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.