Open Interest on Hyperliquid Hits Record $790 Million

Hyperliquid has set a new record for open interest (OI) on its perpetual contracts platform, reaching an impressive $793 million. This increase is largely attributed to a notable uptick in trading within commodities, particularly as the prices of precious metals have surged.

“OI on HIP-3 is setting new historical highs every week. A month ago, it was $260 million,” shared the platform’s team.

Introduced in mid-October 2025, HIP-3 is a mechanism that enables developers to create perpetual contracts on various assets, requiring a minimum stake of 500,000 HYPE tokens. Since its launch, the overall trading volume has surpassed $25 billion, with a significant contribution from Hyperliquid's TradeXYZ initiative.

Currently, the most active markets include the XYZ100 index, which features the 100 largest public companies, and commodities like silver and prominent stocks such as Nvidia. The XYZ100 index alone holds an open interest of $165.4 million, representing a substantial portion of the total OI for HIP-3.

Leading the Market

Hyperliquid co-founder Jeff Yang announced that the platform has emerged as the most liquid trading venue globally, even surpassing Binance for the BTC/USDT trading pair. He highlighted a tighter spread of just $1 for perpetual Bitcoin contracts on Hyperliquid, compared to Binance's spread of $5.5. The platform recorded sell orders of 140 BTC, in contrast to Binance's maximum of 80 BTC.

“Thanks to the teams working with HIP-3, we have also become the most liquid venue for perpetual contracts on traditional assets. Thank you for your hard work as we modernize the financial system,” Yang remarked.

Despite the platform's rapid growth, concerns regarding risks associated with slashing and losses in new decentralized exchanges (DEXs) have been raised by analysts.