Less than a month after TradeXYZ deployed tokenized Nasdaq futures (XYZ100) on Hyperliquid, multiple protocols have launched TSLA, NVDA, and SPACEX perpetuals over the last 24 hours.
TradeXYZ, the permissionless perpetual arm of Unit, the Hyperliquid tokenization layer, kicked off the gold rush yesterday with the launch of tokenized NVDA. Today, Felix Protocol and TradeXYZ followed suit with TSLA, and Ventuals launched SPACEX.
XYZ100 still leads the HIP-3 sector in total volume and open interest by a landslide, but TradeXYZ’s NVDA and TSLA markets are ramping up, generating $26 million in 24-hour volume and almost $9 million in open interest between them.
HIP-3 Markets by Volume – Hyperliquid
A notable difference between TradeXYZ’s markets and those deployed by Felix and Ventuals is that the XYZ markets are denominated in USDC, the dominant stablecoin on Hyperliquid, while Felix and Ventuals settle in USDH, Native Markets’ recently launched stablecoin.
This move marks the first true source of demand for USDH, which will funnel 50% of the yield on its reserves towards buying HYPE tokens.
All new markets have been launched with low open interest caps, which are expected to be raised over time as the teams continue to monitor their performance.
Scaling and Distribution in HIP-3 Markets
Charlie, a contributor at Felix Protocol, spoke to The Defiant about new HIP-3 developments, including liquidity fragmentation across markets that represent the same tokenized equity, and how the market can expect HIP-3s to grow beyond a crypto-native audience.
He said there is currently an overlap between Unit and Felix, both of which offer tokenized TSLA markets. However, this overlap is set to diverge as Felix develops separate businesses that do not rely just on Hyperliquid’s UI as the main TSLA/USDH distribution source.
Charlie added that using USDH offers several advantages, including 20% lower taker fees, 50% higher rebates, and 20% higher volume contributions. “This means it should be cheaper and more liquid for you to trade the same market on Felix – additionally, our fee schedule will be lower as well. So the primary differentiator out of the gate between Felix and Unit is cost.”
While HIP-3 perpetual markets are still in their infancy, even in crypto-native use cases, teams are looking to expand the HIP-3 funnel and attract traditional finance traders as well.
“I think this [distribution to non-crypto audiences] will primarily come down to regulatory clarity and distribution, and the two play into one another. Once one major player starts integrating perps and then equity perps due to customer demand, regulatory clarity follows.”
“On the distribution side, non-crypto-natives likely do not want to go through the complexities of wallet management, etc, to trade these markets. That’s where something like a Privy + Hyperliquid builder code integration into a known interface like Bloomberg bridges the gap,” Charlie concluded.
