Hyperliquid HIP-3 Surpasses $200 Billion in Total Trading Volume, S&P 500 On-chain Ignites Asset Onboarding Race

BlockBeats News, June 14th. Since the launch of Hyperliquid's HIP-3 framework in October 2025, the total trading volume has surpassed $200 billion, and the peak open interest (OI) reached $3.2 billion in June, marking a new stage in the on-chain traditional asset derivatives market.

The most monumental milestone occurred when the S&P Dow Jones Indices officially authorized Trade[XYZ] to launch the world's first S&P 500 perpetual contract on Hyperliquid, providing 24/7 leveraged exposure to non-U.S. investors meeting certain conditions, settled in USDC, with no expiration date or rollover costs. The contract surpassed $1 billion in daily trading volume in its first week, rapidly rising to become one of the platform's top ten trading pairs.

This surge was also catalyzed by the SpaceX listing event. This week, SpaceX went public on the Nasdaq, with retail investors widely reflecting on custody restrictions and lock-up barriers on centralized platforms. Simon Dedic, Co-Founder of Moon Rock Capital, promptly stated that Hyperliquid's on-chain perpetual contracts have become a "superior choice" for trading exposure to highly prominent assets such as SpaceX, Anthropic, and OpenAI, highlighting that once the CLARITY Act is implemented, it will be the industry's most significant catalyst.