Key Highlights:
- Hyperliquid's HIP-3 markets recorded more than $548 billion in cumulative trading volume by September 2026, expanding the platform into equities, commodities and other real-world assets.
- NYSE parent ICE has partnered with Trade[XYZ], while Kraken parent Payward separately plans to offer Hyperliquid-based perpetual futures to US customers.
- Both initiatives require regulatory approvals, potentially creating new institutional and retail access routes without making Hyperliquid's existing markets directly available to US users.
Hyperliquid is moving beyond its position as a leading decentralised cryptocurrency derivatives platform as traditional financial institutions explore ways to use its infrastructure for regulated trading. The platform has generated substantial revenue over the past year, while its HIP-3 upgrade has opened its order book to third-party markets offering exposure to stocks, commodities and other real-world assets. These developments are attracting major financial players, including Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, and Payward, the parent company of Kraken.
Both companies are exploring ways to bring Hyperliquid-based perpetual futures to US customers through regulated structures. The developments could mark an important step in connecting decentralised trading infrastructure with conventional financial markets, although regulatory approvals and questions surrounding US access remain significant factors.
HIP-3 Turned Hyperliquid Into a Broader Financial Trading Platform
Hyperliquid’s growth is increasingly being driven by activity beyond its original cryptocurrency perpetual futures markets. Its HIP-3 upgrade allows third-party developers to develop and operate their own perpetual futures markets using the protocol’s underlying infrastructure. These markets can offer exposure to assets such as equities, stock indices, commodities, and currencies, allowing traders to access conventional financial instruments through an on-chain trading system.
The scale of this expansion is reflected in its trading activity. A September 2026 filing with the US Securities and Exchange Commission (SEC) reported that HIP-3 markets had generated approximately $548.1 billion in cumulative trading volume since launch, representing around 30% of Hyperliquid’s total trading volume over the preceding 30 days as of September 8.
Another SEC filing put cumulative HIP-3 volume above $514 billion as of August 23, demonstrating how quickly activity has expanded. The upgrade has also changed how Hyperliquid generates revenue. Rather than depending almost entirely on trading fees from cryptocurrency markets operated by its core team, the platform now receives revenue from third-party markets, integrations and other financial services.
The growth of HIP-3 is also relevant to HYPE, Hyperliquid’s native token. Third-party market deployers must bond HYPE as collateral to launch markets under the framework. This creates an additional connection between the expansion of third-party trading activity and demand for the token, although increased market activity does not guarantee a corresponding increase in HYPE’s price.
Why are ICE and Kraken Parent Payward Bringing Hyperliquid to the US?
Hyperliquid’s growing institutional interest became more concrete through two separate announcements involving major financial companies. On October 29, 2026, Intercontinental Exchange announced a definitive agreement with Trade[XYZ], a major deployer of real-world-asset perpetual markets on Hyperliquid, to bring these markets into the US under a regulated framework.
Under the proposed arrangement, ICE will operate the regulated markets and establish dedicated exchange and clearing infrastructure. Trade[XYZ] will contribute its expertise in designing and deploying perpetual futures markets, while Hyperliquid will offer the underlying blockchain and trading infrastructure.
The proposed products are expected to cover cryptocurrencies, equities, stock indices, commodities, foreign exchange and other real-world assets. ICE is also making a strategic investment in Trade[XYZ]. Payward, the parent company of cryptocurrency exchange Kraken, announced a separate initiative on September 16 to bring on-chain perpetual futures to US customers, starting with Hyperliquid’s HIP-3 markets.
These partnerships are particularly significant because US customers have historically been unable to access Hyperliquid’s existing perpetual futures markets directly. The proposed arrangements could create regulated routes for American traders without requiring the entire protocol to become a traditional centralised exchange.The distinction between infrastructure and market operation is central to Hyperliquid’s expansion.
Its role is increasingly comparable to that of an underlying financial technology network: it provides execution, liquidity and blockchain infrastructure, while third-party businesses design products, manage customer access and take responsibility for regulatory compliance. This approach could allow Hyperliquid to serve a wider range of financial institutions and trading platforms without directly managing every market or customer relationship.
However, the success of these initiatives will depend on regulatory approvals, the ability to maintain liquidity and whether institutional partners can attract sufficient trading activity. For Hyperliquid, the growing involvement of Wall Street companies represents more than another source of trading volume. It signals that traditional financial institutions are starting to explore decentralized infrastructure as a possible foundation for offering financial products in regulated markets.
