An analysis of orderflow across seven HIP-3 perpetual markets on Hyperliquid, 175,000 wallets, $161B in volume, and the frontends routing it all.

This article is published for informational and educational purposes only and does not constitute investment advice. Arrakis has made reasonable efforts to verify the accuracy of the data presented but does not warrant that all information is accurate, complete, or current.

Thank you to our contributors 0xArchive and HyperTracker (by Coin Market Manager) for powering the data behind this research.

Abstract

We analysed 175,703 wallets and $161.4B in trading volume across 7 HIP-3 perpetual markets on Hyperliquid. The markets covered oil (CL), silver (4 deployers), equities (TSLA), and index (XYZ100). Using a two-layer classification that combined fills-based statistical labelling with 808M order events across 21 days of market data, we classified wallets into: Market Maker, Stat Arb Taker or Retail.

Of the total volume, 11.8% came from market making adresses, 12.8% retail, 4.2% stat arb, and the remaining 71.2% was unclassified.

A third-party frontend ecosystem has formed on top of HIP-3, with wallet providers, consumer trading apps, and algorithmic routing products all competing for order flow. When traditional markets closed on weekends, retail's share of volume doubled from 12% to 28%, as Hyperliquid established itself as the only live price discovery venue for these markets.

Seven Markets, $161 Billion, 175,000 Wallets

HIP-3 markets are permissionless perpetual futures deployed on Hyperliquid by third-party teams. Any team with 500K HYPE staked can deploy these markets. We studied seven of these markets to analyse whether onchain trading data could tell us more about who was participating and how.

We analysed four trade.xyz markets: xyz_SILVER ($78.6B in total volume), xyz_XYZ100 ($40.1B), xyz_CL ($34.1B), and xyz_TSLA ($2.2B). We also analysed one silver market from each of three other deployers: Dreamcash with cash_SILVER ($3.2B), Felix with flx_SILVER ($2.8B), and Kinetiq with km_SILVER ($541M).

Our fills data spanned each market's full history (December 2025 to March 2026). Order lifecycle data covered March 10 to 31, 2026: 21 days, 808 million order lifecycle events across all markets.