Hyperliquid HIP-3 Market Open Interest Hits All-Time High

On March 18, data showed Hyperliquid’s HIP-3 market total open interest reached $1.43 billion as of March 15—setting a new all-time high. Since the first batch of HIP-3 markets launched six months ago, this metric has surged more than 100x. Currently, **trade.xyz**—built by Hyperliquid’s tokenization arm Hyperunit—dominates the space: it accounts for roughly 90% of the open interest, while its daily trading volume hovers around $22 billion (also ~90% of total HIP-3 trading activity). Notably, only 7 of the top 30 markets by volume on trade.xyz are crypto pairs; the majority are tokenized traditional assets, including S&P 500, Nasdaq, single-stock futures, and commodities like gold, silver, and crude oil. Analysts cite 24/7 trading support as a key driver of HIP-3’s growth—this feature lets traditional assets break free from standard market hours constraints.