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Open interest in Hyperliquid’s HIP-3 markets reached a record $1.43 billion.
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The markets allow trading of tokenized equities and commodities 24 hours a day.
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Non-crypto assets such as stock and commodity contracts now dominate trading activity.
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The platform’s growth has been driven by demand for trading outside traditional market hours.
Rapid Growth of Hyperliquid’s Tokenized Markets
Open interest across Hyperliquid’s HIP-3 markets has reached a new record of $1.43 billion. The figure represents a more than 100-fold increase since the first HIP-3 markets launched about six months ago.
Most of the activity occurs on trade.xyz, a platform developed by Hyperliquid’s tokenization division Hyperunit.
Trade.xyz currently accounts for nearly 90% of the open interest across HIP-3 markets and processes around $22 billion in daily trading volume.
Tokenized Traditional Assets Drive Activity
While the platform supports cryptocurrency trading pairs, most of the top markets now involve tokenized versions of traditional financial assets.
Among the most actively traded products are contracts linked to equity indices such as the S&P 500 and NASDAQ, as well as individual stocks and commodities like gold, silver, and crude oil.
Out of the top 30 markets on the platform, only seven involve crypto trading pairs.
24/7 Trading Attracts New Participants
One of the main reasons for the rapid growth is the ability to trade these assets around the clock.
Traditional financial markets operate on fixed schedules and remain closed during weekends and off-hours. Hyperliquid’s tokenized markets allow traders to continue trading during these periods.
This feature has attracted users who previously had no way to trade certain assets outside regular market hours.
Ecosystem Continues to Expand
Hyperliquid’s native HYPE token has performed strongly in the market, rising more than 50% since the beginning of the year.
The project is also preparing to launch HIP-4, a new proposal that would enable permissionless prediction markets on the platform.
Developers see tokenized trading and always-open markets as a potential growth driver that could expand the reach of decentralized finance beyond traditional crypto assets.
