Division of the stock market
By Prathik Desai
Compiled:Block unicorn
Foreword
The clock is not a recipe for delay. Financial markets have been built around the speed of transmission of existing information for decades. They have introduced round clocks, bulk settlements and regional exchanges, which are justified in an era of slow transmission of information. But it's all changed. Capital doesn't wait. Just as water can always find cracks, so can capital. Financial gravity pulls it to the fastest path to price information. This is the law of the market. Market participants will not always tolerate inefficiencies。
This is itWhat I have seen in the past few weeks is a macro-view of financial market developments。
In today's article, IIt will help you understand what has broken the old bundled structure of financial markets and transformed it into a more efficient, non-binding structure spanning different locations, packaging and time。
Change of duty
I'm..Learning about finance has been going on for over a decade. In the early stages of my studies, I have always seen the traditional stock exchange as a proxy for the market. For most of their development, the stock exchange is where owners and everything converge: buyers, sellers, regulators and market-driven technologies. It has an index of the components, as well as a clock indicating the time of the transaction, informing the owner when the transaction is possible and when it is not。
But..This has changed over the years. In fact, just over the past few weeks, we have seen a number of developments that confirm this shift。
On March 18th, Pyramid Jones Index authorized the Pyramid 500 index to Trade [XYZ] to allow the deployment of the HIP-3 marketHyperliquidThe exchange launched its first and only standard 500 forever derivative contracts。The Standard 500 Index, the world's most important US stock index, tracks 500 leading companies in the United States, covering about 80 per cent of the total US market value, which exceeds $61 trillion. The index covers at least half of the market value of the global stock market。
HereIt's an index that's almost 70 years old, but it's on the market for only six months。
YesTHE DAY AFTER THE ANNOUNCEMENT, THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) APPROVED THE APPLICATION OF NASDAQ TO TRADE AND SETTLE SHARES IN TOKEN CURRENCY. NASDAQ IS ONE OF THE MOST ACTIVE TRADING PLACES IN THE WORLD, OFTEN WITH A NOMINAL VOLUME THAT EXCEEDS THE NEW YORK STOCK EXCHANGE (NYSE), WHICH IS THE LARGEST GLOBAL MARKET VALUE。
March 16thChicago Futures Exchange Global MarketplaceCboe Global MarketsA proposal was submitted to the United States Securities and Exchange Commission (SEC) for the introduction of “American stock exchanges near 24x5”. The largest operator behind the U.S. financial transaction stated that it was ready to provide round-the-clock stock exchange services as early as December 2026。
But..Why is that? There is a growing demand for longer trading times for United States equities。
ThreeTogether, the initiative targets outdated bundled trading structures. The Hyperliquid standard 500 index futures trading market has challenged the practice that investors can only trade through traditional indices in traditional markets for decades。It also made it possible to trade one of the most tracked shares on a global scaleI don't know。
NASDAQ ' s monetization stock trading initiative is aimed at infrastructure。It introduced a new form of sealing, allowing the same stock to be traded differently. Earlier attempts at monetization of shares were criticized by industry。
InvestorsIt is questionable whether these tokens have the same rights as the original shares。
But..Would you not accept that I would provide the same equity exposure through a token on the block chain without losing the voting rights and legal protection attached to the original dematerialized stock
Why are you doing this? What's in it for you
So, if you are an investor outside the United States, would you like to have easier access to the stock markets of the largest global economy? What if this monetized stock makes it easier for you to integrate it with collateral and lending systems
When you consider trading all the timeThese advantages multiply。
This is what Cboe is attacking. Its trading programme, which is almost 24 hours a day, 5 days a week, is designed to recognize that capital does not wait for office hours. Traders always wish to express their views as soon as information is available. If Cboe does not provide them with markets where they express their views, traders will turn to other platforms that offer such markets。
I am not saying anything hypothetical or “what could happen in the near future”. They are happening as we speak。
A split future
In Hyperliquid ' s HIP-3 market, where the adoption of financial product segmentation was most evident, it was officially launched in late October 2025。
OVER THE PAST MONTH ALONE, CUMULATIVE TRADE VOLUMES IN THE HIP-3 MARKET HAVE INCREASED BY $72 BILLION. THE CUMULATIVE VOLUME OF TRANSACTIONS OVER THE PREVIOUS FOUR MONTHS WAS $78 BILLION。
In March, Trade [XYZ]In traditional financePERSISTENT MARKETS FOR COMMODITIES AND EQUITIES CONTINUE TO ACCOUNT FOR 90 PER CENT OF THE DAILY VOLUME OF HIP-3 TRANSACTIONS. BUT THAT'S NOT THE MOST INTERESTING ASPECT。
More than half of the trade in Trade [XYZ] comes from the markets of long-lasting contracts for silver, crude oil, Brent crude oil and gold。
Hyperliquid provides a unified trading platform for dealing in spot-encrypted currency and in the continuing contract for encrypted currency and traditional assets. This has not only simplified the transactional process on the harmonized platform, but has also resulted in greater mobility, a common user interface and smaller trade price differentials。
Dealers still want to trade some of the largest and most popular assets, covering bulk commodities, listed companies, large private companies and indices. You might want to trade silver, gold, crude oil, Tesla, apples, Amazons, Google, the index tracking 100 non-financial companies in the United States and the 500 index -- all of which could be done on the Hyperliquid platform。
The HIP-3 separates the function of investing in these assets from the existing exchange infrastructure, while still tracking the assets for which they were originally based. So, when you make a multi-silver futures contract on HIP-3, the asset it tracks is still linked to the value of an ounce of silver in the Pyth data source。
THE REASON WHY TRADERS CHOSE TO TRADE SILVER ON HIP-3 INSTEAD OF THE PREVIOUS PLATFORM WAS THAT HIP-3 DID NOT DISTINGUISH BETWEEN UNITED STATES AND NON-UNITED STATES TRADERS AND DID NOT FOLLOW ANY PARTICULAR TIME. WHENEVER THERE ARE INCIDENTS WHERE TRADERS WISH TO EXPRESS THEIR VIEWS THROUGH ASSET PRICING, THE HIP-3 PROVIDES THEM WITH A MARKET FREE OF RESTRICTIONS ON THEIR GEOGRAPHICAL LOCATION OR TIME ZONE。
This result is fully reflected in the significant increase in the unwinded contract (OI) on the Hyperliquid platform over the past few weeks. OI measures the total value of the unsettled derivative position. Unlike the volume of transactions that reflect the activity of the transaction, OI reflects the commitment to the transaction。
On 1 March, the volume of open contracts was $11.3 billion, and on 1 April it doubled to $2.2 billion. This shows that traders are confident in Hyperliquid's lasting contract and are locking in funds。
These indicators show that when market access is easier and friction is less frequent, traders are not loyal to a platform or asset class. They will choose any platform that can provide volatility, ease and mobility。
This is why traditional bodies such as the Beep, NASDAQ and the Chicago Prerogatives Exchange are taking steps to recognize this behaviour。
At least two recent incidents have demonstrated the importance of round-the-clock transactions and market fluctuations for traders。
Saurabh, in a tweet from Decentralised.Co, wrote: “On February 28, the United States and Israel attacked Iran during a break in the traditional market. In a few hours, the price of a permanent contract linked to oil on the Hyperliquid platform went up by 5 per cent, because traders digested the shock in real time."
Within two weeks of the warThe price of a permanent contract with oil linkages surged from $200 million to $6 billionI don't know。
A major hazard of the emerging platform is mobility. If there is insufficient liquidity, the trade price differentials may widen, resulting in traders facing more pricing disadvantages than other platforms。
Last week, when United States President Trump held consultations with Iranian officials on “productive talks”, the Hyperliquid platform demonstrated its strong mobility. The newly launched HIP-3-based 500 index futures enable accurate tracking of the movement of the Chicago Commodity Exchange (CME) E-mini index 500 futures to minutes。
ALTHOUGH THE CHAIN IS ABOUT 50 TO 70 POINTS LOWER THAN ES, PRICE MOVEMENTS ARE SIMILAR。
What does that mean
For decades, traditional markets have been tied together and controlledPlaces(Exchange), time (trade time) and product (index/contract)。
They chose to maintain the status quo because they failed to put in place mechanisms to address inefficiencies such as time delays, transaction time limits and regulatory restrictions on non-United States investors. On the contrary, they mask these inefficiencies and package them into procedural regimes designed to create credible institutions to attract investors。
People are still trading and investing. This is not because they are stupid or because they have little faith in the rhetoric of traditional financial markets. They did so because they had no choice. This situation began to change after the emergence of the block chain, which provided the world with a chain-based market, making trade and investment easier than ever before。
People saw this choice and caught it。
They have not cared about, and will not care about, changes in market structures. Nor do they care whether the new structure is binding or not. Regardless of whether existing institutions are willing, they will accept new market structures as long as traders and investors are able to express themselves more easily through financial instruments. It is irrelevant whether this structure comes from traditional giants such as NASDAQ, the Chicago Futures Exchange or the Standard 500, or from a platform operating without a permit on a block chain。
As in the past, the financial sector continues to evolve and will adopt any structure that would bridge the gap between events and price expression。
Important events take place every hour of every day around the globe. So, why wait till the clock in a glass wall building in New York on Monday morningWhen movingJust to be sure
