POPA ReconHIP-3 Markets by Open Interest
HIP-3 Markets by Open Interest HIP-3 is having its second wind and this one looks structural, not event-driven. Builder-deployed markets went from 2% of Hyperliquid's perp volume in January to roughly half today, and TradeXYZ just out-traded Hyperliquid's own native markets for three consecutive days. Fees slashed 90% while markets are in growth mode (0.9bps taker vs the standard 9), with revenue still split 50/50 with the protocol. February's spike was a silver frenzy; this one is equities becoming a permanent resident - 23 of the top 30 pairs on all of Hyperliquid by open interest are now…
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