HIP-3 is decentralising market creation, allowing independent teams to launch competing exchanges.
Hyperliquid’s HYPE token jumped 23% in 24 hours to about US$33 (AU$50.49), extending a three-day gain of 58% and briefly tagging an eight-week high near US$34.50 (AU$52.79).
Over the past 72 hours, liquidations in leveraged HYPE trades topped US$34 million (AU$52 million), with about US$32.2 million (AU$49 million) coming from short liquidations. At the same time, open interest rose 48.7% to roughly US$1.82 billion (AU$2.7 billion), signaling fresh leverage entering the market as the price pushed higher.
Hyperliquid’s HIP-3 Taking The Lead
The move coincided with a sharp pickup in trading activity on Hyperliquid’s commodities-linked perpetuals, especially gold and silver.
A separate milestone on Hyperliquid’s HIP-3 ecosystem helped pull attention back to the venue. Combined open interest across HIP-3 decentralised perpetual exchanges hit a new high of about US$935 million (AU$1.4 billion), while daily trading volume across those markets reached a record US$1.78 billion (AU$2.7 billion).
The flow appears to be coming from “tradfi-style” perpetuals (crypto contracts that track real-world benchmarks like commodities) rather than only majors like BTC and ETH. Silver alone saw more than US$1.25 billion (AU$1.9 billion) in 24-hour volume on Monday, ranking behind only Bitcoin and Ether on the platform.
As Crypto News Australia reported, HIP-3 is the structural driver behind that growth. Instead of one central order book, Hyperliquid lets outside teams launch their own perpetual markets on its rails by staking HYPE and competing on liquidity and pricing. The idea is that multiple competing books tighten spreads and deepen liquidity, making it easier for traders to enter and exit without heavy slippage.
Hyperliquid CEO Jeff Yan said the platform has become “the most liquid venue for crypto price discovery,” pointing to improving spreads and order-book depth.
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