The sharp rise in trading TradFi instruments on user markets for perpetual contracts HIP-3 has pushed open interest (OI) on Hyperliquid to $793 million.
HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.
— Hyperliquid (@HyperliquidX) January 26, 2026
HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.
“OI on HIP-3 is setting new historical highs every week. A month ago, it was $260 million,” noted the platform's team.
HIP-3 is an enhancement mechanism for the Hyperliquid protocol, activated in mid-October 2025. The system allows developers to launch perpetual contracts on any asset, requiring a stake of 500,000 HYPE.
The surge in activity on DEX coincided with a global rally in precious metals. This week, the price of gold surpassed $5000 per ounce for the first time.
Since its launch, the total trading volume on HIP-3 has exceeded $25 billion, with most coming from the TradeXYZ initiative—Hyperliquid's division responsible for RWA.
Source: Flow Scan.The largest markets currently are:
- XYZ100 — a composite index of the 100 largest public companies (turnover $12.7 billion);
- silver ($3 billion);
- Nvidia ($1.2 billion).
XYZ100 has the highest open interest at $165.4 million, accounting for 20% of the total for HIP-3 ($793.27 million).
Most Liquid Platform
Hyperliquid co-founder Jeff Yang stated that perp-DEX has become the most liquid venue in the world. He noted that the “order book depth” in the BTC/USDT pair has surpassed that of the Binance exchange.
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).
— jeff.hl (@chameleon_jeff) January 26, 2026
With HIP-3 teams leading the way, Hyperliquid has also… https://t.co/xu41eTqPfI pic.twitter.com/aJCFYjMoxV
Hyperliquid has recorded a tighter spread—$1 for the perpetual Bitcoin contract—compared to Binance, where the spread was around $5.5 at the same time.
The total sell orders on Hyperliquid reached 140 BTC, while on Binance it did not exceed 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 all for your hard work as we modernize the financial system and bring all finance together in one place,” Yang noted.
It is worth mentioning that in December, DeFi analyst Jordi warned about the risks of slashing and losses on new DEX markets.