Эксперт выявил риски и ограничения синтетических рынков Hyperliquid Expert Reveals Risks and Limitations of Hyperliquids Synthetic Markets

User markets on Hyperliquid face significant scalability limitations and pose excessive risks. This conclusion was drawn by a DeFi analyst known as Jordi.

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

As a result, Hyperliquid has established a new layer called Exchange-as-a-Service. In this model, numerous independent operators compete for traders, utilizing a single infrastructure, as noted by experts from ether.fi.

At the time of writing, the platform has four active segments: xyz (trade.xyz protocol), flx (Felix Protocol), vnti (Ventuals), and hyna (HyENA). These segments focus on tokenized shares of technology 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 (LST) tokens involves not only the potential for earning but also significant risks: capital lockup, risk of penalties, and conflicts of interest.

The main challenge of synthetic markets on Hyperliquid lies in the mathematics of returns. Native HYPE staking yields around 2.2% annually, while complex leveraged strategies boast double-digit returns.

To remain competitive, new LSTs on HIP-3 need to offer yields in the range of 20-30% APY. However, achieving such payouts requires «astronomical» trading volumes. As the price of HYPE increases, the necessary turnover grows exponentially.

“We expect small delegators to have trading volumes comparable to those of centralized exchanges to justify retail premiums. Without a complete overhaul of the commission distribution or risk models, many of these HIP-3 projects will face FUD or simply shut down,” emphasized Jordi.

The total trading volume on the HIP-3 custom markets has exceeded $11.69 billion, with a daily volume of $153.5 million, peaking at $525.9 million.

The majority of this volume is attributable to tokenized indices (68.3%), followed by stocks (25.8%).

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

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

Recall that in December, the Hyper Foundation proposed burning HYPE tokens worth $1 billion.