The makeup of Hyperliquid's busiest markets reflects a shift away from crypto pairs.
Hyperliquid News
Open interest across Hyperliquid's HIP-3 markets reached a record $2.38 billion last week. As of Wednesday, that figure had pulled back to just under $2.1 billion. The decline coincided with broader risk-off moves across financial markets.
HIP-3 open interest started the year at roughly $280 million. It crossed $1 billion within the first month of January. By the end of the first quarter, it had surpassed $2 billion. Year-to-date, open interest is up approximately 580%.
TradeXYZ is the largest contributor to that growth. The platform accounts for more than 90% of all HIP-3 open interest. No other venue comes close to its share of activity within the category.
The makeup of Hyperliquid's busiest markets reflects a shift away from crypto pairs. Only three of the platform's top 10 markets by volume are cryptocurrency products. The other seven are tokenized equity and commodity futures.
Those non-crypto markets include proxies for the Nasdaq and the S&P 500. Gold, silver, and oil contracts are also among the top markets by volume. Traders are using these instruments to gain exposure to asset classes that conventional exchanges restrict to standard weekday hours.
HIP-3 settles in crypto-native form and operates without intermediaries. That structure allows continuous access to equity and commodity exposure at any hour. The demand for that kind of around-the-clock access has been a key driver of HIP-3's growth this year.
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