Hyperliquid HIP-3 Open Interest Hits $790M Record as Commodities Trading Explodes
Permissionless commodity markets drive a 3x liquidity surge on Hyperliquid, pushing open interest to $790M and HYPE price to $26.
Silver and Gold perps drive a 3x surge in permissionless market liquidity, pushing HYPE token up 20%.
Hyperliquid’s permissionless “HIP-3” markets reached a record $790 million in open interest (OI) on Monday, tripling from $260 million just 30 days ago. The surge is being fueled by an influx of capital into decentralized commodity derivatives, specifically Silver and Gold, demonstrating a shift in trader preference toward on-chain infrastructure for traditional assets.
The platform’s native token, HYPE, reacted violently to the data, jumping 20% to ~$26.80 as the “flywheel” effect of the HIP-3 mechanism took hold. Under HIP-3 (Hyperliquid Improvement Proposal 3), builders must stake HYPE to deploy permissionless perpetual markets, directly linking network utility to the expansion of asset listings.
Commodities Flipping Crypto-Native Volume
While meme coins typically dominate decentralized exchange (DEX) volume, Hyperliquid’s recent growth is idiosyncratic. The primary driver is TradeXYZ, a builder-deployed venue on Hyperliquid accounting for the lion’s share of the new open interest. Traders are using these permissionless rails to hedge macro uncertainty via Silver and Gold perps, which have consistently ranked in the platform’s top ten volume pairs this week.
Hyperliquid founder Jeff Yan highlighted the efficiency gap between his Layer 1 and centralized incumbents, sharing data showing Hyperliquid quoting a $1 spread on Bitcoin perps versus a ~$5.50 spread on a major CEX. This execution quality is attracting volume that historically remained off-chain.
Hyperliquid has grown to become the most liquid venue for perps on tradfi assets.
The Permissionless Model
The $790M figure validates the “Exchange of Exchanges” thesis. Unlike competitors that rely on DAO governance or core teams to whitelist assets, HIP-3 allows any entity with sufficient stake to list a perpetual contract. This has allowed Hyperliquid to front-run centralized exchanges on niche assets and capture the commodities rotation faster than compliant, slower-moving CEXs.
