A YEAR ONE PROJECTION OF HIP-3 REVENUE

Summary from the TLDR Crypto newsletter

Hyperliquid launched HIP-3 permissionless perp market deployment requiring 500,000 HYPE stake (~$20 million) and charging double the standard fee rate, with projections of $60 million in trading fees, $16 million in auction revenue, and 5 million HYPE staked across 10 markets in year one at 5% of total Hyperliquid volume. The upgrade responds to $3.3 billion bridging to competing alt-perp DEXs like Lighter, Aster, and EdgeX, with nearly 20 teams announcing HIP-3 markets. Equity perps remain unproven with weak demand – Ostium generates only $1.8 million daily stock perps volume versus $44.3 million in crypto – though the model mirrors Ethereum's L2 strategy with stronger economic alignment through 50% protocol fees and mandatory HYPE staking versus L2s paying minimal fees to Ethereum.