Hyperliquid HIP-3’s open interest is trending toward multi-billion dollar value, led not only by crypto-performers but also by synthetic stocks and index products.

The modern ATH HIP-3 from Hyperliquid

Following Bitget Wallet’s integration with HIP-3 Hyperliquid’s infrastructure earlier this month, Blok claimed today that its data shows that only three of the ten most traded Hyperliquid markets are still cryptocurrency pairs: the rest are futures contracts tied to tokenized stocks and commodities.

Open interest in HIP-3 Hyperliquid markets set a modern record last week at around $2.38 billion before falling to nearly $2.1 billion on Wednesday, a modest 12% decline that reflects a broader shift in risk to the markets. This is part of Hyperliquid’s broader open interest of approximately $8 billion across the platform.

Remember that HIP-3 relies on permissionless criminals, where builders bet on HYPE to jump-start their own markets, including synthetic equity indices, single-stock style vicissitudes, and macro baskets. Traders get stock-like exposure with leverage, no closing bell and on-chain custody, as well as cross margining of cryptocurrencies and commodities in one place.

Intensive growth

The expansion of HIP-3 was explosive. The data suggests that open interest rose from around $280 million at the start of the year to over $1 billion in less than a month and then over $2 billion by the end of the quarter, an enhance of around 580% year-to-date. TradeXYZ (a decentralized perpetuals platform built on Hyperliquid) is driving this movement and is responsible for over 90% of all HIP-3 open interest.

 HIP-3 Daily Open Interest by DEX. Source: The Block.

The real tipping point for HIP-3 is around $5 billion in open interest, according to The Block. Once it reaches this zone, the markets will unleash enough flow and depth to start looking profitable for professional market making firms that currently focus on CME and CBOE products

Only three of the ten busiest markets by volume are still crypto pairs on the leading culprit DEX itself. The rest are futures contracts tied to tokenized stocks and commodities. This includes Nasdaq-style indexes, crude oil, gold, silver and the S&P 500.

What investors should look for

Hyperliquid positions itself as a de facto global macro destination where oil, gold, FX and now tokenized stocks trade side by side, with established media already using its prices as early signals.

There is a good chance that HIP-3 will eventually move beyond perpetual instruments and focus on tokenized shares in the cash market. Such a change would put it in much more direct competition with established stock exchanges and would almost certainly force regulators to respond more quickly.

For interested traders, HIP-3 markets provide exposure to high-beta stocks, always with CEX-like depth, but with added DEX-style control and protocol risk. It would be prudent to look at HIP-3 open trade volumes versus spot volumes, the rise of stock-linked Persians, and any regulatory headlines that could re-price a tokenization trade overnight.

At the moment of writing, HYPE trades for $45 on the daily chart. Source: HYPEUSDT on Tradingview.

Cover photo from Perplexity. BTCUSD chart from Tradingview.