Hyperliquid has reached a record share in the global perpetuals market, driven by the success of its HIP-3 product, which has surpassed $62 billion in monthly trading volume. This milestone highlights the growing interest and bullish sentiment surrounding HIP-3. However, despite this achievement, Hyperliquid's pure cryptocurrency trading volumes have experienced a significant decline compared to the previous year. This contrast underscores the shifting dynamics within the platform's trading activities, as it continues to capture a larger portion of the perpetuals market.