Woofun AI data shows that Hyperliquid's HIP-3 framework has seen its trading volume share climb from roughly 2% at the start of the year to nearly 50% today. This surge aligns with increasing retail interest in on-chain stock trading, a segment currently dominated by TradeXYZ. The platform offers contracts like XYZ100 and individual shares for Nvidia and Tesla, all settled in stablecoins rather than physical assets. Unlike traditional options, these perpetual contracts eliminate time decay, requiring only funding rate payments and offering no expiration dates. This structure appeals to traders familiar with straightforward long and short positions.

Additionally, the 24/7 trading capability allows for immediate reactions to news or earnings, bypassing traditional market hours.

However, since underlying stocks trade only during specific windows, HIP-3 prices rely on oracles and funding mechanisms outside those hours, a model less proven than native cryptocurrency assets.