Layer-1 blockchain network Hyperliquid has seen a sharp rise in trading activity this month through its “Builder-Deployed Perpetuals,” pushing open interest to a new all-time high on Monday.
In a post on X, Hyperliquid said the rapid uptake of HIP-3—its permissionless market-creation framework—has been driven by a surge in commodities trading.
“HIP-3 open interest reached an all-time high of $790 million, fueled by recent strength in commodities markets,” the team said. “HIP-3 open interest has been setting new records each week. Just a month ago, it stood at $260 million.”
HIP-3 is a Hyperliquid improvement proposal that went live in mid-October, allowing builders to launch perpetual futures contracts for any asset with an available price feed.
To deploy a perpetual swap on Hyperliquid, builders are required to stake 500,000 HYPE tokens on the network.
The surge in HIP-3 trading activity has coincided with a boom in precious metals, as gold and silver have continued to set new all-time highs in recent months. Gold crossed the $5,000 mark for the first time this week, while the broader crypto market has lagged.
Data from Flow Scan shows HIP-3 has generated roughly $25 billion in trading volume since launch. Most of that activity has come from markets launched by TradeXYZ, which accounts for more than $22 billion in volume.
TradeXYZ was developed by Hyperunit, Hyperliquid’s tokenization arm. Its largest markets include XYZ100—an index tracking the top 100 companies—along with silver and Nvidia perpetuals, with cumulative trading volumes of $12.7 billion, $3.0 billion, and $1.2 billion, respectively.
At the time of writing, XYZ100 is the largest individual market on HIP-3, with $165.4 million in open interest, representing about 20% of the platform’s total $793.27 million in open interest.
