Hyperliquid's HIP-3 Market Reaches Record Volume Amid Growing Onchain Demand

Hyperliquid's HIP-3 market achieved a new milestone on March 23, recording approximately $5.4 billion in perpetual futures volume across commodities and macro assets. According to NS3.AI, this surge indicates an increasing demand for onchain macro exposure. However, industry participants note that limited liquidity continues to hinder these venues from matching the scale of traditional markets.