HYPE jumps as Hyperliquid HIP-3 open interest sets record

Hyperliquid’s HIP-3 market has reached a new high as demand for tokenized asset trading continues to grow. 

Summary

• Hyperliquid HIP-3 open interest hit $1.74 billion after rising 25% in just one week overall.
• Tokenized oil and silver pairs led trading volume as Trade.xyz posted new activity records Monday.
• HYPE gained as Hyperliquid generated $14 million in weekly fees and expanded market products further.

Open interest across HIP-3 markets climbed to $1.74 billion on Sunday, up 25% from $1.39 billion a week earlier. The move shows rising activity in perpetual futures linked to tokenized traditional assets.

Aggregated open interest across Hyperliquid’s HIP-3 markets hit a record $1.74 billion on Sunday. By Monday, that figure eased slightly to $1.73 billion, but it still stayed near the platform’s peak level.

The rise extends the growth of Hyperliquid’s permissionless perpetual futures market for tokenized traditional assets. HIP-3 launched about six months ago, and it has quickly become one of the main areas of activity within the broader Hyperliquid ecosystem.

Trade.xyz remains the largest HIP-3 market platform. Built by Hyperliquid’s tokenization arm, Hyperunit, Trade.xyz accounts for $1.58 billion in open interest, or 91.3% of the total HIP-3 market.

That level of concentration shows how much of the current activity sits on one venue. It also shows that tokenized real-world asset trading is becoming a major part of the platform’s expansion.

Oil and silver pairs lead market activity

Trade.xyz also posted new records in daily activity on Monday. The platform reported $5.6 billion in 24-hour trading volume and 45,300 unique daily traders.

The most active pairs on the platform are tied to tokenized traditional assets. WTI oil led with $1.27 billion in 24-hour volume, followed by Brent oil at $1.04 billion and silver at $1.01 billion.

This pattern shows that traders are using the platform to gain exposure to commodities through perpetual markets. The product allows them to trade these assets at any hour rather than waiting for standard market sessions.

That round-the-clock structure has become more relevant during periods of market stress. Recent tension in the Middle East increased volatility in oil prices, and that pushed more traders toward platforms offering “24/7 trading capability” for ongoing price discovery.

HYPE gains as ecosystem growth continues

Hyperliquid’s native token, HYPE, has also moved higher as activity on the platform increased. At the time of reporting, HYPE traded at $38.3, up 2.8% over the past 24 hours and 30.6% over the past 30 days.

The token’s move has come alongside rising platform revenue. As Crypto News reported, Hyperliquid is generating about $14 million in weekly fees, while some analysts say HYPE still trades below levels seen in comparable centralized exchange-style businesses.

The platform is also preparing for another product expansion. Hyperliquid recently introduced HIP-4, which would allow “permissionless prediction market listings” and could widen the range of tradable markets on the network.

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