HYPE surges over 60% in a week as open interest across Hyperliquid's HIP-3 DEXs tops $925 million

HYPE has jumped more than 60% over the past week, trading near $35, as open interest and trading activity on Hyperliquid continued to rise following a surge in commodities-focused derivatives.

According to The Block’s HYPE price page, the token has climbed roughly 50% over the past three days alone, extending gains after Hyperliquid reported earlier this week that open interest across its HIP-3 decentralized exchanges had reached a record near $790 million.

Data from Flowscan now show aggregate open interest across HIP-3 DEXs has pushed above $925 million. Total Hyperliquid futures open interest currently stands at around $7.8 billion, per CoinGlass data.

Hyperliquid is an onchain perpetuals trading platform designed to offer high-speed, low-latency derivatives trading without relying on centralized intermediaries. The protocol runs its own custom execution Layer 1 network and has positioned itself as a venue for both crypto-native and non-crypto markets, including commodities futures.

HIP-3 refers to a protocol upgrade activated by Hyperliquid in late 2025 that enables permissionless creation of perpetual futures markets on the platform. The upgrade allows third-party developers to deploy their own perpetual DEXs — known collectively as HIP-3 DEXs — while sharing liquidity and infrastructure with Hyperliquid’s core system, helping drive the recent expansion in open interest.

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Commodities trading boom

HYPE’s rally has coincided with a sharp increase in commodities trading on the platform. Precious metals contracts have seen outsized activity in recent sessions, with silver futures alone generating more than $1 billion in 24-hour trading volume, topping the HIP-3 markets leaderboard as silver prices continue to make new all-time highs.

Derivatives indicators have also turned more constructive. Analysts at Derive said option market metrics tied to HYPE have rebounded from recent bearish levels, pointing to renewed demand for upside exposure as options volumes rise.

Blockchain data further showed signs of spot demand. Onchain analysts Lookonchain flagged a newly created wallet that transferred about $45 million in USDC from Binance to Hyperliquid and accumulated nearly 290,000 HYPE tokens worth roughly $9.8 million, with purchases still ongoing.

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