- Empire
- Posts
- ✊ Perps for the people
New week, new meta.
The first perps tied to equities are now visible on Hyperliquid’s frontend, about two weeks after HIP-3 was officially activated.
ICYMI: HIP-3 allows users to initiate perps markets themselves by first staking 500,000 HYPE ($23.5 million).
So far, the most active is XYZ100, a 20x perp for the Nasdaq 100, deployed by Hyperunit (also known as Unit).
XYZ100 had about $48 million in open interest earlier today. Another three HIP-3 markets are prepped for active trading, including ones for TSLA, NVDA and gold.
What’s cool is that around $120 million worth of XYZ100 volume was recorded over the weekend and this morning (calculated on the current price). And that has opened up potential opportunities that simply didn’t exist before.
All while the boomer stock market was closed.
Hyperliquid’s XYZ100 (Nasdaq) has done $47M in volume since equity markets closed for the weekend.
Expect HIP-3 markets will continue ramping faster than expected, especially now that Hyperliquid is surfacing it on the main interface.
It’s only been two weeks since launch.
— Ryan Watkins (@RyanWatkins_)
8:03 PM • Oct 25, 2025
Lots more volume was recorded after this tweet from Saturday.
For sure, there are other DEXs with stock perps, Ostium (on Arbitrum) has seven individual equities and seven indexes, while Aster (on BNB Chain) has a half-dozen stock perps, too.
But Hyperliquid’s XYZ100 is already much more active than any of those, even if it’s very early days in the tokenized-stock-perps meta.
In the meantime, Avi Felman and Jonah Van Bourg from the 1000x podcast are today’s guests on Empire.
Avi, Jonah and Yano cover all things markets, from the current outlook to OGs selling, portfolio management and finding an edge in prediction markets.
Enjoy! See you tomorrow.
BTC/USD reclaimed $116,000 earlier this morning to reach its highest point in over two weeks. Current price: $115,300, up 2.3% on the day.
That’s given cover for zcash (ZEC) to continue its rally — now up 530% in the past month to $355, a price it hasn’t seen since February 2018.
Japan now has its first yen-pegged stablecoin, JPYC, backed by Japanese government bonds and domestic savings. Around $700,000 JPYC has been minted so far, per CoinGecko.