Hyperliquid’s HIP-3 Open Interest Hits Record $793 Million

Overview

• HIP-3 open interest reached an all-time high of about $793 million on Monday, up from roughly $260 million in late December.
• FlowScan data shows about $25 billion in total HIP-3 trading volume since October, with TradeXYZ contributing more than $22 billion and maintaining around 90% market share.
• HIP-3 enables builders to launch on-chain perpetual futures by staking 500,000 HYPE, with markets running on Hyperliquid’s HyperCore infrastructure.
• Hyperliquid links the recent jump to heavier trading in metals as gold and silver hit new highs, with traders deploying more commodities-focused contracts.
• CEO Jeff Yan asserted the venue now offers tighter spreads than Binance, sharing screenshots showing a $1 Bitcoin perp spread and larger displayed depth versus roughly $5.50 on Binance; the XYZ100 market alone holds about $165.4 million in OI.