Hyperliquid HIP-3 Open Interest Reaches $793 Million All-Time High

TLDR

• Hyperliquid’s HIP-3 open interest reached $793 million on Monday, up from $260 million a month ago
• HIP-3 lets users stake 500,000 HYPE tokens to create perpetual futures markets for any asset
• Growth driven by commodities trading surge, particularly in gold and silver markets
• TradeXYZ accounts for $22 billion of the $25 billion total trading volume since HIP-3 launch
• Hyperliquid CEO claims platform now offers tighter spreads than Binance on Bitcoin perpetuals

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Hyperliquid’s HIP-3 feature has reached a new all-time high in open interest, hitting $793 million on Monday. The layer-1 blockchain network announced the milestone on social media platform X.

The growth represents a major increase from just one month ago. In late December, HIP-3 open interest stood at $260 million, making this a three-fold increase in roughly 30 days.

HIP-3, officially known as Hyperliquid Improvement Proposal 3, introduced “Builder-Deployed Perpetuals” to the platform in mid-October. The feature allows anyone to create new perpetual futures markets on the Hyperliquid blockchain. Users must stake 500,000 HYPE tokens to deploy a new contract.

Hyperliquid attributed the recent surge to increased commodities trading. Gold and silver have both reached new all-time highs in recent months. Gold broke the $5,000 price range for the first time this week.

Trading Volume Concentration

According to data from Flow Scan, HIP-3 has processed $25 billion in trading volume since its October launch. TradeXYZ dominates this activity, accounting for over $22 billion of the total volume.

TradeXYZ was developed by Hyperunit, which serves as Hyperliquid’s tokenization arm. The platform’s three biggest markets are XYZ100, Silver, and Nvidia. These markets have generated $12.7 billion, $3.0 billion, and $1.2 billion in volume respectively.

The XYZ100 index tracks the top 100 companies. It currently holds $165.4 million in open interest, representing 20% of the total $793.27 million open interest on HIP-3.

Liquidity Claims

Hyperliquid CEO Jeff Yan made claims about the platform’s liquidity on Monday. He stated that Hyperliquid has become the “most liquid venue for perps on tradfi assets.”

Yan shared screenshots comparing spreads between Hyperliquid and Binance. The images showed Hyperliquid quoting a $1 spread for Bitcoin perpetuals contracts compared to approximately $5.50 on Binance.

The cumulative ask size on Hyperliquid reached 140 BTC in the comparison. Binance showed 80 BTC at the same time.

The HIP-3 framework represents a permissionless approach to derivatives markets. Any qualified builder with sufficient staked HYPE tokens can deploy and operate their own perpetual futures markets. These markets run directly on Hyperliquid’s HyperCore infrastructure.

TradeXYZ maintains roughly 90% market share among HIP-3 decentralized exchanges based on daily trading volume data from Flowscan.

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