TechFlow News: On March 18, according to The Block, Hyperliquid’s HIP-3 market open interest (OI) hit a record high of $1.43 billion last Saturday—more than 100x higher than when the first HIP-3 markets launched six months ago.
From a market-structure perspective, Trade.xyz—a platform developed by Hyperliquid’s tokenization division, Hyperunit—accounts for approximately 90% of HIP-3’s open interest, with daily trading volume reaching $22 billion. Notably, among Trade.xyz’s top 30 trading markets, only seven are cryptocurrency pairs; the remaining markets consist of tokenized traditional assets—including S&P 500 and Nasdaq index futures, single-stock contracts, and commodity contracts such as gold, silver, and crude oil.
Analysts suggest that the HIP-3 market operates 24/7, filling the price-discovery gap during traditional exchange holidays and off-hours—thereby attracting a large number of investors previously lacking access to trading venues, and expanding the user base beyond crypto-native participants.
