Hyperliquid is moving aggressively beyond the crypto market, launching prediction markets and expanding its decentralized exchange infrastructure into traditional assets such as oil, gold, stocks and equity indices.
According to an Oct. 28 report from Glassnode, daily HIP-3 trading reached about $2.6 billion over the previous week, exceeding roughly $2.4 billion in Bitcoin perpetual turnover on the same venue. SK Hynix, the S&P 500, and a technology index led individual markets, followed by crude oil, marking a notable milestone for non-crypto assets on a decentralized venue.
The expansion is built on HIP-3, which allows external teams to deploy perpetual markets directly on Hyperliquid’s trading infrastructure. Deployers define contract specifications and manage operational duties such as oracle prices and leverage limits. In March, S&P Dow Jones Indices announced it had licensed its benchmark to Trade[XYZ] for perpetual contracts on Hyperliquid, providing institutional-quality index data to eligible investors outside the United States.
However, continuous trading requires special pricing mechanisms when traditional markets are closed. Trade[XYZ]’s equity-index methodology shifts from spot indices during the cash session to implied spot values derived from active futures during off-hours, with an internal oracle fallback if external inputs dry up. Traders holding exposure through closures face continuous hourly funding payments, margin requirements, and liquidation risk.
Glassnode cautions that raw turnover does not prove capital migration from crypto, since leveraged positions can be opened and closed repeatedly without large committed capital. Sustained demand will require tracking open interest, spreads, executable depth, and activity across multiple contracts. Hyperliquid’s push into prediction markets and broader asset classes may help retain traders during crypto downturns, with the platform’s fees averaging about $71 million monthly in 2026.
