HIP-3 Fuels Hyperliquid Comeback as Equity & Commodity Perps Power HYPE Rally

Headline: HIP-3 and equity perpetuals power Hyperliquid’s comeback — is HYPE next?

Hyperliquid has clawed back a meaningful slice of market share after a difficult 2025, thanks largely to a surge in equity and commodities perpetuals following the platform’s HIP-3 upgrade. On-chain data shows market dominance jumping from a low of about 18% in December to just over 33% by the end of January — a roughly 15 percentage-point recovery (Dune).

From crypto perps to cross-asset hub
Hyperliquid initially built its name on crypto perpetuals — leveraged, no-expiry derivatives that let traders hold positions indefinitely while paying funding/fees. HIP-3 expanded that playbook by adding equity and commodity perps through third‑party integrations, repositioning the protocol as a cross-asset venue.

That shift is already showing up in volumes. Last week precious metals were among the platform’s biggest movers: silver traded roughly $3 billion and gold nearly $700 million, placing both inside Hyperliquid’s top five assets by volume alongside Bitcoin, Ethereum and HYPE (Solana ranked sixth). According to crypto VC partner and trader McKenna, roughly 30% of Hyperliquid’s overall trading volume now comes from non-crypto assets — and he believes TradFi perpetuals will soon outpace digital-asset perps for daily volume (source: X).

Tokenomics: why more perps = bullish for HYPE
Equity and commodity perps matter for the native token because higher volumes generate more fee revenue, which funds HYPE buybacks and burns. DeFiLlama data highlights this linkage: average weekly protocol revenue climbed from about $11 million to $15.5 million during the recent run, while HYPE’s price rallied roughly 70% over the same period.

Price outlook and risk points
Technically, HYPE has retraced some gains amid weakness in Bitcoin, but the $28 area is acting as a key support. If the equity-perps momentum continues, clearing $36 could trigger the next leg higher. Conversely, a decisive break below $28 would likely trap HYPE back in December’s $20–$28 range and undermine the bullish thesis (chart: HYPE/USDT, TradingView).

Bottom line
HIP-3’s cross-asset expansion has materially improved Hyperliquid’s market footprint and revenue profile, and that shift is already translating into tokenomics tailwinds for HYPE. Still, traders should watch whether TradFi perp volumes sustain and whether $28 support holds — both will be decisive for whether HYPE can push toward fresh highs.

Disclaimer: This article is informational and not financial advice. Cryptocurrency trading carries high risk; do your own research before making investment decisions.

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