- Hyperliquid HIP-3 open interest surpassed $2 billion as tokenized equity and commodity markets expanded rapidly.
- Activity is dominated by TradeXYZ, with demand driven by 24/7 access to global assets on-chain.
Hyperliquid is seeing a major shift in trading activity as tokenized markets continue to grow rapidly. Open interest in its HIP-3 markets has crossed the $2 billion mark, driven by rising demand for equities and commodities on-chain.
The surge shows how traders are moving beyond traditional crypto pairs. Instead, they are increasingly using crypto-native platforms to access global financial markets.
Open interest hits record levels before a pullback
Open interest across HIP-3 markets reached a record $2.38 billion last week. It later eased to just under $2.1 billion.
The drop aligned with broader risk-off sentiment across global financial markets. Even with the pullback, activity remains far above earlier levels.
At the start of the year, HIP-3 open interest stood at about $280 million. It crossed $1 billion within January. By the end of the first quarter, it had already passed $2 billion.
Overall, year-to-date growth has surged by about 580%, showing strong expansion in the sector.
TradeXYZ dominates HIP-3 market activity
TradeXYZ is the largest contributor to HIP-3 market activity, accounting for more than 90% of total open interest. This indicates a high concentration of liquidity within a single platform. Despite this concentration, overall trading activity in HIP-3 markets continues to expand as more participants enter tokenized asset trading.
Shift from crypto pairs to real-world assets
The composition of Hyperliquid’s busiest markets has changed significantly. Only three of the top 10 markets by volume are crypto assets.
The remaining markets focus on tokenized equities and commodities. These include Nasdaq and S&P 500 proxies.
Gold, silver, and oil contracts also rank among the most traded instruments.
This shift shows growing demand for exposure to traditional assets through blockchain-based systems.
24/7 access drives trader demand
One of the key drivers behind HIP-3 growth is continuous market access. The system operates without intermediaries and settles in crypto-native form.
This allows traders to access equities and commodities at any time of day. Unlike traditional exchanges, there are no weekday restrictions.
The ability to trade global assets around the clock has become a major attraction for users.
Conclusion
Hyperliquid’s HIP-3 markets highlight a clear trend in digital finance. Traders are increasingly seeking tokenized exposure to traditional assets.
With rising open interest and expanding market participation, demand for around-the-clock trading continues to strengthen.
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