On March 14, the total open interest (OI) on the HIP-3 exchange of Hyperliquid reached a record $1.43 billion. In just six months since the launch of the first markets in this new format, the figure has increased more than 100-fold.
As of this writing, the OI stands at $1.34 billion.
The leader in this segment is the Trade.xyz platform from the Hyperunit division, accounting for nearly 90% of the total open interest, with a daily trading volume reaching $22 billion.
Among the top 30 trading instruments on the platform, only seven are cryptocurrency pairs. The remaining instruments are traditional assets:
- futures on individual stocks;
- stocks of companies listed on the S&P 500 and Nasdaq;
- contracts for gold, silver, and oil.
On March 18, 2026, S&P Dow Jones Indices granted Trade.xyz a license to launch the first official perpetual contracts on the S&P 500 index. Trading on this instrument occurs around the clock on the Hyperliquid network, allowing investors outside the U.S. to access the main American benchmark through DeFi infrastructure.
The popularity of non-cryptocurrency derivatives is attributed to the 24/7 trading availability. The ability to trade on weekends and after traditional exchanges close attracts a new audience beyond the crypto community.
On March 17, the native token HYPE climbed to 10th place in market capitalization among cryptocurrencies, surpassing ADA.
At the time of writing, the token is trading at $40.74 (-1% over the day). It has risen 17.3% over the week and 35.3% over the month.
For reference, on March 11, Hyperliquid surpassed the $4 trillion mark in cumulative trading volume for perpetual futures. It took the project three years to reach this milestone.