Hyperliquid's HIP-3 DEXs hit all-time high of $790 million in open interest amid commodities trading boom

Hyperliquid said a “surge in commodities trading” is pushing open interest on HIP-3 deployed decentralized exchanges to fresh all-time highs. According to onchain data, open interest has peaked to a fresh high above $790 million. 

Additionally, Hyperliquid CEO Jeff Yan claims that the platform is now the world’s “most liquid venue for crypto price discovery,” as spreads compress on the popular DEX compared to Binance, the leading crypto derivatives exchange. 

According to screenshots shared by Yan, Hyperliquid quoted a tighter spread of $1 for a BTC perps contract compared to about $5.50 on Binance. The cumulative ask size on Hyperliquid also hit 140 BTC, versus 80 BTC on Binance.

“With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets,” Yan said. “Thank you to everyone's hard work as we upgrade the financial system and house all of finance.”

HIP-3, or Hyperliquid Improvement Proposal 3, introduced "Builder-Deployed Perpetuals” in October, representing a major upgrade to the Hyperliquid protocol that unlocked the permissionless deployment of perpetual futures markets. 

Qualified builders with enough staked HYPE tokens can now deploy and operate their own perp DEXs and individual perpetual markets directly on Hyperliquid's HyperCore infrastructure. These markets have seen rocketing growth recently, perhaps tied to growing commodities trading, as metals like gold and silver hit fresh highs. 

“HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260 million,” Hyperliquid said on Monday.

According to Flowscan data, TradeXYZ is the leading HIP-3 DEX, with about $22 billion in daily trading volume, representing about 90% of the total market share.