$400 Billion Traded on Hyperliquid Markets Using Pyth’s Data Infrastructure — Pyth Data Association (Pyth Network)

Event summary

$400 billion in trading volume has been executed on Hyperliquid’s HIP-3 markets using Pyth Network’s pricing infrastructure.
Pyth provides market data across equities, commodities, FX, metals, and digital assets through a single integration.
The milestone reflects growing demand for 24/7 access to global markets beyond traditional trading hours.

The big picture

Pyth and Hyperliquid are capitalizing on the shift toward 24/7 trading, addressing gaps left by traditional exchanges during off-hours. The $400 billion milestone underscores the demand for continuous market access across asset classes, positioning Pyth as a key enabler of decentralized financial infrastructure.

What we're watching

Market Expansion: Whether Pyth and Hyperliquid can sustain growth in trading volume as they expand into new asset classes.
Competitive Positioning: How the partnership will affect Pyth’s standing against traditional market data providers.
Regulatory Scrutiny: The pace at which regulators may examine permissionless trading platforms like Hyperliquid.