Hyperliquid HIP-3 OI Reaches $793M on Commodities Demand

This article was first published on The Bit Journal.

Hyperliquid recorded a sharp rise in derivatives activity this month as builder-deployed perpetual markets gained traction. The Layer-1 network reached a new all-time high in open interest on Monday. 

Network data shows the surge was driven by commodities-linked contracts rather than crypto-native products. This marks a notable shift in trading behavior on Hyperliquid.

Open interest tied to builder-deployed markets climbed to about $790 million. The figure stood at around $260 million only a month earlier. 

HIP-3 Expansion Accelerates as Commodities Drive Weekly Records

Weekly records have been set repeatedly since early January. Hyperliquid linked the acceleration to strong demand for commodities exposure.

The growth centers on HIP-3, a permissionless market creation framework. HIP-3 went live in mid-October as a protocol improvement. 

Source: X

It allows builders to launch perpetual futures for any asset with a valid price feed. This design has expanded the product scope available on Hyperliquid.

HIP-3 Enables Permissionless Market Creation

HIP-3 allows independent builders to deploy perpetual contracts without centralized approval. Each market relies on external price oracles for settlement. 

Builders must stake 500,000 HYPE to launch a contract. This requirement limits low-quality listings and aligns incentives on Hyperliquid.

Commodities Demand Drives Adoption

The rise in HIP-3 usage has coincided with strength in precious metals markets. Gold and silver have posted repeated all-time highs in recent months. 

Also Read: HYPE Token Eyes $40 After Hyperliquid Approves Major Token Burn

This week, gold moved above the $5,000 level for the first time. Trading interest shifted toward commodities as the broader crypto market lagged.

Trading Volume Reaches $25 Billion

According to Flow Scan data, HIP-3 markets have processed around $25 billion in volume since launch. A large share of this volume appeared during the recent commodities rally. 

Activity has remained steady rather than event-driven. This suggests consistent participation across Hyperliquid markets.

TradeXYZ Accounts for Majority of Activity

Most HIP-3 volume comes from markets launched by TradeXYZ. The platform accounts for more than $22 billion in cumulative trading. 

TradeXYZ was developed by Hyperunit, the tokenization arm of Hyperliquid. Its products span indices, metals, and equities.

XYZ100 Emerges as the Largest Market

TradeXYZ’s largest product is XYZ100, an index tracking the top 100 companies. The market holds about $165.4 million in open interest. 

This represents roughly 20% of total HIP-3 open interest. Other active markets include silver and Nvidia-linked contracts.

Hyperliquid Price Action Shows Early Stabilization

On the daily timeframe, Hyperliquid shows signs of stabilization after a prolonged correction. Price rebounded from the $21 to $22 demand zone. Rising volume supported the move. The rebound pushed price toward a mid-range resistance area.

Technical indicators point to early momentum improvement. The Directional Movement Index shows a bullish crossover. 

The +DI line moved above the −DI line. However, the Supertrend indicator remains bearish. This suggests the broader trend has not yet flipped for Hyperliquid.

Resistance Levels Cap Near-Term Upside

Key resistance zones remain overhead. Price is still below the $27–$28 supply area. Additional resistance sits between $34 and $36. A sustained move higher would require acceptance above these levels. Without confirmation, upside expectations remain limited.

Source: TradingView

A move toward $50 would need multiple technical confirmations. Volume expansion would be required. Structural acceptance above resistance is also necessary. Until then, consolidation or gradual continuation appears more realistic for Hyperliquid.

Conclusion

Hyperliquid is seeing structural growth driven by builder-deployed derivatives rather than short-term speculation. Commodities demand has reshaped trading patterns on the network. 

HIP-3 has expanded market diversity while maintaining staking discipline. Price momentum is improving, but confirmation remains pending.

Also Read: Hyperliquid Unstakes $316M in HYPE Days Before Major Unlock

Appendix: Glossary of Key Terms

Hyperliquid – A Layer-1 blockchain focused on high-performance derivatives trading

HIP-3 – A protocol upgrade enabling permissionless perpetual market creation

Builder-Deployed Perpetuals – Futures contracts launched directly by independent builders

Open Interest (OI) – Total value of outstanding derivatives positions

Perpetual Futures – Derivatives contracts without an expiry date

HYPE Staking – Token staking required to deploy markets on Hyperliquid

TradeXYZ – A major builder platform driving volume on HIP-3 markets

Flow Scan – An analytics tool tracking on-chain trading and volume data

Frequently Asked Questions About Hyperliquid

1- What caused the recent surge on Hyperliquid?

The increase was driven by commodities trading through HIP-3 perpetual markets.

2- What is HIP-3 on Hyperliquid?

HIP-3 is a framework that allows permissionless deployment of perpetual futures.

3- How much trading volume has HIP-3 recorded?

Data shows around $25 billion in cumulative volume since launch.

4- Which platform dominates HIP-3 markets?

TradeXYZ accounts for the majority of trading activity and open interest.

References

Cointelegraph

CoinPedia

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