{"id":93588,"date":"2026-01-27T10:31:56","date_gmt":"2026-01-27T07:31:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93588"},"modified":"2026-01-27T10:35:17","modified_gmt":"2026-01-27T07:35:17","slug":"open-interest-on-hyperliquid-reaches-record-790-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/open-interest-on-hyperliquid-reaches-record-790-million\/","title":{"rendered":"Open Interest on Hyperliquid Reaches Record $790 Million"},"content":{"rendered":"<p>A sharp increase in trading of <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span> instruments on user markets for perpetual contracts HIP-3 has elevated open interest (OI) on <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a> to $793 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading. <\/p>\n<p>HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.<\/p>\n<p>\u2014 Hyperliquid (@HyperliquidX) <a href=\"https:\/\/twitter.com\/HyperliquidX\/status\/2015812710483845519?ref_src=twsrc%5Etfw\">January 26, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cHIP-3 OI has been hitting new all-time highs each week. A month ago, it was $260 million,\u201d the platform&#8217;s team noted.<\/em><\/p>\n<\/blockquote>\n<p>HIP-3 is a mechanism for improving the Hyperliquid protocol, activated <a href=\"https:\/\/forklog.com\/en\/news\/hyperliquid-to-enable-creation-of-perpetual-futures-markets\">in mid-October<\/a> 2025. The system allows developers to launch perpetual contracts on any asset. To do this, one must <a href=\"https:\/\/forklog.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">stake<\/a> 500,000 HYPE.<\/p>\n<p>The surge in activity on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">DEX<\/a> coincided with a global rally in the precious metals market. This week, the price of gold <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-falls-to-86000-amid-shutdown-threat-gold-surpasses-5000\">surpassed<\/a> the $5,000 per ounce level for the first time.<\/p>\n<p>Since its launch, the cumulative trading volume within HIP-3 has exceeded $25 billion. The majority is attributed to the direction launched by TradeXYZ, a division of Hyperliquid responsible for <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rwas-real-world-assets\">RWA<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"482\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a5c1a73357567e64-4715330745654260-1024x482.png\" alt=\"image\" class=\"wp-image-274064\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a5c1a73357567e64-4715330745654260-1024x482.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a5c1a73357567e64-4715330745654260-300x141.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a5c1a73357567e64-4715330745654260-768x362.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a5c1a73357567e64-4715330745654260-1536x723.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-a5c1a73357567e64-4715330745654260.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.flowscan.xyz\/hip-3\">Flow Scan<\/a>.<\/figcaption><\/figure>\n<p>The largest markets currently are:<\/p>\n<ul class=\"wp-block-list\">\n<li>XYZ100 \u2014 a composite index of the 100 largest public companies (turnover $12.7 billion);<\/li>\n<li>silver ($3 billion);<\/li>\n<li>Nvidia ($1.2 billion).<\/li>\n<\/ul>\n<p>XYZ100 accounts for the highest open interest \u2014 $165.4 million, which is 20% of the total HIP-3 figure ($793.27 million).<\/p>\n<h2 class=\"wp-block-heading\">The Most Liquid Platform<\/h2>\n<p>Hyperliquid co-founder Jeff Yan stated that the <a href=\"https:\/\/forklog.com\/en\/news\/perp-dex-old-tricks-new-tech\">perp-DEX<\/a> has become the most liquid platform in the world. According to him, the \u201corder book depth\u201d in the BTC\/<a href=\"https:\/\/forklog.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> pair has surpassed that of the Binance crypto exchange.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).<\/p>\n<p>With HIP-3 teams leading the way, Hyperliquid has also\u2026 <a href=\"https:\/\/t.co\/xu41eTqPfI\">https:\/\/t.co\/xu41eTqPfI<\/a> <a href=\"https:\/\/t.co\/aJCFYjMoxV\">pic.twitter.com\/aJCFYjMoxV<\/a><\/p>\n<p>\u2014 jeff.hl (@chameleon_jeff) <a href=\"https:\/\/twitter.com\/chameleon_jeff\/status\/2015820241524379991?ref_src=twsrc%5Etfw\">January 26, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Hyperliquid recorded a narrower spread \u2014 $1 for the Bitcoin perpetual contract. In comparison, on Binance, the equivalent spread at the same moment was about $5.5.<\/p>\n<p>The cumulative sell order volume on Hyperliquid reached 140 BTC, whereas on Binance it did not exceed 80 BTC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThanks to the teams working with HIP-3, we have also become the most liquid venue for perpetual contracts on traditional assets. Thank you all for your hard work as we modernize the financial system and bring all finance together in one place,\u201d Yan noted.<\/em><\/p>\n<\/blockquote>\n<p>Back in December, DeFi analyst Jordi <a href=\"https:\/\/forklog.com\/en\/news\/expert-warns-of-slashing-risks-and-losses-in-hyperliquids-new-markets\">warned<\/a> of the risks of slashing and losses in new DEX markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A sharp increase in trading of TradFi instruments on user markets for perpetual contracts HIP-3 has elevated open interest on Hyperliquid to $793 million.<\/p>\n","protected":false},"author":1,"featured_media":93589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Open interest on Hyperliquid hits $793M amid TradFi trading surge.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1823,1308],"class_list":["post-93588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-hyperliquid","tag-rwa"],"aioseo_notices":[],"amp_enabled":true,"views":"194","promo_type":"1","layout_type":"1","short_excerpt":"Open interest on Hyperliquid hits $793M amid TradFi trading surge.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=93588"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93588\/revisions"}],"predecessor-version":[{"id":93590,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93588\/revisions\/93590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/93589"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=93588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=93588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=93588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}