The Hyperliquid ecosystem project Felix announced that its HIP-3 trading platform will begin shutting down starting June 19, with all markets liquidated one by one. It has become the first HIP-3 deployer to formally announce an exit. As of early June, TradeXYZ accounted for 95.85% of HIP-3 total trading volume and 96.81% of open interest.
ASXN confirms: HIP-3 concentration data as of early June
According to ASXN’s weekly confirmation data as of early June:
TradeXYZ volume share: 95.85%
dreamcash: 2.75%
Kinetiq Markets: 0.64%
HyENA: 0.49%
TradeXYZ open interest share: 96.81%
In the first week of June, HIP-3 total trading volume was $4.8 billion, of which the single trading pair XYZ100/USDC contributed $45.3 billion. ASXN data shows that TradeXYZ’s volume share has never fallen below 60% since the HIP-3 launch in October 2025.
Blockworks Research confirms: comparison of May platform revenue and opportunity cost
Based on Blockworks Research’s May revenue data:
TradeXYZ: about $3.1 million
dreamcash: about $89,000 (already exceeding the monthly opportunity cost threshold)
Kinetiq: about $21,000
HyENA: about $16,000
All others: below $5,000
If 500,000 HYPE are staked and no trading platform is opened, the monthly opportunity cost at a 2.3% annualized rate is about $60,000. Other than TradeXYZ, only dreamcash exceeds this threshold. Blockworks Research data does not include additional costs such as market making, oracles, and liquidity incentives.
Two confirmed strategies still in the market
dreamcash: uses USDT0; Tether provides about $200,000 in weekly trading incentives (monthly contracts of $867,000), which exceeds its fee revenue. At the same time, there are expectations of an airdrop, keeping it positioned stably in second place by trading volume.
Kinetiq Markets: develops the “Launch” platform (positioned as a crowdfunding-style HIP-3 deployment tool), allowing third parties to obtain 500,000 HYPE to deploy and customize a platform via crowdfunding. Founder Omnia confirmed that Kinetiq’s Markets business is a model showcase for the “Launch” mode, not a direct competitor to TradeXYZ in trading volume.
FAQ
Why did Felix become the first officially shut down HIP-3 deployer?
In its announcement, Felix founder 0xBroze confirmed that May revenue was about $21,000, far below the $60,000 monthly opportunity cost of staking 500,000 HYPE. Combined with liquidity disadvantages and the competitive landscape, continuing operations was not commercially viable. Felix’s OIL, GOLD, and SILVER trading pairs generated about $3 billion in trading volume from December 2025 to January 2026, which was its peak period.
What discussion directions has the community proposed regarding HIP-3 cost structure?
As of the report date, community members have proposed two directions: lowering the staking threshold for 500,000 HYPE; and setting a Ticker auction floor price that floats with the HYPE price but is lower. The above proposals are currently in community discussion and have not entered Hyperliquid’s official governance process, with no confirmed timeline.
Why can dreamcash maintain its position as second in trading volume?
According to the report, dreamcash’s operations rely on two confirmed factors: Tether’s trading incentives of about $200,000 per week (monthly contracts of $867,000, far exceeding its fee revenue), and market expectations for a potential token airdrop. Together, these support its liquidity and user retention.
