Hyperliquid HIP-3 Open Interest Hits Record as HYPE Jumps
Hyperliquid’s HIP-3 perpetual futures reached record levels as demand for tokenized traditional assets kept rising. Total HIP-3 open interest climbed to about $1.74B on Sunday (+25% WoW from ~$1.39B), then eased slightly to ~$1.73B on Monday while staying near the peak.
Trade.xyz (Hyperunit’s tokenization venue) dominated HIP-3 with $1.58B open interest (91.3% of the total). It also set new activity records: $5.6B in 24-hour volume and 45,300 unique daily traders. The busiest pairs were tokenized commodities, led by WTI ($1.27B volume), followed by Brent ($1.04B) and silver ($1.01B), reflecting traders’ preference for continuous 24/7 price discovery—especially during macro-driven oil volatility.
As HIP-3 activity increased, the token HYPE traded around $38.3 (+2.8% 24h, +30.6% 30d). The platform also generated about $14M in weekly fees. Hyperliquid is additionally preparing HIP-4, aiming to enable permissionless prediction market listings.
Bullish
HIP-3 hitting record open interest and Trade.xyz reporting multi-billion-dollar 24h volume signals stronger derivatives usage tied to tokenized RWAs. For traders, this typically supports sustained demand for the venue’s native token (HYPE) via ecosystem fee/revenue linkage and improved liquidity/flows. Short-term, continued inflows into major commodity pairs (WTI/Brent/silver) can keep sentiment elevated and support HYPE. Long-term, the HIP-4 roadmap (permissionless prediction market listings) suggests broader product expansion, which can further strengthen expectations—though overall market risk remains tied to crypto beta and macro-driven commodity volatility.