Layer-1 blockchain Hyperliquid has reached a new milestone as its HIP-3 (Builder-Deployed Perpetuals) framework records $793 million in open interest (OI). The growth is fueled by a surge in commodities trading, highlighting the platform’s rising adoption among builders and traders creating onchain perpetual futures markets.
HIP-3 Framework and Market Launch
HIP-3, which went live in mid-October, enables anyone to launch perpetual futures contracts for any asset with a valid price feed. A key requirement for deploying a market is staking 500,000 HYPE tokens, ensuring commitment from market creators and maintaining network security. The framework is fully permissionless, allowing developers to launch markets independently without approval.
Trading Volume and Market Leaders
Since its launch, HIP-3 has recorded $25 billion in trading volume, with TradeXYZ—developed by Hyperunit, Hyperliquid’s tokenization division—driving most activity. Its top markets include:
- XYZ100 Index – $12.7 billion volume, $165.4 million OI
- Silver – $3.0 billion volume
- Nvidia – $1.2 billion volume
TradeXYZ alone accounts for over $22 billion in trading, representing the majority of HIP-3’s total open interest.
According to data from Flow Scan;
Commodities Boom Driving Growth
The surge in HIP-3 adoption coincides with precious metals reaching record highs, including gold surpassing $5,000 per ounce. HIP-3 OI has grown rapidly, climbing from $260 million a month ago to its current $793 million, reflecting strong interest in decentralized commodities and index markets.
Hyperliquid’s HIP-3 highlights the increasing demand for permissionless, onchain derivatives, positioning the platform as a key player in decentralized perpetual futures markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.