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HIP-3 Open Interest Tops $2 Billion on Rising Tokenized Equity Demand

Hyperliquid’s HIP-3 market open interest reached a record $2.38 billion after rising about 580% from the start of the year, with stock and commodity perpetuals expanding alongside strong S&P 500 futures activity.

HYPE

Summary

Hyperliquid’s HIP-3 market open interest climbed to a record $2.38 billion, up about 580% from roughly $280 million at the start of the year. The market surpassed $1 billion in less than a month and reached $2 billion by late March. The latest growth was driven in part by rapid expansion in stock and commodity perpetuals, with S&P 500 futures playing a key role in the increase.

Terms & Concepts
  • Open interest: The total value or number of active derivatives positions that have not been closed or settled.
  • HIP-3: A Hyperliquid market segment referenced in the report, where trading activity and open interest in related derivatives have expanded sharply.
  • Perpetuals: Derivative contracts with no expiration date, commonly used in crypto markets to gain leveraged exposure to an asset’s price.