Hyperliquid Sees HIP-3 Open Interest Triple to Record $790 Million

Hyperliquid has recorded a significant expansion in activity across its HIP-3 framework, signaling accelerating demand for decentralized perpetual markets. Information provided by Wu Blockchain indicates that the open interest in HIP-3 has tripled to a record $790 million, up from $260 million in just one month.

Newly​‍​‌‍​‍‌ rolled out in October 2025, HIP-3 enables anyone to deploy perpetual markets on Hyperliquid’s HyperCore infrastructure without requiring permission. The developers are able to put markets into operation once they have fulfilled the set HYPE staking criteria, allowing isolated teams to manage their own niche perpetual exchanges and, while extending the decentralized derivatives ecosystem and market diversity of the protocol through the worldwide open builder ​‍​‌‍​‍‌participation.

Hyperliquid Shows Strong Perpetual Futures Liquidity

Hyperliquid CEO Jeff Yan said that the platform has now become the most liquid market for crypto price discovery in the world. He pointed out that spreads are getting tighter and order books are getting deeper, and that decentralized infrastructure is now comparable to centralized exchanges in terms of execution quality, transparency, and efficiency for high-volume perpetual futures trading in the global digital asset markets today.

Based on the screenshots provided by Yan, Hyperliquid offered a one-dollar spread for Bitcoin perpetual contracts, while Binance offered a spread of about $5.50. The cumulative ask size also reached 140 BTC on Hyperliquid, exceeding Binance’s reported 80 BTC depth levels during peak trading sessions this week alone, as shown clearly.

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HIP-3 Ecosystem Expansion and Market Share

HIP-3 has officially launched Builder-Deployed Perpetuals, enabling qualified teams to launch their own independent perpetual markets on HyperCore. Builders are required to lock up enough HYPE tokens, aligning incentives and facilitating fast experimentation. The recent expansion has been happening in tandem with increased interest in commodities trading, such as metals markets reaching new multi-year highs across global trading platforms, as recently reported.

The Flowscan data shows that TradeXYZ is the current leader in the HIP-3 ecosystem, accounting for about $22 billion in daily trading volume. The platform holds nearly 90 percent of the entire HIP-3 market share, reflecting the concentration of market share trends as the builder-deployed perpetual exchanges grow rapidly in Hyperliquid’s rapidly expanding derivatives markets in the midst of the rapidly accelerating adoption of decentralized finance globally.

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