The on-chain derivatives markets of Hyperliquid’s HIP-3 protocol have reached an all-time high open interest of $1.88 billion. This growth is largely driven by activity on Trade.xyz, which holds a 91.6% market share, and by increasing demand for tokenized traditional assets like commodities and equity indices.
According to recent on-chain data, HIP-3 open interest surged to an all-time high of $1.88 billion in intraday trade. This represents a significant increase from previous milestones of $793 million in early 2026 and $1.74 billion at prior record levels.
Most of this activity is being driven through Trade.xyz, which accounts for over 91.6% of the market share. The platform has generated more than $1.72 billion of the total open interest, indicating its dominant role in the ecosystem’s liquidity and execution.
Unlike other crypto derivatives platforms, HIP-3’s growth is largely fueled by tokenized real-world assets. The top markets include commodities such as gold and crude oil, alongside equity indices such as the Nasdaq and S&P 500. This diversification has attracted traders beyond the traditional crypto audience.
The increase in open interest is supported by rising trading volumes and market activities. “HL is where traders go when everything else is off,” as noted in a market observation regarding weekend trading activity. The steady climb suggests sustained inflows of capital into these markets.
The jump in open interest to $1.88 billion indicates a shift in the decentralized finance landscape. It reflects growing demand for on-chain derivatives trading and expansion into traditional asset exposure. The HIP-3 approach to permissionless market development is facilitating this expansion.
