Hyperliquid HIP-3 Reaches New Peak with $1.74 Billion Open Interest

The total open contracts on Hyperliquid’s HIP-3 markets reached a record $1.74 billion on Sunday, up 25% from $1.39 billion on March 15.

This surge follows the rapid expansion of permissionless perpetual futures contracts linked to traditional crypto assets launched by Hyperliquid about six months ago. Sunday’s figure also marked an all-time high for HIP-3, before open contracts slightly decreased to $1.73 billion on Monday.

Data from The Block shows Trade.xyz — a platform built by Hyperliquid’s Hyperunit crypto division — continues to dominate with $1.58 billion in open contracts, accounting for 91.3% of the total HIP-3 open contracts.

On Monday, Trade.xyz set new records for 24-hour volume at $5.6 billion and a single-day trader count of 45,300. The leading trading pairs remain related to traditional crypto assets, with WTI crude oil reaching $1.27 billion in 24-hour volume, followed by Brent crude at $1.04 billion and silver at $1.01 billion.

The strong performance of real-world assets on the platform is largely driven by Hyperliquid’s 24/7 trading capability, allowing continuous price discovery for commodities and stocks outside traditional trading hours. This trend becomes even more evident as geopolitical tensions in the Middle East cause oil prices to fluctuate, prompting traders to turn to the 24/7 platform for continuous price monitoring.

Hyperliquid’s native token, HYPE, also benefits from this momentum, currently trading at $38.3, up 2.8% in the past 24 hours and 30.6% over the past 30 days.

Additionally, Hyperliquid recently announced HIP-4, introducing permissionless prediction markets, opening further growth opportunities for the ecosystem. HIP-4 is currently in the testnet phase.