ChainCatcher report: The open interest (OI) on Hyperliquid’s HIP-3 market peaked at approximately $2.38 billion and remains elevated at around $2.1 billion, representing a year-to-date increase of about 580%. This growth is primarily driven by “non-crypto assets.” Of the top ten trading markets on the platform, only three are crypto pairs; the rest consist of tokenized stocks and commodities, including the Nasdaq Index, S&P 500, crude oil, gold, and silver. Analysis indicates that the core driver is demand for “24/7 trading of traditional assets.” Unlike traditional markets, which are limited by trading hours, HIP-3 enables investors to trade exposure to stocks and commodities around the clock through on-chain settlement and a non-intermediary structure. Additionally, TradeXYZ accounts for over 90% of HIP-3’s open interest, serving as the primary source of liquidity in this segment.
Hyperliquid HIP-3 open interest exceeds $2 billion, fueled by tokenized traditional assets
ChaincatcherShare
Summary
Hyperliquid's HIP-3 open interest reached $2.38 billion, peaking before stabilizing near $2.1 billion—a 580% increase year-to-date. Most growth stems from tokenized traditional assets such as Nasdaq, S&P 500, crude oil, gold, and silver. Only three of the top ten trading pairs are crypto-native. Analysts attribute the surge to demand for 24/7 trading and on-chain settlement. TradeXYZ holds over 90% of open interest, serving as the primary liquidity provider. Interest rates and market access drive much of the on-chain activity.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.