Hyperliquid, the high-performance decentralized perpetual exchange, has reported a historic milestone, with its total open interest (OI) soaring to an unprecedented $793 million. This substantial growth is primarily attributed to the successful implementation of Hyperliquid Improvement Proposal 3 (HIP-3), which significantly expanded the platform’s asset offerings, particularly in commodity perpetual futures.
HIP-3, deployed earlier this quarter, introduced crucial infrastructure upgrades enabling the seamless trading of traditional financial assets via secure oracle feeds. This strategic pivot allowed Hyperliquid to list key commodity pairs, including Gold (XAU) and Crude Oil (WTI) perpetual contracts, meeting strong decentralized finance (DeFi) market demand for global macro exposure.
The surge in OI underscores the high liquidity and user confidence following the upgrade. Commodity perpetuals have become the dominant driver of new capital inflow, with traders capitalizing on the recent volatility in metals and energy markets. Gold perpetuals alone accounted for a significant portion of the increase, reflecting the current economic uncertainty and the flight of capital toward decentralized assets offering exposure to traditional hedges.
Reaching nearly $800 million in open interest solidifies Hyperliquid’s position in the competitive derivatives market and demonstrates the efficacy of its low-latency trading engine in handling high volumes across diverse asset classes. The platform continues to leverage its non-custodial environment to attract users seeking robust, permissionless access to global macro trends, signaling a successful execution of the diversification strategy mandated by HIP-3.
Source: Hyperliquid HIP-3 open-interest hits $793M on commodities surge
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