Last week, the Hyperliquid team enabled HIP-3, opening the door for permissionless, builder-deployed perp markets. Shoku and the TradeXYZ team were the first to launch one, XYZ100, an RWA perp tracking Nasdaq futures. If you need some background on HIP-3, there’s a good deep dive here.

Of course RWA perps are nothing new, but seeing a U.S. index future launched on an onchain, CLOB-model perp dex at Hyperliquid’s scale is substantial. The XYZ100 market did over $30m in trading volume within its first 24hrs of alpha access. Only 100 waitlist users could actually trade this new market on the Trade.xyz UI during launch, while other builder-code apps, like Phantom, enabled trading shortly after (HIP-3 markets are not visible on the HL frontend). Within two days, XYZ100 did $63m in volume with $15m in OI – far more than other RWA perp dexes.

However, with great volume comes great r