HIP-3 Markets Top $548.1 Billion as ICE Plans U.S. Launch

Key Facts

Cumulative volume on Hyperliquid’s HIP-3 markets has topped $548.1 billion since launch, accounting for about 30% of total platform trading during the 30 days ended September 8, 2026, according to a prospectus filed by Hyperliquid Strategies with the U.S. Securities and Exchange Commission. The figures come as Intercontinental Exchange, owner of the New York Stock Exchange, announced an agreement with Trade[XYZ] to bring Hyperliquid-based perpetual markets into a regulated U.S. framework. The move gives the platform’s growing activity a potential route to U.S. traders through institutional arrangements. But the companies’ announcement describes a future plan subject to regulatory approvals and does not indicate that trading has begun. The published figures measure HIP-3 activity through September, while the ICE agreement concerns a distribution and operating route for which the companies have not announced a launch date.

Hyperliquid launched the HIP-3 framework in October 2025 as an open mechanism allowing outside developers to create perpetual markets directly on the platform’s order book after depositing HYPE tokens as collateral, according to the Hyperliquid Strategies prospectus. The framework includes markets linked to equities, commodities, indexes and other real-world assets. The cumulative volume topping $548.1 billion reflects activity since the framework’s launch, while the 30% share measures these markets’ weight in platform trading over the 30-day window through September 8, 2026. An earlier company prospectus showed HIP-3 accounted for about 48% of Hyperliquid trading during the 30 days through August 23, with cumulative volume exceeding $514 billion. That earlier reading puts the latest figure in chronological context: reported cumulative volume rose, while the share of trading in the more recent window was lower than in the previous reading.

Elsewhere in the ecosystem of markets built on Hyperliquid, VALR said on July 2, 2026, that it was preparing to launch a perpetuals product with more than 200 markets. The announced markets include global equities, commodities, precious metals, indexes, currency pairs and crypto assets. The announcement offers an example of Hyperliquid infrastructure being used in a multi-asset product through a trading platform, alongside markets created by outside developers under HIP-3. Hyperliquid Strategies’ prospectus also said daily trading volume in HIP-4 markets was about $445.8 million on September 8, 2026, and that three outside developers had deposited HYPE tokens to launch outcome markets. The prospectus described HIP-4 volume as small compared with perpetuals trading, distinguishing that activity from the HIP-3 figures at the center of the current market development.

The ICE-Trade[XYZ] plan centers on the exclusive operation of Hyperliquid-based perpetual markets within a regulated U.S. framework, with expected access through futures brokers that become members of the platform after obtaining regulatory approvals. The companies’ announcement also named brokers and platforms among distribution partners, broadening the route to access for the proposed markets. This means using Hyperliquid infrastructure does not amount to making trading directly available to U.S. investors; the announced route depends on brokers and regulatory arrangements. The announcement did not specify when approvals would be completed or trading would begin. The development therefore remains an agreement and a plan to bring the products to the U.S. market, rather than an actual launch.

The announcement came on October 29, 2026, amid a market reaction in Hyperliquid Strategies’ stock; Investing.com reported that the shares rose about 20% in afternoon trading after ICE’s announcement. This coincided with the company prospectus showing that HIP-3 accounted for about 30% of Hyperliquid trading during the 30 days through September 8, after about 48% in the reading dated August 23. Reported cumulative volume, meanwhile, increased from more than $514 billion in the earlier reading to more than $548.1 billion in the latest one. The first measure is a share of platform trading over a rolling window, while the second measures volume accumulated since the markets launched. The next announced step in ICE’s plan is to complete regulatory approvals before making the markets available through participating brokers.