Hyperliquid's open interest surged to $1.43 billion, driven by stock and commodity trading, with Trade.xyz leading the charge.
On March 14, Hyperliquid's HIP-3 exchange achieved a remarkable milestone with total open interest (OI) hitting $1.43 billion, marking a more than 100-fold increase in just six months since its market launch. Currently, the OI stands at $1.34 billion.
Trade.xyz, a platform under the Hyperunit division, dominates this space, representing nearly 90% of the total open interest and boasting a daily trading volume of $22 billion.
Among the top 30 trading instruments on Trade.xyz, only seven involve cryptocurrency pairs, while the majority are traditional financial assets, including:
- futures on individual stocks;
- stocks from S&P 500 and Nasdaq-listed companies;
- contracts for gold, silver, and oil.
On March 18, 2026, S&P Dow Jones Indices awarded Trade.xyz a license to introduce the first official perpetual contracts on the S&P 500 index. This allows for 24/7 trading on the Hyperliquid network, providing non-U.S. investors access to this key American benchmark through decentralized finance (DeFi) solutions.
The surge in interest in non-cryptocurrency derivatives is largely attributed to the ability to trade around the clock, including weekends, drawing in a broader audience beyond crypto enthusiasts.
On March 17, Hyperliquid's native token, HYPE, reached the 10th position in cryptocurrency market capitalization, overtaking ADA. As of now, HYPE is trading at $40.74, reflecting a slight daily decline of 1%, but a notable increase of 17.3% over the past week and 35.3% over the month.
Additionally, on March 11, Hyperliquid crossed the $4 trillion threshold in cumulative trading volume for perpetual futures, a significant achievement that took three years to accomplish.
