Hyperliquid HIP-3 open interest hits $1.43B, led by tokenized assets, with Trade.xyz driving 90% of volume and activity growth.
Hyperliquid’s HIP-3 markets reached a record $1.43 billion in open interest by mid-March 2026, marking over 100-fold growth within six months of launch.
The rise has been driven by increased activity in tokenized traditional assets rather than crypto pairs.
Trade.xyz, developed by Hyperunit, holds nearly 90% of this open interest and processes about $22 billion in daily volume, accounting for roughly 90% of total HIP-3 trading activity.
Tokenized Assets Overtake Crypto in Market Activity
Data from the top 30 markets on Trade.xyz shows that only seven are crypto pairs.
The remaining markets focus on tokenized assets such as equity futures, stock contracts, and commodities. These include the S&P 500, NASDAQ, NVIDIA stock, gold, silver, and crude oil.
Hyperliquid’s HIP-3 market open interest (OI) has surpassed $1.43 billion, reaching an all-time high. Data shows that the WTI crude oil perpetual contract recorded a 24-hour trading volume of $1.39 billion, ranking second across the platform, only behind BTC and surpassing ETH.… pic.twitter.com/SriRaWCrUy
— Wu Blockchain (@WuBlockchain) March 18, 2026
Crude oil contracts have seen strong demand. The WTI crude oil perpetual contract recorded about $1.39 billion in 24-hour volume.
It ranked second on the platform, behind Bitcoin, and ahead of Ethereum. This shift shows that traders are moving toward real-world asset exposure on-chain.
The platform operates continuously, which allows trading at any time. Traditional exchanges close during weekends and after market hours.
HIP-3 markets fill this gap and provide access to price movements during off-hours. This feature has attracted users who were not active in crypto before.
Growth Driven by Access and New User Base
The 24/7 trading model has expanded the user base beyond crypto-native participants.
Reports indicate that tens of thousands of users entered the ecosystem through tokenized asset trading. These users seek access to global markets without time restrictions.
Hyperliquid’s broader platform also shows strong performance. Total open interest across all markets reached about $6.41 billion in March 2026.
However, HIP-3 growth stands out due to its focus on tokenized instruments and its rapid expansion within a short period.
Protocol revenue has also increased alongside trading activity. The annualized revenue run rate reached about $843 million.
A portion of this revenue supports the HYPE token through buybacks and burns, which links platform growth to token performance.
Related Reading: Hyperliquid’s HIP-3 Hits $93B Volume as On-Chain Trading Explodes
HYPE Token Gains and Future Expansion Plans
The HYPE token has risen more than 50% since the start of the year. During the same period, Bitcoin declined by about 15%.
This contrast shows that platform-specific growth can drive token performance independently of the wider crypto market. Hyperliquid has also introduced plans for further expansion.
The upcoming HIP-4 upgrade will allow permissionless listing of prediction markets. This feature will add new instruments to the ecosystem and broaden its use cases.
Under the HIP-3 model, users can launch new perpetual markets by staking 500,000 HYPE tokens. This mechanism ties market expansion directly to token demand.
As more markets launch, the role of HYPE within the system is expected to grow. The rise of tokenized assets on Hyperliquid reflects a shift in trading behavior.
With continuous access and a wide range of instruments, the platform is drawing attention from both crypto and traditional market participants.
