The Opportunity

HIP-3 markets are live and generating real fees.

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Current Stats

Metric	Value
Cumulative volume	$25B+
Open interest	$793M+ (ATH)
Fees generated	$3M+
Live markets	7+

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Live Markets

Market	Category	Notes
trade.xyz	Equities	XYZ100 (Nasdaq proxy), NVDA, TSLA — $12.7B+ volume
Kinetiq Markets	Global indices	$363M 30d volume
Felix	Equities	TSLA first, more coming
HyENA	USDe perps	Ethena-backed, BTC/ETH/SOL/HYPE
Ventuals	Pre-IPO	SpaceX, OpenAI, Anthropic
Vaultus	Structured	Live

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Growth Mode

WARNING

Note on fees: Most markets currently operate in "Growth Mode" — a 90% fee reduction to bootstrap volume. As markets mature and Growth Mode ends, fee rates will normalise to standard levels (~4.5 bps taker), significantly increasing yield.

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The Math

At standard fee rates with current volume:

$25B volume × 4.5 bps = $11.25M in fees
50% to deployers = $5.6M to builders

This is real yield. Protocol-enforced. Already happening.

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INFO

Next: The Problem Compost Solves