Coinperps estimates Hyperliquid’s HIP-3 perpetual markets generated $64.7 billion in trading over the 30 days through Oct. 20, a measure of derivatives activity rather than capital invested in referenced assets.
Hyperliquid’s HIP-3 documentation describes a framework for deployers to launch and run perpetual markets. They can define a market’s contract specifications, select its oracle and set trading parameters such as leverage limits.
Coinperps estimated cumulative HIP-3 volume at roughly $665 billion since the markets began on Oct. 13, 2025. Its figure for the 30 days through Oct. 20 represented about 26.7% of all trading on Hyperliquid over that period. Single stocks and pre-IPO contracts accounted for 62.1% of HIP-3 volume in July 2026. Coinperps calculates the totals from daily candles published by Hyperliquid and describes them as close estimates.
Such volume tracks trading in contracts linked to other assets. It does not show that traders bought the underlying stocks or commodities, and it cannot be read as the amount of capital invested in those assets. High trading volume can reflect repeated contract activity without corresponding purchases or new capital.
Grass’s July recap gave two different first-half revenue totals: a table listed $17 million, while its closing summary stated $18 million.
Regen Financial’s due diligence summary for Grass DataCo Ltd. put revenue from Jan. 1 through June 30 at $14.53 million, of which $11.35 million was substantiated by cash receipts. It attributed the $3.176 million difference to $1.683 million in long-term contract work not yet invoiced and $1.493 million invoiced but unpaid.
Regen cited contract delivery schedules and 60-day payment terms as reasons receipts can trail reported revenue. It did not characterize the $3.176 million as an overstatement. Regen said its engagement included no audit, review or other assurance, and it expressed no opinion.
