Stocks and Commodities Propel Hyperliquid’s Open Interest to Historic High

Hyperliquid's open interest hits $1.43 billion, driven by stocks and commodities.

On March 14th, the total open interest (OI) on the HIP-3 exchange Hyperliquid reached a record $1.43 billion. In the six months since the launch of the first markets in this new format, the figure has increased more than 100-fold.

At the time of writing, the OI stands at $1.34 billion.

The segment leader is the Trade.xyz platform from Hyperunit’s division, accounting for nearly 90% of the total open interest, with a daily trading volume reaching $22 billion.

Among the top 30 trading instruments on the platform, only seven are cryptocurrency pairs. The remaining instruments are traditional assets:

• futures on individual stocks;
• S&P 500 and Nasdaq indices;
• contracts on gold, silver, and oil.

The popularity of non-cryptocurrency derivatives is driven by the round-the-clock trading mode. The ability to trade on weekends and after traditional exchanges close attracts a new audience to the platform beyond the crypto community.

On March 17th, the native token HYPE rose to 10th place by market capitalization among cryptocurrencies, surpassing ADA.

At the time of writing, the asset is trading at $40.74 (-1% for the day). Over the week, the token has risen by 17.3%, and over the month by 35.3%.

Earlier, on March 11th, Hyperliquid surpassed the $4 trillion mark in cumulative trading volume of perpetual futures. It took the project three years to reach this milestone.