Roman Korotchin on Finextra: Hyperliquid’s Next Challenge Is Keeping Control of Its Growing Market

Origami Tech is featured on Finextra with a new expert column by Roman Korotchin, co-founder of the company. The article examines how Hyperliquid’s rapid expansion through HIP-3 is changing the balance between market infrastructure, independent deployers, and external trading applications.

HIP-3 has become an important part of Hyperliquid’s growth, allowing independent teams to launch perpetual markets for commodities, equities, indices, foreign exchange instruments, and other assets while Hyperliquid provides the underlying execution, collateral, and settlement infrastructure. According to data cited in the article, HIP-3’s share of Hyperliquid perpetual volume increased from roughly 2% at the beginning of 2026 to approximately 50% by July.

The article explores what happens as more of the trading experience moves beyond Hyperliquid’s own interface.

TradeXYZ, an independent HIP-3 market deployer, reportedly accounts for approximately 98% of HIP-3 trading volume and has attracted more than 300,000 unique wallets across its markets. At the same time, around 97% of activity in TradeXYZ markets was still executed through Hyperliquid’s native frontend, giving Hyperliquid a strong position in distribution as well as execution.

That structure may become more distributed as independent trading platforms increasingly manage the user-facing workflow. Origami Tech is one example: traders can connect exchange accounts, create and manage trading bots, monitor positions, balances, fees, and PnL, and work with several execution venues from one interface. In this model, Hyperliquid provides execution infrastructure, deployers such as TradeXYZ create markets, while platforms such as Origami Tech manage another part of the trader’s workflow.

The article argues that Hyperliquid’s long-term position may therefore depend less on keeping every trader inside its native frontend and more on making its execution infrastructure valuable across multiple access points. If independent terminals, trading bots, market makers, and deployers continue routing activity through Hyperliquid, the protocol can remain central even as the user relationship becomes distributed across several layers.

‍Read the full article on Finextra

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