Hyperliquid open interest hits $10B as crypto exchange expands into stocks and commodities

Hyperliquid, the decentralized perpetual futures exchange, has recorded over $10 billion in open interest across its markets, a milestone driven largely by its expansion into traditional financial assets such as stocks, commodities, and pre-IPO shares, according to a new analysis from institutional trading technology firm Talos.

HIP-3 markets fuel growth beyond crypto

The growth is primarily attributed to the platform’s HIP-3 governance proposal, which allows any user to create markets for assets outside the cryptocurrency ecosystem. Talos estimates that approximately $4 billion of the total open interest originates from these HIP-3-based markets. Products linked to crude oil, the Nasdaq 100 index, and major technology stocks have recorded particularly high trading volumes. Notably, a pre-market contract for SpaceX’s anticipated IPO attracted over $250 million in open interest before the company’s listing, underscoring demand for exposure to high-profile private companies.

Hyperliquid ranks third among perpetual futures exchanges

Talos’s report positions Hyperliquid as the world’s third-largest perpetual futures exchange by open interest. The platform’s trajectory illustrates how crypto-native trading venues are increasingly bridging the gap between digital assets and traditional financial markets, offering users access to a broader range of instruments through on-chain infrastructure.

Revenue and prediction markets

In addition to its derivatives business, Hyperliquid recently launched a prediction market based on off-chain events. The platform recorded over $15.6 million in fee revenue as of last week, ranking it third among all crypto protocols in fee generation, behind only stablecoin issuers Tether and Circle. This revenue stream highlights the platform’s ability to monetize trading activity beyond simple spot or perpetual swaps.

Conclusion

The $10 billion open interest milestone reflects a broader trend of crypto exchanges evolving into multi-asset trading platforms. By enabling markets for stocks, commodities, and pre-IPO instruments, Hyperliquid is testing the boundaries of decentralized finance’s reach into traditional capital markets. The development carries implications for both crypto traders seeking diversified exposure and traditional investors exploring on-chain alternatives.

FAQs

Q1: What is Hyperliquid’s HIP-3 market?
A: HIP-3 is a governance proposal that allows anyone to create trading markets on Hyperliquid for assets beyond cryptocurrencies, including stocks, commodities, and indices, using the platform’s on-chain infrastructure.

Q2: How much of Hyperliquid’s open interest comes from non-crypto assets?
A: According to Talos, approximately $4 billion of the $10 billion total open interest is estimated to come from HIP-3-based markets linked to traditional assets like crude oil, the Nasdaq 100, and pre-IPO shares.

Q3: How does Hyperliquid’s fee revenue compare to other crypto protocols?
A: Hyperliquid generated over $15.6 million in fee revenue recently, ranking third among all crypto protocols, behind only Tether and Circle, which are stablecoin issuers.