Real-world-asset perpetuals on Hyperliquid: tokenized stocks, commodities, index perps and the builders deploying them.
Research report: builder-deployed (HIP-3) markets now hold $3.67B of open interest and the ten largest books are indices, metals, energy and equities - the HIP-3 parameters, the licensed S&P 500 contract, why 24/7 access to closed markets is both the product and the risk, who earns what, and six embedded risks.
Twelve API-verified stories: the Oct 8 cascade that liquidated $1.19B market-wide, a $330M team distribution routed OTC and absorbed without a dump, cumulative protocol revenue past $1.4B, a licensed S&P 500 perpetual among the platform's ten largest markets, and a -4.3% close at $86.65 - each with an editorial take.
Twelve API-verified stories: the cycle's largest unlock ($1.2B, Sep 29) absorbed with a +5.3% post-event return, AQAv2's first $14.58M reserve-yield payment measured, HYPE multichain via Wormhole NTT, a listed treasury adding $167.2M, and a -1.2% close at $90.57 - each with an editorial take.
Fifteen API-verified stories: a $98.00 record on Sep 23, Binance lists HYPE spot on Sep 24 and the token answers sell-the-news with -4.6%, BVIV volatility perps launch, Hyperliquid Strategies adds ~$46M more HYPE, and fees total $19.46M (seven prints) - each with an editorial take.
Sixteen API-verified stories: HYPE +21.3% to $93.75 with a new $94.60 record, native lending live with $269M borrowed on day one, Payward's permissioned HIP-3 plan for US clients, fees +49.8% to $19.3M, and HIP-3's share falling to 23.5% - each with an editorial take.
Sixteen API-verified stories: HYPE falls 12.1% to $77.26 after the $89.60 record, fees decline a fourth straight week to $12.9M, perp OI holds $10.3B while BTC falls −4.4% and ETH −1.6% the same week, and the USDC reserve-yield deal reshapes the buyback engine.
Twenty-two API-verified metrics with the daily path, the HIP-3 builder census and a full data-quality ledger: HYPE $86.65 (-4.3%) through the risk-off week, fees $15.89M across six of seven prints (Oct 11 pending), platform OI $16.04B, funding +0.010%/8h, TVL $7.12B, multiple band 18.3x-21.0x.
Twenty-two API-verified metrics with the daily path, the five-week chain and the full HIP-3 census: HYPE $90.57 (-1.2%) through the unlock, fees $17.92M (-22.5% vs revised $23.13M), platform OI $16.69B, funding +0.010%/8h, TVL $7.24B, multiple spread 16.7x-21.6x.
Twenty-two API-verified metrics with the daily path, the five-week chain and the full HIP-3 census: HYPE $91.72 (-2.2%) after a $98.00 record, fees $19.46M (later revised by the provider to $23.13M), platform OI $17.01B, funding ~0%/8h, TVL $7.54B, price-to-fee multiple ~20.2x.
Twenty-three API-verified metrics with the daily path, the five-week chain and the full HIP-3 census: HYPE $93.75 (+21.3%), fees +49.8% to $19.25M, platform OI $16.87B, funding 0.039%/8h, price-to-fee multiple compressing to ~20.8x.
Twenty API-verified metrics with the daily path and four-week chain: HYPE $77.26 (−12.1%) off the $89.60 record, fees down to $12.9M, OI steady at $10.3B, TVL range-bound at $6.3B — unavailable metrics printed as unavailable, not estimated.
A market-by-market API census of all ten HIP-3 builder DEXs — $4.12B of builder OI inside a $14.44B platform (28.5%, not half), Trade.xyz at 98% of it, and the HyENA shutdown as the first deployer exit.
Sixteen sourced stories: HYPE +9.9% to $87.94 with an $89.60 all-time high, a second unlock (9.92M HYPE, ~$820M) absorbed, fees $16.5M, HyENA's shutdown confirmed via API — each with an editorial take.
Twenty metrics with the daily path and five-week chain: HYPE closes $87.94 (+9.9%) after the $89.60 all-time high, fees $16.5M, platform OI ~$14.4B (archived measurement), TVL $6.41B.
What is actually measurable about the flywheel — $67.3M of August fees, the ~97%-of-net buyback machinery, ~$1.1B of Assistance Fund purchases, two unlocks absorbed — and an honest list of what cannot be measured yet.
Sixteen sourced stories: new all-time highs at $83.46 then $86.73, the record 14,175,778 HYPE unlock (~$1.2B) absorbed with +3.0% on the day, AQAv2 activated, fees $21.2M — each with an editorial take.
Twenty metrics with the daily path and four-week chain: HYPE −2.9% into consolidation under the new $86.73 high, fees $21.2M (86% of the surge retained), the record unlock absorbed, TVL $6.43B.
The month in full: HYPE +8.0% ($84.17 to $90.94) through a record $98.00, fees +17.4% to $91.27M, TVL +10.9% to $7.41B, the Binance listing answered -4.6%, and the cycle's largest unlock absorbed in-month.
The month in full: HYPE +60.3% ($52.51 → $84.17), fees $67.3M with a 3.1x post-Aug 19 surge, TVL +13.5% to $6.40B, the record 14.18M HYPE unlock absorbed — revised Sep 14 with API-verified data.
SP500 ($421.8M OI), SK Hynix ($380.6M) and gold ($337.4M) perps measured market by market — the RWA tape inside a builder book that is 28.5% of the platform.
Sixteen sourced stories: the Aug 19 catalyst stack (Treasury's expanded buyback, a ~$2.74B short squeeze, Washington's CFTC comments), HYPE +44.3% to $82.37 breaking the May record, fees 3.1x to $24.6M — each with an editorial take.
Twenty metrics with the daily path and three-week chain: HYPE +44.3% to $82.37, fees 3.1x to $24.6M, TVL $6.16B — every estimate labeled as one.