Tokenized Nasdaq Futures Enter Top 10 by Volume on Hyperliquid

Why It Matters

The rapid uptake signals strong demand for on‑chain, 24/7 access to equity futures, potentially expanding retail exposure to traditional markets, but also highlights architectural debates about how best to bring TradFi assets onto blockchain liquidity layers.

Summary

Hyperliquid’s HIP‑3 upgrade launched the permissionless XYZ100 market, a tokenized Nasdaq‑100 futures contract that broke into the exchange’s top‑10 assets by daily volume, posting $72 million in 24‑hour volume and $55 million in open interest. To accommodate the surge, Hyperliquid raised its open‑interest cap from $25 million to $60 million, though the on‑chain volume remains tiny next to the CME’s $225 billion Nasdaq‑100 futures turnover. The launch attracted high‑profile backers such as investor Flood and saw institutional usage by research firm Citrini, while Ostium Labs questioned the sustainability of Hyperliquid’s funding‑rate model for tokenized equities.