According to CoinMeta, analysis by a16z and crypto shows that in August 2026, the total trading volume of perpetual contracts reached 117.3 billion US dollars, of which about 101 billion US dollars was traded on blockchain platforms, accounting for 86%, and about 16 billion US dollars was traded on centralized exchanges, representing a year-on-year increase of 44 times. The outstanding open contracts at the end of August amounted to 4.8 billion US dollars, which is about 30 times higher than the 161 million US dollars in July 2025. In terms of the trading structure, stocks accounted for 48%, commodities accounted for 28%, and indices accounted for 18%. The hip-3 protocol, which was launched in October 2025 by Hyperliquid, simplified the creation of new perpetual markets and improved liquidity sharing.