Hyperliquid claims global crypto liquidity leadership as BTC perpetual spreads tighten, HIP-3 growth accelerates, and TradFi perpetual markets expand rapidly.
Hyperliquid entered 2026 with a bold claim that reshaped ongoing discussions around crypto market structure. Founder Jeff stated that the platform slyly become the most liquid place for worldwide crypto price discovery. He provided comparative data by pointing out Bitcoin perpetual liquidity vs Binance, signaling a significant competitive shift.
Hyperliquid Founder Highlights Liquidity Milestone in BTC Perpetual Markets
Accordingly, Jeff’s post focused on more stringent execution conditions across major trading pairs. Hyperliquid quoted a BTC perpetual spread of around $1, while Binance was showing around $5.50. Moreover, cumulative ask liquidity reached 140 BTC on Hyperliquid, which is more than Binance’s 80 BTC in comparison.
HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.
HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.
— Hyperliquid (@HyperliquidX) January 26, 2026
In addition, these measures substantiated claims of greater depth of order books and better price efficiency. Liquidity depth is often the deciding factor between confident and nervous trading, especially on volatile sessions. As a result, narrower spreads mean lower slippage and better price discovery in the entire derivatives market.
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Meanwhile, Jeff attributed the sustained progress to the HIP-3 development team. Their work saw liquidity extend beyond crypto-native assets into TradFi-linked perpetuals. As a result, Hyperliquid competes more and more with centralized exchanges across various asset classes.
Furthermore, HIP-3 open interest reached a record $790M, which reflects accelerating market participation. One month earlier, open interest had been around $260M, warns the growth. This expansion indicates increasing builder activities and increased user engagement in the market with the deployment.
Notably, HIP-3 open interest has reached new all-time highs every week. There seems to be a close link between recent momentum and commodities trading activity. Metals markets, such as gold and silver, hit fresh highs, rising demand for on-chain perpetual exposure.
HIP-3 Upgrade Drives TradFi Perpetual Growth and Builder Expansion
HIP-3 was introduced in October, and it was a structural upgrade for Hyperliquid’s ecosystem. The proposal made Builder-Deployed Perpetuals possible by permissionless market creation. Consequently, qualified builders can deploy customized perpetual markets right on HyperCore infrastructure.
Under this framework, builders have to stake enough HYPE tokens to run markets. This requirement is to align incentives while ensuring network security and liquidity standards. As a result, independent perpetual DEXs are able to scale efficiently within Hyperliquid’s core environment.
Moreover, these markets led by builders saw sharp growth during the recent months. Commodities-linked perpetuals took off as economic uncertainty on the macro level rose. Therefore, traders were increasingly looking for decentralized access to traditionally centralized venue-dominated assets.
Jeff took care to highlight that HIP-3 teams spearheaded liquidity enhancements of TradFi perpetuals. This expansion made Hyperliquid a cross-market liquidity center. As a result, the platform has now added support for crypto and traditional assets exposure in a unified on-chain framework.
Importantly, Jeff was putting these developments in the context of a wholesale upgrade of the financial system. He said thanks to contributors while highlighting Hyperliquid’s long-term vision. The stated goal is nevertheless to house all finance through a transparent, decentralized infrastructure.
Overall, Hyperliquid’s claims regarding liquidity are indicative of changing dynamics within derivatives markets. While centralized exchanges are still the majority, on-chain exchanges are continuing to close the performance gap. Therefore, continual HIP-3 growth may affect future competition in the crypto and TradFi perpetual trading.
