Hyperliquid open interest hit a 2026 high today. Peak OI reached $11.07B before settling around $10.88B. The headline isn’t the interesting part. HIP-3 markets now account for $3.69B of that total. That’s roughly one-third of all open interest sitting in permissionless markets rather than Hyperliquid’s core order book. @HyperliquidX isn’t only growing perp volume anymore. It’s becoming the venue where new markets bootstrap liquidity without waiting for a centralized listing or governance approval. RWA open interest reaching a new high inside HIP-3 reinforces that trend. The permissionless layer is no longer dominated by experimental assets. Capital is beginning to concentrate there as new market categories emerge. Total open interest is the headline. HIP-3’s share of that open interest tells you where the platform’s growth is actually coming from.