Hyperliquid’s open interest climbed to a new all-time high of $16.36 billion on Sept. 19, topping the previous record set on Sept. 18, 2025, exactly one year earlier. The update reflects how the platform has broadened over the past year from a crypto perpetuals venue into on-chain trading infrastructure that can support equities, commodities, indexes, pre-IPO contracts and event-based products. A key part of that expansion came from HIP-3, launched in October 2025, which lets third parties stake HYPE and deploy their own perpetual markets. Those markets now cover U.S. stocks, gold, crude oil, the S&P 500 and private companies such as SpaceX. As of early September 2026, cumulative HIP-3 trading volume had exceeded $548 billion, accounting for roughly 30% of the platform’s volume over the past 30 days. Hyperliquid also rolled out HIP-4 in May 2026 to add prediction markets and event contracts, then opened deployment to third parties in late August. Over the same period, 21Shares, Bitwise and Grayscale launched spot or staked HYPE ETFs, while Hyperliquid added native lending and continued work on a permissioned HIP-3 market for U.S. users.
Hyperliquid’s open interest reached a new all-time high of $16.36 billion on Sept. 19, according to BlockBeats. The previous record was set on Sept. 18, 2025, exactly one year earlier.
From crypto perpetuals to broader on-chain trading infrastructure
Over the past year, Hyperliquid has expanded from a crypto perpetuals trading platform into on-chain trading infrastructure capable of supporting equities, commodities, indexes, pre-IPO contracts and event contracts.
HIP-3 and HIP-4 widened the platform’s market scope
HIP-3, launched in October 2025, allows third parties to stake HYPE and deploy their own perpetual markets. The covered assets include U.S. stocks, gold, crude oil, the S&P 500 and private companies such as SpaceX.
As of early September 2026, cumulative trading volume in HIP-3 markets had surpassed $548 billion, representing about 30% of Hyperliquid’s platform-wide trading volume over the past 30 days.
HIP-4 went live in May 2026, filling the gap in prediction markets and event contracts. In late August, deployment was opened further to third parties.
ETF launches and new platform features arrived in parallel
During the same period, 21Shares, Bitwise and Grayscale rolled out spot or staked HYPE ETFs. Hyperliquid also launched native lending and continued to advance a permissioned HIP-3 market aimed at U.S. users.
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