HIP-3 has entered a much more active phase, with daily trading volume climbing to $5 billion to $6 billion in early 2026 and open interest reaching $1.11 billion on March 1. Hyperliquid Hub said HIP-3 is expanding in trading scale and becoming a more important part of the broader ecosystem.
The move built over several months rather than appearing all at once. Trading activity around HIP-3 remained relatively modest through October and November 2025, with volumes staying consistent but limited. That changed in December, when participation began to pick up. The strongest acceleration came in late January and early February 2026, when daily volume repeatedly moved above the multi-billion-dollar level and peaked around $5 billion to $6 billion.
Volume stayed elevated after the peak
A burst in volume can reflect short-term positioning, but HIP-3’s data showed more than a brief spike. Even after activity cooled from its highs, trading volume remained well above levels seen in late 2025. That suggests interest did not disappear once the initial surge passed and that market engagement stayed intact.
The source material said the jump could be tied to major updates, speculation, or rising confidence, though it did not identify a single confirmed trigger. What is clear is that the market did not fully retrace to its earlier baseline, which points to a broader expansion in participation.
Open interest points to stronger conviction
Open interest offers a clearer view of whether traders are keeping capital deployed. In HIP-3’s case, OI rose steadily from modest levels in October 2025, then accelerated sharply in January and February 2026 before reaching $1.11 billion by March 1. Volume and OI rising together suggest traders were not only active but were also holding positions instead of moving in and out quickly.
Hyperliquid Hub said capital is not just entering fast, it is also staying in the market longer, a sign of deeper participation. With sustained volume and rising open interest appearing at the same time, HIP-3 is showing signs of lasting market growth rather than a short-lived burst of activity.