HIP-3 Open Interest on Hyperliquid Climbs to $793M as Gold Soars

TLDR

• Hyperliquid’s HIP-3 framework reached a new all-time high of $793.27 million in open interest.
• The surge in open interest has been driven mainly by increased trading in commodity markets.
• HIP-3 allows builders to launch perpetual futures if they stake 500,000 HYPE tokens.
• TradeXYZ has contributed over $22 billion in trading volume since HIP-3 launched.
• The XYZ100 market alone accounts for $165.4 million in open interest on the platform.
• Gold recently broke above the $5,000 price range, encouraging more metals-based market deployments.

Hyperliquid’s permissionless perpetuals market has reached a new all-time high, fueled by increasing demand for commodity contracts and derivatives trading. Trading volumes have surged under the HIP-3 framework, which launched in October, allowing builders to create custom perpetual futures. The open interest on HIP-3 hit $793.27 million on Monday, growing nearly 3x over the past month.

Hyperliquid HIP-3 Hits $790M Open Interest

HIP-3 enables builders to launch perpetual swaps for any asset with a valid price feed, provided they stake 500,000 HYPE. Since the framework’s release, the open interest has steadily grown, hitting weekly highs throughout January.

Hyperliquid reported on X that HIP-3 hit $790 million in open interest, up from $260 million one month ago. The sharp growth has been linked to a surge in commodity trading, especially precious metals like gold and silver.

Traders have responded quickly to the flexibility offered by HIP-3, pushing volume and open interest to new levels. Hyperliquid confirmed, “HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.” The network has recorded over $25 billion in volume since HIP-3 launched.

TradeXYZ Leads With Over $22B in Trading Activity

The majority of HIP-3 trading volume is coming from TradeXYZ, a platform built by Hyperliquid’s tokenization division, Hyperunit. TradeXYZ accounts for over $22 billion of the $25 billion HIP-3 total.

TradeXYZ’s largest markets are XYZ100, Silver, and Nvidia, which have drawn strong trading interest from both retail and institutional users. These three markets alone contributed $12.7 billion, $3 billion, and $1.2 billion, respectively.

XYZ100 remains the biggest single market on the platform, with $165.4 million in open interest. This figure alone represents more than 20% of HIP-3’s total $793.27 million OI.

The success of TradeXYZ markets indicates trader demand for structured indexes and commodity contracts in decentralized environments. Market creators must stake HYPE tokens to deploy their products, ensuring capital alignment.

Commodities Fuel Surge as Precious Metals Set New Highs

The spike in HIP-3 activity comes as gold and silver prices continue climbing, with gold reaching $5,000 this week. These developments have encouraged more builders to launch metals-based perpetuals on Hyperliquid.

Commodities-related products now dominate HIP-3 volume, as traders shift capital from slow-moving crypto assets. The divergence in market performance is drawing attention to decentralized futures on alternative assets.

Open interest in HIP-3 has reflected this momentum, growing steadily with each weekly reporting period. On Monday, the open interest stood at $793.27 million, according to updated figures.

Trading on HIP-3 shows no signs of slowing, with new markets deploying and existing ones gaining more traction. Data from Flow Scan confirms that HIP-3 is maintaining strong volume and consistent growth across multiple asset classes.

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