Open interest (OI) in the HIP-3 markets on the Hyperliquid network has consistently remained above $2 billion in April 2026. The daily peak was recorded on April 4, when this figure reached approximately $2.38 billion. Overall, the total open interest on the platform surpassed $126 billion, demonstrating significant growth since the beginning of the year.
This is reported by Finway
“Since the start of 2026, the figure has increased by approximately 12 times.”
Market Dynamics of HIP-3 on Hyperliquid
According to the analytical platform Flowscan, at the beginning of 2026, the cumulative open interest in HIP-3 was around $10 billion. Over the course of three and a half months, this figure increased nearly 12 times. A significant portion of the trading volume is provided by the decentralized platform TradeXYZ, which accounts for about $180 billion of the total $183 billion trading volume in HIP-3. The number of traders in the HIP-3 markets exceeds 263,000, and the total number of executed trades is over 153 million.
Features of HIP-3 Operations and Market Structure
HIP-3 is an important update to the Hyperliquid ecosystem, which involves the platform’s transition to public markets for perpetual futures on crypto assets. Each developer has the opportunity to create their own market directly on-chain, requiring only a substantial stake of HYPE tokens. Thanks to this decentralized model, HIP-3 provides flexibility and openness for new market participants.
The trading structure in the HIP-3 markets is quite diverse. Only three of the ten largest markets by volume are represented by cryptocurrency pairs; the others consist of tokenized assets, including analogs of Nasdaq, futures on oil, gold, silver, and the S&P 500 index. This approach allows traders to access a wide range of financial instruments around the clock, without intermediaries and with on-chain settlements.
Experts estimate that when open interest in HIP-3 exceeds $5 billion in a day, it could mark a key milestone for attracting new market makers from traditional exchanges. Furthermore, there is potential for further expansion of the ecosystem towards spot tokenized equities, which is likely to intensify competition with traditional stock markets and may accelerate regulatory responses.
By early March 2026, the trading volume of oil on Hyperliquid had already exceeded $1.7 billion per day, indicating growing interest among market participants in trading tokenized commodities.