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Hyperliquid HIP-3's open interest has surpassed 2 billion USD, and the demand for traditional assets on-chain has exploded

By: rootdata|2026/04/16 06:42:00
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The open interest (OI) of the HIP-3 market on Hyperliquid reached a peak of approximately $2.38 billion and currently remains at a high of around $2.1 billion, reflecting a growth of about 580% year-to-date. This growth is primarily driven by "non-crypto assets."

Among the top ten markets by trading volume on the platform, only three are crypto trading pairs, while the rest consist of tokenized stocks and commodities, including the Nasdaq index, S&P 500, crude oil, gold, and silver. Analysis indicates that the core driving force comes from the demand for "24/7 trading of traditional assets." Unlike traditional markets that are limited by trading hours, HIP-3 enables investors to trade stock and commodity exposure around the clock through on-chain settlement and a non-intermediary structure. Additionally, TradeXYZ accounts for over 90% of the open interest in HIP-3, becoming the main source of liquidity in this sector.

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