Hyperliquid Expands Perpetuals to Commodities and Indexes

Hyperliquid launched HIP-3 in October 2025 to enable on‑chain perpetual contracts for commodities, equity indices, foreign exchange and pre‑IPO stocks. The upgrade lets developers list perpetual contracts for non-crypto assets directly on the platform.

Since the upgrade the platform has processed more than $60 billion in cumulative volume and attracted over 75,000 unique traders, according to a CoinShares report. Industry data show total on‑chain perpetual volumes reached $6.7 trillion in 2025, a 346% increase from 2024.

In March, a decentralized exchange built on Hyperliquid secured a license from S&P Dow Jones Indices to offer a perpetual contract referencing the S&P 500. At that time the exchange accounted for roughly 90% of HIP-3 open interest.

Two market events increased activity on the platform. A rally in precious metals earlier in the year boosted trading in gold and silver perpetuals. Geopolitical tensions involving Iran in late February drove a surge in oil contract trading; that activity occurred over a weekend when many traditional commodity exchanges were closed, and Hyperliquid’s continuous markets provided available pricing.

Institutional participation rose alongside retail trading. Major exchange operators requested U.S. regulators review Hyperliquid for potential manipulation risks. Hyperliquid blocks access from the United States, which limits direct enforcement by U.S. agencies, and regulators are assessing how decentralized derivatives fit existing rules.

An actively managed altcoin ETF, DIME, holds a Hyperliquid staking ETP as its largest position, at about 15% of the fund’s assets. The ETF carries a 0.00% expense ratio and can reweight holdings as the regulatory picture evolves.

HIP-3 broadened the set of assets available as on‑chain perpetuals and attracted new liquidity and users. Broader regulatory acceptance of decentralized derivatives markets remains uncertain and is being monitored by market participants.