Overview
- Hyperliquid’s HIP-3 open interest reached a record $1.74 billion this week, a 25% jump from the prior week’s level.
- Tokenized commodities led trading, with a recent single day posting $5.4 billion in volume as WTI crude, Brent, and silver each topped $1 billion.
- Trade.xyz, built by Hyperunit, controlled about 91.3% of HIP-3 open interest and reported $5.6 billion in 24-hour volume with 45,300 daily traders.
- Hyperliquid’s HYPE token rose about 7% to roughly $40 as platform activity scaled, with weekly volumes above $15 billion, around 229,000 active traders, and roughly $14 million in fees that support token buybacks.
- Institutional and product signals are building, with Grayscale filing an S-1 for a HYPE ETF and HIP-4 testing underway to enable permissionless prediction markets.