Hyperliquid HIP-3 Open Interest Breaks $1.4 Billion, Nasdaq Gold Trading Ignites Demand

Hyperliquid’s HIP-3 market reached a new all-time high last Saturday, with total open interest (OI) hitting $1.43 billion, more than 100 times the launch of the first HIP-3 market six months ago. The explosive growth is led by trade.xyz, a platform built by Hyperunit, the tokenization division, which accounts for nearly 90% of HIP-3’s open interest.

From Seven to Twenty-Three: How Non-Crypto Assets Are Leading HIP-3

(Source: The Block)

Among the top 30 trading markets on trade.xyz, only 7 are cryptocurrency trading pairs, while the remaining 23 are tokenized traditional assets. These include:

Stock futures and contracts: S&P 500, Nasdaq, and several individual stocks

Commodity contracts: Gold, silver, crude oil

According to data analysis from The Block, the growth curve of “non-crypto” contracts is nearly vertical, indicating a short-term surge in demand for on-chain trading of traditional assets, far exceeding previous industry expectations. This structural composition also reveals a key signal: the user base served by HIP-3 is no longer purely crypto-native traders.

24/7 Trading: Breaking the Traditional Market Time Barriers

The core competitive advantage of HIP-3’s growth is its 24/7 continuous trading mechanism. Traditional stock and commodity exchanges are closed on weekends and outside trading hours, preventing investors from real-time pricing or hedging during major macro events (such as geopolitical conflicts or central bank emergency statements).

Tokenized markets on HIP-3 fill this gap. Traditional investors wanting to hedge stock risks over the weekend, crypto-native users seeking seamless access to traditional assets, and weekend traders attracted by the convenience of round-the-clock trading—all previously lacked a trading venue—forming new demand sources for HIP-3. This expands Hyperliquid’s target market from just crypto users to a broader global investor base.

HYPE Token Performance and the Expansion of HIP-4

Amid the continuous expansion of HIP-3, Hyperliquid’s native token HYPE has risen over 50% this year, while Bitcoin (BTC) has declined about 15%. HYPE’s relative strength is particularly notable, making it one of the best-performing mainstream crypto assets on the market.

Hyperliquid recently announced HIP-4, which will further expand the ecosystem by supporting permissionless listing of prediction markets. These markets allow users to bet on real-world event outcomes. If HIP-4 replicates HIP-3’s growth trajectory, it has the potential to further grow the platform’s user base and trading volume, becoming a high-growth point within the Hyperliquid ecosystem.

Frequently Asked Questions

What is Hyperliquid’s HIP-3, and why is it growing so rapidly?

HIP-3 is a tokenized asset trading framework within the Hyperliquid ecosystem, enabling on-chain trading of traditional assets via smart contracts, including stock futures and commodities. Its explosive growth is mainly driven by its 24/7 continuous trading mechanism, allowing investors to price and trade stocks and commodities in real-time even when traditional exchanges are closed (especially on weekends).

What is the relationship between trade.xyz and Hyperliquid?

trade.xyz is a platform built by Hyperliquid’s tokenization division Hyperunit. It operates within the HIP-3 framework and currently accounts for nearly 90% of HIP-3’s open interest and trading volume, with an average daily trading volume of $22 billion. It is the primary trading gateway within the HIP-3 ecosystem.

How has the HYPE token performed this year?

HYPE has risen over 50% so far this year, making it one of the best-performing mainstream crypto assets. Its strong performance is directly related to the ongoing expansion of the Hyperliquid ecosystem, especially the explosive growth of HIP-3 tokenized markets.