Svmuu News Hyperliquid's HIP-3 market open interest (OI) peaked at approximately $2.38 billion and currently remains at a high level around $2.1 billion, representing a growth of about 580% year-to-date.
The growth is primarily driven by "non-crypto assets." Among the platform's top ten markets by trading volume, only three are crypto trading pairs; the rest are tokenized stocks and commodities, including the Nasdaq Index, S&P 500, crude oil, gold, and silver.
Analysis indicates the core driver stems from the demand for "24/7 trading of traditional assets." Compared to traditional markets constrained by trading hours, HIP-3 enables investors to trade stock and commodity exposures around the clock through its on-chain settlement and non-intermediated structure.
Furthermore, TradeXYZ accounts for over 90% of HIP-3's open interest, becoming the primary source of liquidity in this segment.