Hyperliquid’s HIP-3 Open Interest Triples to $790M as Decentralized Perpetuals Gain Traction
Hyperliquid's HIP-3 framework has achieved a watershed moment, with open interest skyrocketing to a record $790 million—a threefold increase from $260 million just one month prior. The protocol's permissionless infrastructure for deploying perpetual markets is attracting builders globally, with commodity trading volumes driving recent momentum.
CEO Jeff Yan asserts Hyperliquid now rivals centralized exchanges in liquidity, citing tighter spreads and deeper order books. The platform's HyperCore infrastructure enables isolated teams to launch niche perpetual exchanges upon meeting HYPE staking requirements, further diversifying the derivatives ecosystem.
This surge underscores growing institutional confidence in decentralized finance infrastructure, particularly for price discovery mechanisms. Weekly all-time highs in HIP-3 OI suggest accelerating adoption of on-chain derivatives solutions.
