The Open Interest (OI) in the HIP-3 markets within the Hyperliquid network remains at a consistently high level—over $2 billion in April 2026. The daily peak was recorded on April 4, when the figure reached $2.38 billion. Since the beginning of the year, this figure has grown nearly 12 times, as at the start of 2026, the cumulative open interest was approximately $10 billion. As of today, the total open interest has surpassed $126 billion.
This is reported by Business • Media
Market Structure of HIP-3 and Key Players
The majority of trading volume is provided by the decentralized platform TradeXYZ, which accounts for about $180 billion of over $183 billion in total HIP-3 trading volume. The number of traders on HIP-3 exceeds 263,000, and the total number of transactions has already surpassed 153 million.
According to The Block, among the ten largest markets by volume, only three are represented by cryptocurrency pairs. The rest are tokenized assets: analogs of Nasdaq, futures on oil, gold, silver, and the S&P 500 index. Trading is available 24/7, significantly expanding opportunities for traders who wish to work with stocks and commodities outside traditional trading hours.
“HIP-3 provides this opportunity in a 24/7 format without intermediaries and with on-chain settlements.”
HIP-3: A New Stage in the Development of Hyperliquid
HIP-3 is a significant update to the Hyperliquid ecosystem, allowing for fully open markets for perpetual futures on crypto assets. Previously, market creation depended on centralized decisions by the team; now, any developer can launch their own market directly within the on-chain infrastructure, provided they stake a substantial amount of HYPE tokens. News of the preparations for the launch of HIP-3 emerged as early as October 2025.
According to estimates from The Block, exceeding a daily open interest of $5 billion could be a turning point for HIP-3. This could attract market makers who are currently operating on traditional exchanges.
There is a possibility that the Hyperliquid ecosystem will extend beyond perpetual futures, moving into the segment of spot tokenized stocks. Such a step could enhance competition with traditional stock markets and stimulate a quicker response from regulators.
By early March 2026, the daily trading volume of oil on Hyperliquid had already exceeded $1.7 billion, indicating a significant increase in interest in tokenized commodities on the platform.