Stock perps now make up nearly half of Hyperliquid's trading volume, The Block reports

Markets tracking equities like the Nasdaq-100, Nvidia and Tesla have moved from a fringe experiment to nearly half of all perpetual-futures volume on Hyperliquid, according to data published July 13 by The Block's Data & Insights newsletter.

The growth is concentrated in HIP-3, Hyperliquid's permissionless framework that lets outside "builders" deploy their own perpetual markets on the exchange. The Block reports HIP-3's share of total Hyperliquid perp volume has climbed from roughly 2% at the start of 2026 to around 50% now. The Block did not publish an absolute dollar figure for that volume, so the growth is stated as a share, not a headline notional.

The category is dominated by one deployer, TradeXYZ, which runs an index product called XYZ100 tracking the Nasdaq-100 alongside single-stock contracts on names including Nvidia and Tesla. Per The Block, all of these settle in stablecoin rather than delivering the underlying shares — so a trader is taking price exposure, not owning stock.

Two structural features are doing the selling. Perpetuals have no expiry, so positions face funding payments instead of the time decay that erodes options; The Block calls that mechanically simpler than options' strike-and-expiry math for retail traders wanting plain long or short exposure. And the contracts trade 24/7, unlike the listed shares they track.

Key facts

• HIP-3's share of Hyperliquid perp volume rose from ~2% (start of 2026) to ~50% now — The Block, July 13, 2026.
• HIP-3 is Hyperliquid's permissionless framework for builder-deployed perp markets — The Block.
• TradeXYZ dominates the category, running XYZ100 (Nasdaq-100) plus single-stock perps on Nvidia and Tesla, all stablecoin-settled — The Block.
• Underlying equities trade only during market hours; off-hours perp prices rely on oracle and funding-rate mechanics — The Block.

The real-world read

The number that carries this story — "nearly 50%" — comes without an absolute volume figure, so the reader can't tell whether the pie grew or the rest of the exchange shrank. A share can jump either way.

The structural caveat is the real one, and The Block flags it directly: the stocks these perps track are closed nights and weekends, so outside market hours the price is held together entirely by oracle feeds and funding rates, with no circuit breakers over a weekend gap. The Block calls that setup "unproven" for an asset class never designed for continuous trading. That is an honest caveat, not a pitch — worth keeping front of mind against the "around-the-clock access" framing.

One disclosure to log: this is a single secondary source, so the figures aren't independently corroborated here. The Block also states it is majority-owned by Foresight Ventures, whose anchor LP is the exchange Bitget; The Block says it operates independently. Nothing in the piece reads as sponsored, but the ownership is worth noting on a story about a competing venue's growth.

Opinion, and whose

The Block's analysts frame the early volume as "real demand for around-the-clock access" while cautioning it remains "a young product category" on an asset class not built for continuous trading. That is The Block's read, not an established fact.

Sources

• The Block — "Hyperliquid's HIP-3 markets surge to nearly 50% of perp volume as onchain stock trading grows," Ivan Wu and Bryan Samsoedin, July 13, 2026. Provided all figures, the TradeXYZ detail, and the mechanical caveats. Secondary source; excerpt from its Data & Insights newsletter. Not sponsored, but note its stated ownership by Foresight Ventures (anchor LP: Bitget).

Not financial advice. Perpetual futures are leveraged instruments that can lose money quickly, and these figures come from a single secondary source.