How much of Hyperliquid's volume comes from HIP-3 markets?

The Block reports that HIP-3 markets account for nearly 50% of Hyperliquid's perpetuals volume in summer 2026, up from roughly 2% at the start of the year. The figure is secondary reporting that we have not independently verified.

How large is the real-world-asset perpetuals market, according to the report?

The Block reports RWA perpetuals volume across all exchanges of $470 billion in June 2026, up from $85 billion in January. It says Binance, Hyperliquid and OKX account for more than 80% of the category. These are notional trading volumes, not assets held, and the underlying dataset is not named.

What is Haseeb Qureshi's multichain argument?

Qureshi, managing partner at Dragonfly Capital, rejects a winner-take-all blockchain model. He says blockchains have network effects like cities but are not infinitely scalable. He argues that large institutions will need dedicated chains with their own compliance guardrails. He made the remarks at Avalanche's own summit.

Does the report include a funding round or deal?

No. The source reports commentary and market-volume figures, not a raise, valuation or transaction. Any inference about Dragonfly's investment positioning would be unconfirmed.

Hyperliquid's RWA surge doesn't prove the multichain

The Block reports that builder-deployed markets now carry nearly half of Hyperliquid's perpetuals volume. Dragonfly's Haseeb Qureshi reads that as a case for many specialised chains, but the volume data does not test his claim.

Real-world-asset perpetuals are growing on Hyperliquid's builder-deployed HIP-3 markets, but the volume data does not prove the multichain thesis Dragonfly's Haseeb Qureshi advances. The Block reports HIP-3 now carries nearly half of Hyperliquid's perpetuals volume, up from about 2%. Those figures are unverified secondary reporting, and the thesis is an investor's forecast.

The Ledger Desk September 20, 2026 Updated September 20, 2026 · 3 min read

The Block reports that HIP-3 markets account for nearly half of Hyperliquid's perpetuals volume in summer 2026, up from about 2% at the start of the year.
The Block also reports that real-world-asset perpetuals volume across all exchanges rose from $85 billion in January to $470 billion in June 2026. It does not name the underlying dataset, and these are notional volumes, not assets held.
Qureshi argues that institutions such as Goldman Sachs and BlackRock will need dedicated chains with their own compliance guardrails. This is a forecast made at Avalanche's own summit, not a reported deal or deployment.
The cited data measures trading on existing venues, so it neither confirms nor refutes the multichain thesis.
For compliance teams: work out who is accountable when third-party builders list equity-referencing perpetuals, and check whether protocol-level staking and slashing rules meet a regulated counterparty's requirements.

Real-world-asset trading in crypto is growing quickly on Hyperliquid. The Block reports that builder-deployed markets under the exchange's HIP-3 standard now carry nearly half of its perpetuals volume, up from about 2% at the start of 2026. Dragonfly Capital's Haseeb Qureshi argues that proving crypto works with real-world assets will require many specialised chains. The volume data supports the first point more clearly than the second, and every figure here comes from The Block rather than a primary dataset.

What The Block's volume figures say

According to The Block, perpetual-futures volume on real-world-asset products across all exchanges reached $470 billion in June 2026, up from $85 billion in January, roughly 5.5 times. It reports that Binance, Hyperliquid and OKX together account for more than 80% of the category. The article does not name the underlying dataset, and we have not independently verified it, so treat the figures as secondary reporting. They are also notional trading volume, not assets held or tokenized on any chain.

Where HIP-3 volume is concentrated

The Block reports that TradeXYZ's equity markets, including Nasdaq-100 and single-stock contracts, led volume within HIP-3. That is a narrower claim than the category-wide figures above, which also cover Binance and OKX, and the source does not say equity contracts dominate the whole category. Equity-referencing markets are the ones where securities-regulator questions are most likely to arise; that is our inference, not the report's.

How HIP-3 shifts listing risk

HIP-3 is Hyperliquid's mechanism for builder-deployed perpetuals. Per its documentation, a deployer must stake 500,000 HYPE, and validators can slash that stake by stake-weighted vote for malicious market operation. Deployers also earn a configurable share of trading fees. The structural consequence is that listing risk moves from the exchange to bonded third parties, while the fee share rewards listing popular contracts. Whether that incentive improves or degrades market quality is not something the volume data shows.

Qureshi's multichain argument

Qureshi, managing partner at Dragonfly Capital, told The Block at the Avalanche Summit in New York that proving crypto works with real-world assets "requires you to move toward more heterogeneous chains." He said blockchains "have network effects, like cities, but they're not infinitely scalable," and argued that institutions such as Goldman Sachs and BlackRock will need dedicated chains with their own compliance guardrails.

Why the data cannot test the thesis

The cited figures track trading on existing venues, not the deployment of purpose-built institutional chains, so they cannot test Qureshi's thesis. The context also matters: he spoke at Avalanche's own summit, and one sentence in The Block's account ends "which is what Avalanche is all about." Dragonfly is an investor in the sector, so the view is a positioning statement as well as analysis. No funding round, valuation or deal is reported, and none is implied here.

What compliance teams should watch

For compliance and risk teams, the practical question is where accountability sits when equity-referencing perpetuals are listed by third-party builders. Under HIP-3, the documented controls are the deployer's stake and the validator slashing vote. Whether those satisfy a regulated counterparty's expectations is not addressed in the origins reviewed. Useful signals to watch are regulator statements on equity-referencing perpetuals and any institution announcing a dedicated chain, which would be the evidence Qureshi's thesis still needs.

How much of Hyperliquid's volume comes from HIP-3 markets?: The Block reports that HIP-3 markets account for nearly 50% of Hyperliquid's perpetuals volume in summer 2026, up from roughly 2% at the start of the year. The figure is secondary reporting that we have not independently verified.
How large is the real-world-asset perpetuals market, according to the report?: The Block reports RWA perpetuals volume across all exchanges of $470 billion in June 2026, up from $85 billion in January. It says Binance, Hyperliquid and OKX account for more than 80% of the category. These are notional trading volumes, not assets held, and the underlying dataset is not named.
What is Haseeb Qureshi's multichain argument?: Qureshi, managing partner at Dragonfly Capital, rejects a winner-take-all blockchain model. He says blockchains have network effects like cities but are not infinitely scalable. He argues that large institutions will need dedicated chains with their own compliance guardrails. He made the remarks at Avalanche's own summit.
Does the report include a funding round or deal?: No. The source reports commentary and market-volume figures, not a raise, valuation or transaction. Any inference about Dragonfly's investment positioning would be unconfirmed.

As RWA trading surges on Hyperliquid, Dragonfly's Qureshi makes the case for a multichain future — The Block
HIP-3: Builder-deployed perpetuals — Hyperliquid Docs

Advertise hereReach our readers — get in touch →