Hyperliquid’s HIP‑3 open interest is pushing toward the multi‑billion mark, led by not just crypto perps but synthetic equities and index products.
Hyperliquid’s HIP-3 New ATH
Following Bitget Wallet integration of Hyperliquid’s HIP‑3 infrastructure at the beginning of the month, The Block claimed today that its data indicates that only three of Hyperliquid’s ten most‑traded markets are still crypto pairs: the rest are futures tied to tokenized stocks and commodities.
Open interest on Hyperliquid’s HIP‑3 markets set a new record at about $2.38 billion last week, before easing to just under $2.1 billion by Wednesday —a modest 12% slide that tracks the broader risk‑off shift across markets. This sits inside a broader Hyperliquid open interest of around $8B across the platform.
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Let’s remember that HIP‑3 consists in permissionless perps where builders stake HYPE to spin up their own markets, including synthetic equity indices, single‑stock style perps, and macro baskets. Traders get stock‑like exposure with leverage, no closing bell, and on‑chain custody, plus cross‑margining against crypto and commodities in a single venue.
An Intensive Growth
HIP‑3’s expansion has been explosive. The data suggests that open interest has vaulted from roughly $280 million at the start of the year to above $1 billion in under a month and then over $2 billion by quarter‑end, a jump of about 580% year‑to‑date. TradeXYZ (a decentralized perpetuals platform built on Hyperliquid) is driving the move, accounting for more than 90% of all HIP‑3 open interest.
HIP-3 Daily Open Interest by DEX. Source: The Block.
The real inflection point for HIP-3 is around $5 billion in open interest, The Block says. Once it reaches that zone, the markets throw off enough flow and depth to start looking viable for professional market‑making firms that currently focus on CME and CBOE products
Just three of the ten busiest markets by volume are still crypto pairs on the leading perp DEX itself. The rest are futures tied to tokenized equity and commodities. This includes Nasdaq‑style indices, oil, gold, silver, and the S&P 500.
What Traders Should Look For
Hyperliquid is positioning as a de facto global macro venue where crude, gold, FX and now tokenized equities all trade side by side, with traditional media already using its prices as early signals.
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There’s a strong chance HIP‑3 eventually moves beyond perpetuals into spot tokenized stocks. Such a shift that would put it in much more direct competition with traditional equity exchanges and almost certainly force regulators to react faster.
For interested traders, HIP‑3 markets give high‑beta, always‑on equity exposure with CEX‑like depth, but with DEX‑style self‑custody and protocol risk layered on top. It would be wise to watch HIP‑3 open interest versus spot volumes, the growth in equity‑linked perps share and any regulatory headlines that could re‑price the tokenization trade overnight.
At the moment of writing, HYPE trades for $45 on the daily chart. Source: HYPEUSDT on Tradingview.
Cover image from Perplexity. BTCUSD chart from Tradingview.
