Hyperliquid's HIP-3 decentralized exchanges have reached a new all-time high in open interest, hitting $793 million amidst a surge in commodities trading. This milestone signifies a substantial increase in trading activity and investor interest within the commodities sector on the platform.
The open interest in HIP-3 contracts has seen remarkable growth, jumping from approximately $260 million just a month ago. This surge reflects a growing appetite for commodity trading, potentially fueled by increasing interest in safe-haven assets like gold and silver.
Hyperliquid's CEO, Jeff Yan, noted that Hyperliquid has become the most liquid venue for perpetuals on traditional finance (TradFi) assets, boasting tighter Bitcoin perpetual spreads than Binance.
HIP-3, which stands for Hyperliquid Improvement Proposal 3, was launched in October 2025. It empowers qualified developers to deploy their own perpetual futures markets on Hyperliquid's HyperCore infrastructure without requiring permission. This permissionless aspect allows for a wider range of markets to be available on the platform, bringing it closer to the offerings of centralized exchanges. To deploy markets, developers need to meet certain staking requirements.
Open interest refers to the total value of outstanding contracts in a derivatives market. The significant increase in open interest on Hyperliquid's HIP-3 platform suggests growing confidence and participation in its decentralized trading environment.
Market sentiment indicates a strong belief in Hyperliquid's potential for further growth, with predictions of reaching at least $1 billion in open interest. Some traders foresee even more ambitious levels, between $2 billion and $4 billion, although there's also a view that $9 billion to $10 billion is possible. This optimism is partly attributed to HIP-3's 90% fee reduction, which is expected to drive institutional adoption, and Hyperliquid's existing dominance in perpetual futures volume.
The rise in open interest also propelled gains for Hyperliquid's native token, HYPE, which saw double-digit gains as commodities trading surged. HYPE is up 13% over the past 24 hours after rising above a key trendline and the 20-day EMA.
While HIP-3's $790 million open interest marks a significant achievement, it still represents a fraction of Hyperliquid's overall $8 billion open interest across all markets.
