Commodities trading boom drives Hyperliquid's HIP-3 open interest to $793M milestone
On Monday, Hyperliquid's HIP-3 open interest reached $793M as on-chain commodities trading experiences explosive growth, while the platform has processed $25B in trading volume since its October launch.
Hyperliquid, a Layer-1 blockchain network, has experienced a dramatic surge in trading activity via "Builder-Deployed Perpetuals" throughout this month, achieving a fresh record high in open interest on Monday.
Through a post shared on X, Hyperliquid credited the swift uptake of HIP-3 — a framework enabling permissionless market creation — to an increase in commodities trading activity.
HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading. HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.
As a Hyperliquid improvement proposal, HIP-3 became operational in mid-October. The framework's implementation allows builders to create perpetual futures contracts for any asset that has an available price feed.
Anyone looking to launch a perpetual swap on Hyperliquid must meet a critical requirement: they need to have 500,000 HYPE staked on the network before they can deploy the contract.
The increasing trading activity occurring on HIP-3 coincides with a precious metals rally, as both gold and silver have continued to reach new ATHs throughout recent months. During this week, gold surpassed the $5,000 price range for the first time ever, even as the crypto market has shown weaker performance.
Data sourced from Flow Scan reveals that HIP-3 has processed $25 billion worth of trading volume since its launch.
TradeXYZ, which launched the majority of markets, is responsible for more than $22 billion of this activity.
Hyperunit, which serves as Hyperliquid's tokenization arm, developed TradeXYZ. The platform's most active markets at present include XYZ100 — an index that tracks the top 100 companies, Silver and Nvidia, generating $12.7 billion, $3.0 billion and $1.2 billion respectively.
XYZ100, the largest market on the platform, currently holds $165.4 million worth of OI at the time of writing, which represents 20% of the total $793.27 million OI on HIP-3.