Hyperliquid Shatters Open Interest Record with $16.36 Billion

Hyperliquid's open interest has reached an all-time high of $16.36 billion, according to BlockBeats. This milestone is attributed to the exchange's expanding product lineup, rather than a single asset class or trading event.

The introduction of HIP-3 in October 2025 allowed third-party developers to create their own perpetual futures markets using HYPE, leading to increased activity on the platform. Markets built on HIP-3 now include contracts tied to U.S. stocks, gold, crude oil, and private companies such as SpaceX.

Cumulative trading volume across HIP-3 markets has exceeded $548 billion, accounting for roughly 30% of Hyperliquid's total trading volume over the prior 30 days. This growth suggests that third-party-built markets are now a core driver of activity on the exchange.