Hyperliquid’s HIP-3 decentralized exchanges have reached a new all-time high, with open interest crossing $790 million amid a surge in commodities-related trading. The platform said growing interest in assets like gold and silver has helped drive activity.
CEO Jeff Yan claimed Hyperliquid is now one of the most liquid venues for crypto price discovery. He pointed to tighter trading spreads compared to major centralized exchanges, including Binance, especially for Bitcoin perpetual contracts.
HIP-3, introduced in October, allows approved builders to deploy their own perpetual futures markets directly on Hyperliquid’s infrastructure. These permissionless markets have expanded quickly, with open interest rising sharply over the past month.
On-chain data shows TradeXYZ dominates HIP-3 activity, accounting for nearly 90% of market share and billions in daily trading volume. As decentralized derivatives mature, Hyperliquid’s rapid growth highlights rising demand for transparent, onchain alternatives to traditional crypto futures platforms.
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