Tokenized stocks now account for roughly 50% of all markets on Hyperliquid, the decentralized exchange built on its own Layer-1 blockchain. The platform's native token, HYPE, has seen a weekly decline of about 9.47% but is showing signs of recovery, trading near $64.97 as of July 14. The surge in tokenized stock listings is largely attributed to the HIP-3 proposal, which allows external developers to create and operate their own perpetual markets on the network.
HIP-3 Fuels Developer-Driven Growth
Hyperliquid's HIP-3 upgrade, announced in early 2026, initially allocated 2% of the market to external developers. That share has now ballooned to approximately 50%, with TradeXYZ leading the charge. The proposal enables third parties to build long-term markets not just for crypto assets but for a wide range of instruments, taking advantage of Hyperliquid's 24/7 trading infrastructure.
Market Expansion and Infrastructure Improvements
The total value of markets on Hyperliquid has grown from around $790 million at the start of the year to roughly $3 billion currently. The exchange has been refining its fee structure, liquidation mechanisms, and security protocols to accommodate the influx of new markets. On May 18, TradeXYZ launched a SpaceX pre-IPO perpetual market, highlighting the platform's expansion into traditional finance-adjacent products.
HYPE Price Action and Trading Volume
HYPE hit an all-time high near $76.85 on June 16 before retreating. The token traded between $71.9 and $72.4 in the prior week but dropped to $62.71 before bouncing back. At press time, HYPE is up 2.71% in the past 24 hours at $64.97, though weekly losses stand at 9.47%. Monthly performance remains positive at 7.87%, with a market cap of $16.4 billion. However, 24-hour trading volume has fallen 12.39% to about $326.4 million.