Hyperliquid’s SPCX Daily Volume Tops $1.4 Billion, Setting HIP-3 Record

Hyperliquid is a decentralized exchange best known for onchain perpetual futures, with HYPE deriving part of its value proposition from protocol fees routed to an Assistance Fund that buys back and burns the token. Demand for real-world asset, or RWA, perpetuals has recently pushed trading volume to a record, but the surge in activity has not translated into a comparable increase in protocol revenue.

Hyperliquid’s total revenue has fallen 43% from its peak, according to the latest figures cited in the report. The decline followed the introduction of a mechanism allowing users to stake HYPE and deploy their own markets, with nearly half of associated fees flowing away from the protocol. That diversion reduces funding available for HYPE repurchases and burns. The report did not specify the measurement date, revenue amount or dollar value of buybacks.

Decentralized derivatives platform Hyperliquid has launched its HIP-3 framework, allowing third-party developers to deploy synthetic assets. The framework breaks down barriers between traditional finance and cryptocurrency, giving retail users direct access to U.S. equity markets in a self-custody crypto environment without a conventional broker. It represents a new model for tokenizing financial assets on-chain.

Recent data show explosive growth in perpetual contracts on individual stocks such as Nvidia and Tesla, as well as indices, deployed on Hyperliquid by third-party builder TradeXYZ. Just six months after HIP-3's launch, trading under the framework has surged to 50% of the platform's total perpetual-contract volume. It has given retail users a new way to gain exposure to U.S. equities without leaving a crypto custody environment.

SpaceX is not yet publicly listed, but Hyperliquid's SPCX pre-IPO perpetual contract allows investors to speculate in advance on its IPO valuation and first-day performance. The contract does not represent actual ownership of SpaceX shares. Its price primarily reflects market expectations, making its volatility an important gauge of IPO enthusiasm and risk appetite.

SPCX has fallen about 27% over the past three weeks, signaling a marked decline in expectations for SpaceX's post-listing premium. Based on a SpaceX offering price of $135 a share, SPCX's implied first-day IPO premium has dropped from about 60% in May to roughly 16%, though its current trading price remains above the offering price.

Hyperliquid is a decentralized derivatives platform focused on perpetual contracts, while Trade.xyz uses its markets to offer synthetic price exposure to private companies. SpaceX has yet to go public and investment access remains limited. The contract therefore allows traders to speculate on changes in its valuation, but does not confer ownership of SpaceX shares and carries leverage and price-dislocation risks.

On July 20, 2026, Trade.xyz launched the first SpaceX pre-IPO perpetual contract on Hyperliquid. Its reference valuation was $1.78 trillion, while the market-implied valuation reached as high as $2.56 trillion. The news sent the HYPE token up 7% over 24 hours, bucking a decline in Bitcoin over the same period.