Hyperliquid's HIP-3 upgrade, which enables the creation of permissionless perpetual markets through HYPE staking, has successfully driven aggregate daily trading volume for these new pairs to $500 million. This surge in activity underscores the market's strong appetite for decentralized, user-created financial instruments ranging from traditional proxies to novel assets. Leading the charge is the 'XYZ100' Nasdaq perpetual pair, which has generated $285 million in daily volume alone, ranking it as the 5th most traded pair on the entire platform. This indicates significant demand for decentralized access to traditional financial indices. The ecosystem is also seeing the release of open-source automated trading tools designed to support liquidity and trading strategies within these new permissionless markets. Beyond traditional finance proxies, the HIP-3 upgrade is fostering unique niche markets. Trove Markets, for instance, has reported receiving 40,000 beta applications for its upcoming Pokemon card futures. This high level of engagement highlights the diverse potential of the platform to cater to specialized interests alongside major financial assets. [Update 1] Added specific data on Trove Markets, noting 40,000 beta applications for Pokemon card futures, reinforcing the traction of niche assets on the platform.