HyperLiquid’s HIP-3 open interest hit $793M ATH on Monday
Layer-1 blockchain network HyperLiquid has seen an explosion in trading this month through “builder-engaged perpetuals”, reaching a new high in open demand on Monday.
In a post on X, HyperLiquid attributed the rapid adoption of HIP-3 — a license-free market-making framework — to commodity trading.
“HIP-3 open interest is at an all-time high of $790M, due to recent surge in commodity trading. HIP-3 OI is hitting new ATHs every week. A month ago, HIP-3 OI was $260M.”
HIP-3 was a hyper-fluid reform proposal released in mid-October. Its entry allows builders to initiate sustainable futures contracts for any asset with a price feed.
The main requirement for anyone starting a perpetual exchange on Hyperliquid is to have 500,000 HYPE participants on the network to deploy the contract.
Trading activity on the HIP-3 has come amid gains in precious metals, with both gold and silver continuing to breach new ATHs over the past few months. This week, gold broke the $5,000 price barrier for the first time in its history, but the crypto market has lagged behind.
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According to data from Flow Scan, HIP-3 has seen $25 billion worth of business since its launch.
Most of the activity comes from the markets opened by TradeXYZ, which has over $22 billion.
TradeXYZ was developed by Hyperunit, Hyperliquid's tokenization arm. Its biggest markets are currently the XYZ100 – an index that tracks the top 100 companies, Silver and Nvidia, at $12.7 billion, $3.0 billion and $1.2 billion respectively.
The largest market, XYZ100, currently has an OI of $165.4 million, at the time of writing, which represents 20% of the total $793.27 million OI on HIP-3.
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