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Hyperliquid HIP-3 DEXs Reach $790 Million Open Interest Record

Hyperliquid HIP-3 DEXs Reach $790 Million Open Interest Record

Hyperliquid’s HIP-3 protocol drives a 58% weekly surge in HYPE price, fueled by booming commodities trading volumes and record open interest levels.

HYPE

Fact Check
The statement is strongly supported by a consensus of multiple, independent, and high-authority sources. The claim is directly and consistently reported by reputable crypto news outlets such as The Block and data/research firm Messari. Several other sources from crypto exchanges like Bitget and Phemex corroborate this information, all citing the same record figure of $790 million. Furthermore, some of these reports attribute the information directly to a primary source, Hyperliquid's CEO Jeff Yan, which significantly increases the credibility of the claim. There is no conflicting evidence among the provided sources. The sources with low relevance were disregarded as they either discussed an unrelated topic with a coincidental monetary figure or lacked specific data on the matter. The overall evidence is consistent, comes from credible journalistic and industry sources, and points directly to the truthfulness of the statement.
Summary

Hyperliquid’s HYPE token price has jumped 58% over the past week to around $34, including a 27% gain in the last 24 hours. The surge coincides with HIP-3 open interest hitting an all-time high of $790 million, up from $260 million a month ago, supported by strong commodities trading, especially in silver perpetuals with $1 billion daily volume. Co-founder Jeff Yan noted that Hyperliquid is now the most liquid venue for crypto and TradFi perpetuals. Additional bullish momentum comes from diminished selling pressure, increased institutional buying, and anticipation of a Kraken listing. Fees generated by the DEX, ranked among the top five protocols by daily revenue, fund HYPE buybacks via the Assistance Fund.

Terms & Concepts
  • HIP-3: A protocol standard on Hyperliquid enabling decentralized exchanges with enhanced performance and interoperability.
  • Open Interest: The total number of outstanding derivative contracts, such as futures, that have not been settled.
  • Perpetual Contracts: A type of derivative without an expiration date, allowing continuous trading and pricing of assets like cryptocurrencies and commodities.