Эксперт предупреждает о высоких ставках и рисках на новых рынках синтетических активов Hyperliquid Translation: Expert warns of high stakes and risks in new synthetic asset markets of Hyperliquid

User markets on Hyperliquid face fundamental scalability challenges and carry significant risks. This conclusion was drawn by a DeFi analyst known as Jordi.

With the update of the HIP-3, the platform enabled users to create synthetic markets for perpetual contracts. To achieve this, they must stake 500,000 HYPE. All trading fees are distributed among participants.

Thus, Hyperliquid has established a new layer referred to as Exchange-as-a-Service. In this model, numerous independent operators compete for traders, utilizing a shared infrastructure, as noted by experts at ether.fi.

At the time of writing, there are four segments operating on the platform: xyz (trade.xyz protocol), flx (Felix Protocol), vnti (Ventuals), and hyna (HyENA). These segments focus on tokenized shares of tech companies, stock indices, experimental assets, and cryptocurrencies with leverage up to 25x.

According to Jordi, delegating HYPE to third-party developers for the creation of liquid staking tokens (LST) involves not just potential profits but also significant risks, including capital lock-up, penalty risks, and conflicts of interest.

The core issue with synthetic markets on Hyperliquid lies in the mathematics of returns. Native staking of HYPE yields about 2.2% annually, whereas complex leveraged strategies can lead to double-digit returns.

To remain competitive, new LSTs on HIP-3 must provide returns in the range of 20-30% APY. However, achieving such payouts requires an «astronomical» trading volume. As the price of HYPE increases, the required turnover grows exponentially.

“We expect small delegates to generate volumes comparable to those of centralized exchanges to justify retail premiums. Without a complete overhaul of the fee distribution model or risk framework, many of these HIP-3 projects will face FUD or simply go under,” emphasized Jordi.

The total trading volume on custom markets of HIP-3 has surpassed $11.69 billion. Over the last 24 hours, this figure reached $153.5 million, peaking at $525.9 million.

The majority of the volume comes from tokenized indices (68.3%), followed by stocks (25.8%).

At the time of writing, the «synthetic» segment accounts for 4.4% of the total turnover on Hyperliquid.

The overall amount of generated fees has exceeded $1.7 million, while open interest stands at $256.9 million.

Recall that in December, Hyper Foundation proposed to burn HYPE tokens worth $1 billion.