Hyperliquid Tokenized Equity Open Interest Hits $2 Billion

The tokenized equity open interest on Hyperliquid has surpassed $2 billion, marking a significant milestone for the platform. The figure reached a record high of $2.38 billion last week but pulled back to just under $2.1 billion by Wednesday. This decline coincided with broader risk-off moves across financial markets.

Hyperliquid's HIP-3 markets have seen remarkable growth this year, with open interest starting at around $280 million in January and crossing the $1 billion mark within the first month. By the end of the first quarter, it had surpassed $2 billion, representing a year-to-date increase of approximately 580%.

TradeXYZ is the largest contributor to this growth, accounting for more than 90% of all HIP-3 open interest. The platform's busy markets reflect a shift away from crypto pairs, with only three of the top 10 markets by volume being cryptocurrency products. The remaining seven are tokenized equity and commodity futures.

The demand for around-the-clock access to equity and commodity exposure has been a key driver of HIP-3's growth this year. Hyperliquid settles in crypto-native form and operates without intermediaries, allowing traders to gain continuous access to these assets at any hour.