[Hyperliquid’s live HIP-3 feed](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint/perpetuals) shows Paragon at roughly $24.5K in 24-hour notional volume versus $2.0M of open interest across four active markets, with H100 and COHR already delisted. SIG can tighten spreads, but the flywheel only starts when taker flow follows, since [HIP-3 deployers can keep up to 50% of trading fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees).

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