173,794 Hyperliquid Trading Wallets, Maximum Inflow for HIP-3

In the Hyperliquid (HYPE) HIP-3 market, it was found that 173,794 wallets traded have no previous transaction history. This accounts for 48.7% of all trading wallets. Han Son Biringer, Chief Revenue Officer of HyperDash, stated that TradeXYZ's HIP-3 market has become the largest pathway for Hyperliquid to acquire users. The first HIP-3 contract from TradeXYZ was launched on October 13, 2025. HyperDash tracked 356,886 trading wallets to derive this figure, excluding two artificially created wallet clusters. Including these clusters, the number of wallets with no transaction history increases to 231,184. The inflow of new wallets is trending upwards through third-party builder code applications. The open interest in the xyz market rose from 0.2% at launch to 25.9% on September 8, with a peak of 37.2%. The total open interest in Hyperliquid increased from $7.4 billion to $14.3 billion during the same period. HyperDash reported that the proportion of first-time users entering Hyperliquid increased from 22% to 60%. Currently, 104 markets have been opened on TradeXYZ, with the top five markets accounting for about a quarter of the total open interest and trading volume. HIP-3 is designed to allow external distributors to open perpetual futures markets on Hyperliquid. This tally shows that the TradeXYZ-based HIP-3 market has also played a significant role in the inflow of new wallets.

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