Hyperliquid Heats Up: Onchain Perps Liquidity Smashes Records

• Hyperliquid hit record activity, with open interest surging past $790 million driven by a massive spike in commodities and RWA trading.
• The HIP-3 upgrade decentralised market creation, allowing independent teams to stake HYPE tokens and run their own perpetual exchanges on the platform.
• Liquidity now rivals major centralised exchanges, with the TradeXYZ market dominating volume and reportedly offering tighter spreads than Binance.

Trading activity on Hyperliquid is shifting fast. A recent spike in commodities trading is pushing activity on Hyperliquid’s newer, builder-run markets to record levels. 

Open interest across these markets has climbed past US$790 million (AU$1.21 billion), up sharply from about US$260 million (AU$376 million) just a month ago. That growth suggests traders are using the platform more aggressively, especially for markets tied to metals and other real-world assets (RWAs) that have been moving strongly.

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HIP-3 Takes the Lead

What makes this notable is how these markets exist in the first place. 

Hyperliquid’s HIP-3 upgrade, launched in October, lets independent teams deploy their own perpetual futures exchanges directly on Hyperliquid’s infrastructure. These teams stake HYPE tokens, run their own markets, and compete on liquidity and pricing. As a result, trading is spreading across many parallel markets instead of sitting in a single, centrally run book.

According to CEO Jeff Yan, this competition is tightening spreads and deepening liquidity. He claims Hyperliquid now offers better price discovery than major centralised venues like Binance, pointing to narrower BTC perpetual spreads and more size available on the order book. In simple terms, traders can move in and out of positions with less slippage.

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets.

Jeff Yan, Hyperliquid Co-Founder and CEO

One market in particular, TradeXYZ, now dominates activity, accounting for roughly 90% of HIP-3 volume and handling tens of billions of dollars in daily trades. 

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