HIP-3 contributed more than half of Hyperliquid's trading volume, why hasn't its revenue grown synchronously? Because a large number of HIP-3 markets are still offering a 10% discount today But after the next network upgrade, this subsidy may start to loosen up Currently, HIP-3 has contributed approximately 60.7% of Hyperliquid's trading volume In the past 24 hours, the trading volume of HIP-3 markets such as stocks, indices, and commodities was approximately $5.38 billion, and the native crypto perpetual contracts were approximately $3.48 billion The trading volume of HIP-3 has reached 1.55 times that of native encryption perpetual But such a huge trading volume has not been fully converted into income of the same scale The reason is simple: Currently, most HIP-3 markets are still in Growth Mode Simply put, in order to attract users and market makers, the HIP-3 market has been offering a 10% discount The normal rate coefficient is 1, while Growth Mode reduces the coefficient to 0.1, which is equivalent to a 90% discount on transaction fees But after the next upgrade of the Hyperliquid network, this charging method will undergo significant changes: HIP-3 deployment parties can set the handling fee coefficient between 0.1 and 3 And there is no longer a requirement for the entire DEX to be charged uniformly, it can be set separately for each Ticker It should be made clear here: 0.1 to 3 is the handling fee coefficient, not an absolute handling fee rate of 0.1% to 3% Growth Mode corresponds to 0.1, which is 10% of the normal level; The highest coefficient is 3, which is equivalent to 3 times the normal level From a minimum of 0.1 to a maximum of 3, the fee space available for deployment varies by 30 times But what really matters is not 'how expensive the highest can be charged', but 'the ability to charge separately for each market' Previously, a HIP-3 deployment party was more like having only one main switch Either provide low rate subsidies to the entire market through Growth Mode, or exit Growth Mode and restore higher fees After the upgrade, TradeXYZ can continue to offer a 10% discount to newly launched markets with insufficient liquidity, while increasing fees for mature markets with stable trading demand For example, a niche stock contract that has just been launched and the order book is not deep enough, can continue to use a rate coefficient of 0.1 to attract traders and market makers And markets with stable trading volumes such as NVDA, S&P 500, gold, or crude oil can gradually increase the coefficient to 0.5, 1, or even higher This way, there is no need to choose between "continuing comprehensive subsidies" and "raising prices in all markets together" The deployment team can test separately for each market: how much trading volume will be lost after the increase in transaction fees? Which users are most price sensitive? Which markets are willing for traders to stay even if the fees are higher? What rate can achieve the best balance between trading volume and revenue? This means that HIP-3 has started to move from extensive subsidy growth to a stage of refined market monetization At present, the trading volume of this part has become so large that it cannot be ignored According to the latest data, the trading volume of HIP-3 in the past 24 hours was approximately 5.38 billion US dollars, accounting for 60.7% of the total trading volume of Hyperliquid; HIP-3 open contracts amount to approximately $3.74 billion, accounting for 34.7% of all open contracts at Hyperliquid; Over the past 30 days, HIP-3 has contributed an average of approximately 50.6% of Hyperliquid's perpetual contract trading volume The cumulative trading volume of the entire HIP-3 market has reached approximately $459.7 billion, generating approximately $57.19 million in transaction fees The transaction fee generated in the past 24 hours is approximately 559500 US dollars Simple calculation shows that a trading volume of 5.38 billion US dollars only generates approximately 560000 US dollars in transaction fees, with a comprehensive fee rate of only about one ten thousandth That is to say, HIP-3 has now contributed more than half of the transaction volume, but a large number of markets still charge based on the price during the customer acquisition stage The first thing that makes it bigger is the transaction scale, not the revenue This is also why there has been a seemingly contradictory phenomenon recently: The transaction volume of Hyperliquid is still growing, and HIP-3 continues to break transaction records, but protocol revenue has not increased at the same rate A large amount of new trading volume comes from the HIP-3 market, where transaction fees are discounted by 10%. For every $1 increase in HIP-3 trading volume, the revenue generated may be significantly lower than that of native crypto perpetual contracts But this does not necessarily mean that the business model of HIP-3 is problematic. It is more like the platform voluntarily choosing to first expand the market and then consider monetization (the on chain version of PXX has a subsidy of billions) Low transaction fees help TradeXYZ quickly expand its stock, index, commodity, and forex markets, and also make traders willing to migrate their trading needs that were originally left in CEX or traditional securities firms to the chain Now that the scale has been formed, the toll switch is starting to make sense, and TradeXYZ almost determines the final effect of this adjustment According to the latest 24-hour data, TradeXYZ contributed approximately 99.3% of HIP-3 trading volume and approximately 99.1% of open contracts In other words, the current discussion on how to charge for HIP-3 is largely focused on how TradeXYZ plans to price its market If TradeXYZ continues to keep the vast majority of the market in Growth Mode, this upgrade will not significantly change revenue in the short term But if it starts choosing to partially mature Ticker exit subsidies, the HIP-3 revenue structure may undergo significant changes Assuming that the deployment fee coefficient of a certain market increases from 0.1 to 1, in an ideal situation where the trading volume remains completely unchanged, the corresponding deployment fee will be increased by 10 times But reality is not that simple After the increase in transaction fees, some high-frequency traders may reduce their trading, market makers may also widen the price difference, and trading volume may flow to Lighter, Binance, or other competing platforms Therefore, we cannot simply multiply the current trading volume by a higher rate and consider it as an inevitable future income The real variable is the elasticity of transaction fees. After increasing fees, will the lost trading volume be less than the newly added fee income? The value adjusted by Ticker is here TradeXYZ does not need to conduct experiments on all markets at once. It can first choose mature markets with fewer alternatives and stable trading demand to slightly increase fees, observe changes in trading volume, market making depth, and user retention, and then decide whether to continue adjusting And markets that have just been launched and need to cultivate liquidity can still retain the Growth Mode This mechanism is essentially giving each HIP-3 market an independent commercialization curve: in the early stages, low transaction fees are exchanged for users and liquidity, gradually reducing subsidies as they mature, and ultimately determining the level of fees based on market competition and user demand At the same time, a noteworthy auxiliary signal has emerged in TradeXYZ It first used the revenue generated by HIP-3 to purchase about 2000 HYPEs worth approximately $108000, and then used these HYPEs to purchase new Tickers The scale of this purchase is not large It is not an aid fund repurchase, nor can it be simply written as destruction, and it is not enough to directly promote the long-term rise of HYPE But it indicates that a practical and operational path has begun to form between HIP-3 revenue and HYPE: the HIP-3 market generates trading volume, the deploying party receives commission income, the income is used to purchase HYPE, and HYPE is then used to obtain new tickets After launching more markets, there may be new trading volumes and transaction fees Therefore, the significance of TradeXYZ purchasing 2000 HYPE is more like proving that the income generated by HIP-3 can be invested in the next round of market expansion through HYPE If some mature markets increase their fees in the future and the deployment side's revenue increases, the demand for HYPE formed by this path may also expand accordingly But we can't rush to package it as a mature 'revenue flywheel' yet We still need to observe three more issues Firstly, which markets will TradeXYZ choose to increase its rates in If only a few small markets exit Growth Mode, the impact on overall revenue may be very limited If mature markets such as NVDA, indices, gold, and crude oil start to raise fees, the significance will be significantly different Secondly, how much trading volume will be lost after the price increase The advantages of HIP-3 not only come from the number of assets, but also from low transaction fees and 24/7 trading Once the fees are too high, some trading volume may be transferred to other platforms Thirdly, will the newly added income continue to purchase HYPE This time, 2000 HYPE are just the first case Only when similar behaviors continue to occur and the scale grows along with HIP-3 revenue, can it be demonstrated that HYPE has truly become a long-term operational demand for deployment and market expansion This upgrade cannot be simply understood as a "comprehensive price increase for HIP-3 immediately". What it truly provides is a choice: New markets can continue to use a 10% discount on transaction fees to purchase growth, while mature markets can gradually end subsidies and convert the already formed transaction volume into income Over the past year, HIP-3 has proven that users are willing to trade stocks, indices, and commodities on the chain It has even surpassed Hyperliquid native encrypted perpetual contracts with 60.7% of trading volume The next stage requires proof of: Will these users still be willing to stay and pay when subsidies are reduced and transaction fees are increased? TradeXYZ's purchase of 2000 HYPE is just an auxiliary signal It is worth noting that HIP-3 has finally obtained the switch to convert nearly $460 billion in historical trading volume into real revenue market by market Low transaction fees helped HIP-3 win trading volume And this upgrade aims to verify whether it can start earning money that matches the trading volume Welcome to join the AiCoin on chain community and view more Hyperliquid information push notifications:[ https://t.me/AiCoinWhaleData ]( https://t.me/AiCoinWhaleData ) HYPE Hyperliquid HIP3