Hyperliquid’s HIP-3 market has reached a record $1.2 billion in open interest, marking a new high for the exchange’s permissionless tokenized perpetual futures platform. Data cited from ASXN showed the milestone was hit on Sunday, and open interest has remained near peak levels since then, pointing to sustained trading activity rather than a brief spike.
The HIP-3 market launched on Oct. 13. Its model allows anyone to create perpetual futures tied to almost any asset. That is a clear break from venues where new listings are restricted to a limited validator set. On Hyperliquid, launching a market requires staking 500,000 HYPE tokens, which act as both a security deposit and a filter against spam.
Commodities and equities are driving the expansion
The latest growth has come from contracts linked to equities and commodities. Oil, gold, and silver were highlighted as major sources of momentum. The trend points to a broader use of decentralized venues for trading traditional assets, especially during weekends when conventional exchanges are shut and onchain markets continue to price risk.
Arca, in a weekly update, called attention to the jump in activity on Hyperliquid. The firm said that only 7 of the top 30 markets on the platform are crypto pairs, while most of the rest are commodity and equity pairs on Trade.XYZ. It tied that shift to recent moves in silver, gold, and oil, and said tokenized trading of real-world assets is now taking place on Hyperliquid at meaningful scale.
XYZ100-USDC leads open interest, oil dominates volume
At the time referenced in the report, the tokenized equity futures contract XYZ100-USDC ranked first by open interest at $213 million. The oil-linked CL-USDC contract followed with $169.8 million. Other leading markets included futures tied to Brent crude, the S&P 500, silver, and gold.
By trading volume, CL-USDC was the most active contract, recording $1.62 billion over 24 hours. That burst came after sharp weekend moves in some crude grades. The report said Murban crude traded at $103 per barrel as conflict in the Middle East intensified and disrupted tanker flows through the Strait of Hormuz. Brent and WTI later moved above $110 per barrel on Monday before falling back into double digits.
The structure of HIP-3 is changing what gets traded on decentralized derivatives venues. Instead of focusing mainly on crypto-native pairs, the platform is now seeing heavy use in tokenized contracts tied to traditional markets, with open interest holding close to record levels.