Decentralized exchange Hyperliquid’s permissionless platform, which lets anyone create perpetual futures tied to any asset, is more popular than ever.
Since its debut on Oct. 13, the so-called HIP-3 market has steadily gained traction, with open interest — the total value of all active contracts — hitting a record $1.2 billion on Sunday, according to data source ASXN. It has since remained at all times as a sign of growing adoption and activity on the platform.
Growth has been driven by booming activity in futures linked to stocks and commodities, including oil, gold and silver. It highlights how decentralized markets are increasingly being used to trade traditional assets, particularly as a price discovery tool on weekends when traditional exchanges are closed.
This story is worth discussing, Arca said in a weekly update, nothing the massive increase in activity on Hyperliquid.
“Interestingly, on Hyperliquid only 7 of the top 30 markets are crypto pairs, while on Trade.XYZ the vast majority are commodity and stock pairs. This makes sense given the movements in silver, gold and oil over the past few months, and it’s a testament to Hyperliquid that we finally have a trading platform that means RWA sizing is right.”
At the time of writing, the tokenized equity futures contract XYZ100-USDC led the pack with open interest at $213 million, followed by the oil-focused CL-USDC at $169.8 million. Other top contracts included futures linked to Brent crude, the S&P 500, silver and gold.
CL-USDC led in trading volume, seeing $1.62 billion in activity over 24 hours.
This follows the weekend rise in prices for a select few crude grades, such as Murban crude, which traded at $103 a barrel as the conflict in the Middle East intensified, disrupting tanker flows through the Strait of Hormuz. Major oil benchmarks, such as Brent and WTI, rose above $110 a barrel. barrel on Monday before plunging into double figures.
HIP-3, Hyperliquid’s builder-deployed perpetual futures, has shaken up how markets are made. Instead of limiting new contracts to a small set of validators, anyone can launch a market by staking 500,000 HYPE tokens – which serve as both a deposit and a guard against spam.
This essentially puts the power to create markets in the hands of the community, opening the door to a far wider range of trading opportunities than traditional platforms allow.
