As the on-chain exchange that settles the largest share of crypto perpetual futures trading volume, HyperLiquid’s traders trade more funds through the builder’s stock, commodity, and index markets than through the platform’s native crypto contracts.
These builder markets, deployed based on Hyperliquid’s HIP-3 framework, generated $5.41 billion in notional value and accounted for 51.8% of the $10.44 billion traded across exchanges, according to data from Hyperliquid’s API consulted by The Defiant on Tuesday. The remaining $5.03 billion was accounted for by native cryptocurrency criminals, led by $2.69 billion in Bitcoin and $1.27 billion in Ether.
According to Defiant, which analyzed daily data on the hyperliquid market, the builder market outperformed the native cryptocurrency for the first time on July 8th for an entire trading day, accounting for 54.6% of the volume, and repeated the same on July 9th and July 10th. This pattern is limited to weekdays.
The weekends of July 5th, 11th, and 12th all saw the builder market drop from 16% to 33% of its volume as stocks, commodities, and index trading faded while cryptocurrencies continued to flip.
growing shift
This change has been building for months. Builder market share rose from a few percentage points when HIP-3 launched in October to about a third in the spring, reached daily peaks in April and June, and exceeded 50% this month.
Show ImageBuilder’s Hyperliquid market share went from almost zero at the launch of HIP-3 to over 50% for the first time on July 8th. Source: Defiant analysis of Hyperliquid market data.
This crossover shows how far Hyperliquid has come from its origins as a crypto derivatives exchange towards a 24-hour market covering a wider range of assets. This underpins the thesis advanced by companies such as Grayscale that the long-term value of an exchange is more important than the value of the exchange. $HYPE Tokens are better than the possibility of traditional exchanges serving as 24/7 trading layers for stocks, commodities, and other products that are closed every night or every weekend.
The change gained attention on Tuesday when a trader @ryandcrypto posted, “People are officially trading more stocks in hyperliquid than in cryptocurrencies,” along with two charts. The exchange’s own data supports only a narrow version of this claim. So while the builder market as a group outperformed cryptocurrencies on recent weekdays, it wasn’t the first time on Tuesday, nor did individual stocks themselves.
“Stock” is exaggerated
The single-stock P/E ratio raised $3.2 billion in 24 hours, still lower than crypto’s $5.03 billion. The total builder market will only clear cryptocurrencies if the commodity and the index PERP are added. The crude oil, Brent and silver contracts traded for a combined value of about $1.42 billion, adding about $686 million to the index P/E ratio that tracks the Nasdaq 100 and S&P 500.
The volume of the stock is also very concentrated. The P/E ratio for South Korean memory chip maker SK Hynix alone accounted for $1.62 billion, roughly half of the single stock’s volume. Along with the market tracking DRAM chip prices, related semiconductor and memory names such as Micron, SanDisk, and Samsung followed. If SK Hynix is removed, the amount of stocks will be reduced to less than one-third of the amount of virtual currency.
One builder runs the show
HIP-3 allows external teams to launch their own perpetual market on Hyperliquid’s infrastructure by staking $500,000. $HYPEworth about $32 million at current prices. The framework went live on October 13, 2025. One builder, trade.xyz, dominates the framework and on Tuesday accounted for all but a portion of the $5.41 billion builder market trading volume through its stock, commodity and index PERP.
HIP-3’s share of Hyperliquid activity has increased from a small portion at the beginning of the year to about half now, according to exchange data. Hyperliquid settles an estimated 70% of on-chain perpetual futures trading volume and ranks as one of the largest fee-generating protocols in cryptocurrencies, with an annual revenue run rate of nearly $840 million.
$HYPE It is up 1.7% in the past 24 hours, lagging Bitcoin’s 3.6% rise, according to CoinGecko data. The token has a market capitalization of around $14.4 billion and has fallen by around 10% over the past week.
