projects is changing Hyperliquid's positioning and ecosystem.

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