BULLISH 📈 : Hyperliquid HIP-3 open interest hits $2.38B ATH as tokenized stocks lead
Hyperliquid’s HIP‑3 set a new open‑interest high near $2.38B last week. It eased to just under $2.1B by Wednesday, down 12% with broader risk‑off moves.
Only three of the ten busiest HIP‑3 markets are still crypto pairs. The rest track tokenized equities and commodities like Nasdaq‑style indices, oil, gold, silver, and the S&P 500 (The Block).
Platform‑wide, Hyperliquid open interest is roughly $8B. HIP‑3 jumped from about $280M at the start of the year to above $1B in under a month, then over $2B by quarter‑end, a ~580% YTD surge (The Block).
TradeXYZ drives the move. It accounts for over 90% of HIP‑3 open interest (The Block).
Bitget Wallet integrated HIP‑3 infra earlier this month, adding distribution and access for new users (NewsBTC).
HIP‑3 is permissionless perps. Builders stake HYPE to spin up synthetic equity indices, single‑stock‑style perps, and macro baskets. Traders get leverage, 24/7 access, cross‑margining with crypto and commodities, and on‑chain custody.
The next line in the sand is ~$5B HIP‑3 open interest. At that depth, professional market makers from CME and CBOE markets start to take notice, according to reporting (The Block).
Hyperliquid is positioning as a global‑macro venue. Crude, gold, FX, and tokenized equities trade side by side, with some media already referencing its prices as early signals (The Block).
There’s talk HIP‑3 could expand into spot tokenized stocks. That would put it closer to traditional exchanges and likely accelerate regulatory attention (The Block).
- Watch HIP‑3 open interest versus spot volumes
- Track the share of equity‑linked perps
- Monitor regulatory headlines on tokenization
