When the overall sentiment in the cryptocurrency market was low and trading homogenization intensified, @ HyperliquidX relied on HIP-3 to emerge from a "counter trend" growth curve. In just one month, the trading volume related to HIP-3 jumped from hundreds of millions of dollars to 3.6 billion dollars, with a single day peak of 500 million dollars, a growth rate of nearly ten times - this not only reaffirmed Hyperliquid's leading position in Perp DEX, but also reignited the narrative of on chain derivatives. The core of HIP-3 lies in changing the narrative: it hands over the "listing rights of perpetual contracts" from the team to the community and developers. Any institution that is willing to pledge 500000 HYPE (approximately $17.5 million) can deploy its own perpetual market without permission. The high collateral requirement keeps speculators out and brings about a substantial token lock up effect, which continuously raises the deflationary expectations of HYPE. To cope with market risks, HIP-3 enforces a position by position model, completely isolating experimental markets from main network positions and improving system security. The real breakthrough point of growth came from the upgrade of the "growth model" on November 19th: new market fees were cut by 90%, and top trader fees were even as low as 0.00144%. The sharp drop in costs directly ignites liquidity, leading to exponential growth in trading volume. However, the structure behind the prosperity of HIP-3 is extremely unbalanced. Currently, about 95% of trading volume comes from a single project http://Trade.xyz （@TradeOnHyper）。 Its flagship product XYZ100 brings the leading US stock market on the chain in an index perpetual form, without the need for KYC or 24/7 trading, making it the lowest threshold for retail investors to participate in US stock fluctuations at present. But these 'on chain US stocks' are essentially simulated indices that do not share liquidity with real stocks, so once there is a lack of market making, prices are prone to abnormal fluctuations. Recently, some markets have experienced a situation of "only being able to short and unable to close positions", which is essentially due to insufficient liquidity. The bigger challenge is to stabilize the coin structure. Most ecosystems are priced in USDC, but Hyperliquid also hopes to promote its native USDH as the mainstream trading currency. The tug of war between the two has led to http://Trade.xyz The trading volume in the external market is generally sluggish. The potential of HIP-3 is undoubtedly enormous, and the community has even proposed new directions such as HIP-4 (predicting market sustainability). But before it truly becomes an on chain 'all asset perpetual infrastructure', it still needs to fill in the most crucial puzzle: a more balanced liquidity, a clearer stablecoin system, and more flagship applications that can run.