Svmuu News: Zach Pandl, Head of Research at Grayscale, wrote that while perpetual contracts—a core product in the crypto market—have long been limited to crypto assets such as BTC and ETH, Hyperliquid is changing this landscape through its HIP-3 upgrade. HIP-3 enables the permissionless deployment of perpetual contract markets on the Hyperliquid infrastructure; currently, S&P 500 perpetual contract products have already gone live on Hyperliquid. Data shows that HIP-3 markets reached a peak of approximately $3.2 billion in open interest in June 2026, with a cumulative trading volume of about $200 billion. These markets are not directly operated by Hyperliquid but instead operate under a “permissionless infrastructure” model: Any qualified developer can create derivatives trading markets on its underlying network, bringing Hyperliquid closer to an open financial infrastructure akin to AWS, while the HYPE token facilitates the overall flow of transaction value.