The HIP-3 projects are changing the Hyperliquid ecosystem.

The top-tier Perp DEX, Hyperliquid, completed its HIP-3 upgrade last month. This upgrade inherits the HyperCore technology stack, including its high-performance margin and order book capabilities, allowing any developer to launch a Perp DEX without permission by staking 500,000 $HYPE.

On November 19th, Hyperliquid launched HIP-3 Growth Mode, reducing the overall taker fee for newly listed markets by over 90%. Deployers can freely enable this mode on a per-asset basis, without any approval or centralized oversight. After the upgrade, the overall taker fee will drop from the usual 0.045% to 0.0045%–0.009%. At the highest staking and trading volume levels, the fee can be further reduced to 0.00144%–0.00288%.

The HIP-3 project not only has an entry threshold of 500,000 $HYPE tokens (currently worth approximately $16.3 million), but also boasts impressive statistics, making it worthy of our attention. This article will provide an overview of the HIP-3 project.

trade.xyz

trade.xyz was built by the Hyperunit team. Following the HIP-3 upgrade, trade.xyz (Hyperunit) acquired its first Ticker, "XYZ100". According to data from @GLC_Research, yesterday, trade.xyz's trading volume in the HIP-3 market surpassed $400 million for the first time. In particular, trade.xyz's on-chain Nasdaq index contract, $XYZ100, achieved a trading volume of $285 million yesterday.

On November 24th, trade.xyz's official Twitter account announced the activation of HIP-3 Growth Mode, reducing transaction fees for all XYZ assets by 90%. The highest fee is now below 0.009%. For new users trading any XYZ asset worth $1000, the fee as a taker is approximately 9 cents, and the fee as a maker is less than 3 cents.

The platform primarily features perpetual contracts for US stock assets, aiming to achieve a "24/7 liquid capital market." In addition to the aforementioned "on-chain Nasdaq index contract" XYZ100, the platform currently also supports perpetual contracts for Nvidia, Tesla, Apple, Google, Amazon, Microsoft, Meta, and Palantir.

The latest season of the wildly popular "AI Crypto Trading Competition" Alpha Arena focuses on trading US stock perpetual contracts on trade.xyz. Currently, GPT-5.1 is leading the pack.

When the US stock market is closed, the platform's oracle advances using a continuous-time exponentially weighted moving average. When the market reopens, the oracle resumes using externally derived spot prices in the next trading cycle. For faster price response, trade.xyz reduced the time constant of its internal oracle to 1 hour starting November 22nd.

It can be said that trade.xyz enables 24/7 trading of US stocks, and its impressive data reflects the strong demand for on-chain US stock trading.

TROVE

Like trade.xyz, which focuses on US stock trading, TROVE also has a distinctive feature: it focuses on trading trendy toys.

The platform is currently in closed beta and requires an invitation code. It already supports perpetual contracts for Pokémon cards, CS2 skins, Nintendo stock, and Pop Mart stock, and plans to support perpetual contracts for Yu-Gi-Oh! cards, Magic: The Gathering cards, One Piece cards, and sports collectible cards in the future.

Another very interesting point is the partnership between TROVE and the prediction market Kalshi. For example, the F1LN contract shown in the image below is actually a long/short trade based on whether F1 driver Lando Norris can win the championship, with data sourced from Kalshi. This partnership effectively facilitates arbitrage between the prediction market and Perp DEX.

Ventuals

Ventuals are characterized by long and short trading of companies before their IPO.

However, pre-IPO companies don't have a comparable stock price, so how do they trade? On Ventures, traders don't trade based on the stock price, but rather on their expectations of changes in the company's total valuation. Holding a position in a pre-IPO company on the Ventures platform doesn't mean you have any actual economic ownership of that company—it's merely speculating on changes in its valuation.

In other words, it's actually a platform for betting on company valuations.

Currently, the platform supports trading in SpaceX and OpenAI, and will soon support Anthropic.

Hyena

There is currently no further information about what kind of market this will be, but this project is quite significant, being a trading and prediction market based on Hyperliquid and powered by Ethena.

Based indicates that they will combine the strengths of the Hyperliquid and Ethena ecosystems to create a brand new product, Hyena. Market speculation suggests this could be a platform allowing users to trade using USDe collateral and earn sUSDe rewards during the trading process.

Conclusion

Although there aren't many HIP-3 projects yet, the ones mentioned above are all very interesting and have distinct characteristics. They either meet the on-chain and 24/7 trading needs of certain popular assets, or they expand their own ecosystems and promote the wider adoption of their own protocols.

From this perspective, Hyperliquid's future development has taken on a broader dimension. The low development barrier of its HyperCore architecture and the high willingness of third-party projects to integrate it are introducing a more diversified range of on-chain liquidity assets beyond native crypto assets, subtly suggesting a potential emergence as a "24/7 liquidity capital market." If Hyperliquid was previously like Nintendo of the gaming world, standing out in the market with its flagship Perp DEX product, then the current Hyperliquid is even more promising—the influx of third-party projects is changing Hyperliquid's positioning and ecosystem.