Hyperliquid’s HIP-3 DEXs Surpass 250 Million Total Trades

The milestone is less about the headline count than about what it implies for Hyperliquid's builder-deployed venue model: third-party teams are generating meaningful activity on infrastructure they didn't build themselves, which is the core bet behind HIP-3. That matters for the builders competing for order flow and for Hyperliquid itself as it tries to keep activity on-network rather than on rival perp venues. The absence of a timeframe or per-DEX split is the real gap — without it, whether growth is broad or concentrated in one or two venues remains the open question worth watching.