Everyone's tracking @Hyperliquid for crypto perps. The real story is what's happening outside of crypto. There's $85+ billion in perp volume this year across stocks, commodities, and indices. Hyperliquid is dominating on-chain trading across every asset class. I compared recent metrics against @OstiumLabs (their top competitor in this category). For reference, weekly Gold and Oil futures volume on the CME run roughly $6.5B and $1-1.5B respectively. The gap between on-chain and tradfi venues is closing. How HIP-3 changed the game: HIP-3 has been a massive success in cementing Hyperliquid's dominance beyond crypto. @tradexyz and other HIP-3 deployments now consistently account for 30-40% of daily Hyperliquid volume and 20-25% of daily OI. Both numbers are still growing. Whenever I invest, I'm trying to figure out where future growth's gonna come from. Hyperliquid isn't just a crypto perps exchange anymore. It's becoming the default venue for trading anything on-chain. (I wanted to include EdgeX numbers too, but their data is nearly impossible to access. Doesn't matter much. They, along with every other player in the sector, aren't close on tradfi asset volumes.)