After SpaceX listed on Nasdaq on June 12, trading volume for sustainability contracts related to HIP-3 stocks on the decentralized exchange Hyperliquid surged significantly. The xyz:SPCX contract (the SpaceX-linked contract) set a $1.4 billion trading volume on the day of listing, and in the first half of June, total trading volume for stock-linked perpetual contracts across the entire HIP-3 ecosystem exceeded $18.8 billion.
xyz:SPCX Trading Volume: Comparison Before and After Listing, and HIP-3 Share
Confirmed by The Block’s report, in the first three weeks after SpaceX’s listing, xyz:SPCX’s average daily trading volume was only about $26 million; on the day of listing, single-day trading volume reached $1.4 billion, accounting for 30% of the total market trading volume of all HIP-3 markets in the same period. On the second trading day after listing, the 24-hour trading volume still hovered around the $1 billion level. TradeXYZ’s SpaceX perpetual contract released before the listing accurately predicted the strong performance on the first day and the price path that broke above $135.
TradeXYZ currently accounts for nearly 97% of trading volume in the HIP-3 market and is the dominant player in the HIP-3 ecosystem. Hyperliquid allocates about 97% of trading fees to a support fund, creating a direct link between trading volume and token demand through an automatic buyback mechanism.
Ventuals Shuts Down: OpenAI and Anthropic Contracts Stop Trading
CoinDesk’s report confirmed that Ventuals announced it would close its markets on Hyperliquid and join another project in the ecosystem, causing the perpetual contract market tied to OpenAI and Anthropic valuations to stop trading, with all open positions automatically settled. Ventuals said that during its operating period, it generated more than $650 million in trading volume.
The Block’s analysis noted that from the end of May to early June, U.S. stocks underwent a correction and volatility rose. Market capital clearly shifted from commodity perpetual contracts, which dominated in the first quarter, to stock perpetual contracts. The HIP-3 market has become a place for hedging and speculation on U.S. stocks outside regular trading hours, operating all day long.
Three HYPE Spot ETFs: Cumulative Trading Volume Approaching $900 Million
Since their launch (about one month), confirmed data for three HYPE spot ETFs in the market: 2THYP issued by 21Shares, BBHYP issued by Bitwise, and GHYPG issued by Grayscale. All three directly hold HYPE tokens and transfer staking rewards to investors.
As of the time of reporting, cumulative trading volume is approaching $900 million, with net inflows of $153 million. Main activity has been concentrated in BBHYP and 2THYP. Because GHYPG launched last, its trading volume is still gradually growing. Based on the current level of HYPE staking, the annualized reward rate is about 2.25%.
FAQ
Which assets does the $18.8 billion in HIP-3 stock contracts cover in the first half of June?
According to The Block’s report, the $18.8 billion is the total trading volume in the first half of the month for stock-linked perpetual contracts across the entire HIP-3 ecosystem, with the SpaceX-linked contract (xyz:SPCX) being the main driving factor. By comparison, in the same period, the combined WTI and Brent oil perpetual contracts totaled $7.66 billion.
Does Ventuals shutting down mean OpenAI and Anthropic contracts permanently stop trading?
According to CoinDesk’s report, Ventuals announced it would close its market and join another Hyperliquid ecosystem project. Perpetual contracts tied to OpenAI and Anthropic valuations have stopped trading, and open positions have been automatically settled. Whether other operators take over specifically is not explained in the report.
What are the net inflows and trading volumes for the HYPE spot ETFs, respectively?
As of the time of reporting, since their launch, the three HYPE spot ETFs (2THYP, BBHYP, GHYPG) have accumulated trading volume approaching $900 million and net inflows of $153 million. The annualized HYPE staking reward rate is about 2.25%.
