Rhythm: Hyperliquid’s open futures contracts surged today to about $16.36 billion, setting a new high from roughly a year ago (2025/9/18). Over this past year, it’s been more than just crypto perpetuals—after HIP-3 enabled third-party staking of $HYPE , it built its own perpetuals for stocks, gold, oil, the S&P, and even Pre-IPO “SpaceX,” with cumulative trading volume exceeding $548 billion, accounting for roughly one-third of the trading volume over the past 30 days. Then HIP-4 added prediction/event contracts. In the same period, there were also HYPE spot/pawn-style ETFs and native lending/borrowing. A year ago, it was fueled by perp trades in the crypto圈 to push highs; now, the incremental growth is shifting even more toward RWA/HIP-3. The flavor of an on-chain multi-asset derivatives clearing layer is even more apparent. #DeFi $HYPE