Yesterday, Hyperliquid launched a potential Long Yi Changxin Technology CXMT on DaA Today, Backed took another spot ticket for NVDAx Hyperliquid is gradually integrating assets such as stocks, commodities, and indices that were not originally part of Crypto exchanges into its trading system Many people may not understand what HIP-3 is and why Hyperliquid can be listed as a perpetual target in these traditional financial markets Today, I will give you a detailed explanation of this mechanism Let's talk about Changxin Technology CXMT first The perpetual contract on CXMT does not allow you to directly buy the spot stock of Changxin Storage, nor does it mean that you have obtained any equity in the stock What you are trading is its price fluctuations, which can be long or short, leveraged, and positions are operated through margin, funding rates, and clearing mechanisms This is the function of HIP-3 HIP-3 can be understood as a "custom perpetual market factory" opened up by Hyperliquid Any deployer who meets the conditions can stake 500000 HYPEs and open their own perpetual DEX in Hyperliquid The deployer is responsible for defining targets, selecting oracle machines, setting leverage and OI limits, and maintaining market operations Each HIP-3 DEX has an independent order book, margin, and parameters It's not that the Hyperliquid team will list all your stocks, commodities, and pre IPO assets one by one for you But instead, deployers such as TradeXYZ, Felix, and Venturas are responsible for bringing them into Hyperliquid CXMT belongs to the former category TradeXYZ believes that Changxin Storage has sufficient price to discover demand, so they turned it into a tradable and short selling perpetual market But CXMT doesn't start with a blank opening According to on chain data statistics, TradeXYZ is already the largest HIP-3 deployer of Hyperliquid As of July 14th, TradeXYZ has accumulated a unilateral trading volume of approximately $367.37 billion, with a total of approximately $23.6 billion in the past 7 days and a latest daily trading volume of approximately $5.3 billion The current bilateral OI is about 3.62 billion US dollars, not far from the historical peak of 3.76 billion US dollars. Accumulated traders are about 336000, with a latest daily active rate of about 21500 The cumulative handling fee is about 44.41 million US dollars, and the cumulative income of the deployer is about 16.24 million US dollars So the significance of CXMT is not that TradeXYZ has added another popular target It has added a price discovery market for Chinese storage chips in a HIP-3 DEX that already has an order book, market making capabilities, margin system, and tens of thousands of active traders Don't directly attribute TradeXYZ's $3.62 billion OI to CXMT These are aggregated data for all TradeXYZ markets Can CXMT have sufficient depth of trading, stable oracle, sustained OI and trading volume on its own, and need to be verified separately Looking at NVDAx again Backed's purchase of NVDAx ticket does not necessarily mean that NVDAx stock has been officially launched I took a ticket and only got the entrance to deploy spot assets and order books on HyperCore We still need to complete asset deployment, liquidity, and trading pair launch later If CXMT allows users to go long, short, leverage, and hedge around a single target What NVDAx needs to solve in the future is whether users can directly trade Nvidia xStock spot on the chain on Hyperliquid These two lines can exist independently CXMT can be sold out of stock and price discovery can be done using perpetual pricing. NVDAx can also be sold in stock first, but there may not be a corresponding HIP-3 perpetual immediately But if the same type of asset has both spot and perpetual ownership in the future, the trading loop will be much more complete Spot is responsible for assets and underlying liquidity Perpetual responsibility for leverage, hedging, and 24-hour price discovery Returning to HYPE again The significance of HIP-3 for HYPE will bring at least three new demand lines The deployer needs to lock in 500000 HYPEs, participate in auctions for new markets, and the agreement can also retain a portion of the transaction fees after the market continues to generate transactions Under the standard HIP-3 mechanism, the deployer receives approximately 50% of the transaction fee, while the protocol retains the other half The user fees for HIP-3 are higher, so the revenue on the protocol side will not be simply diluted due to sharing But don't understand it as' all HIP-3 transaction fees will automatically repurchase HYPE ' The deployer has a share, the market maker and oracle also have costs, and the pledged HYPE is not permanently destroyed What HYPE is getting is more deployers locking their warehouses, more market auctions, more protocol revenue, and the possibility of more users staying on Hyperliquid HIP-3 addresses the question of 'who can create the market' It does not automatically solve the problem of "who will trade, who will make the market, and who will ensure the quality of the price" The trading depth of CXMT, spot liquidity of NVDAx, and whether the deployers can be dispersed are the data that needs to be examined in the next step So don't just look at today's addition of CXMT and NVDAx When both spot and perpetual begin to converge towards Hyperliquid, it is no longer just a Perp DEX for trading BTC and ETH Hyperliquid is attempting to become an on chain exchange where any asset can be traded, priced, and hedged HYPE Hyperliquid