On April 16, according to The Block, Hyperliquid’s decentralized derivatives protocol HIP-3 market open interest (OI) recorded a historical high of $2.38 billion last week, before falling to just under $2.1 billion as of Wednesday. According to The Block data, the decentralized exchange platform TradeXYZ currently accounts for more than 90% of all open interest in HIP-3.
HIP-3 Open Interest Scale and Growth Data
(Source: The Block)
According to The Block’s report, HIP-3 open interest was approximately $280 million at the beginning of 2026. It then surpassed $1 billion in less than a month, rising to more than $2 billion by the end of this quarter and reaching a historical peak of $2.38 billion last week. As of Wednesday, OI had fallen to below $2.1 billion, and the year-to-date cumulative increase remained at roughly 580%.
The Block data shows that TradeXYZ currently dominates the HIP-3 market, with its open interest accounting for more than 90% of the total HIP-3.
Tokenized Stocks and Commodities Take Over the Top 10 Trading Volumes on Hyperliquid
According to The Block’s report, among the top ten markets by trading volume on the Hyperliquid platform, only three are crypto trading pairs, while the remaining seven are tokenized stock and commodity futures, covering the following underlying assets:
Nasdaq Index Proxy Contracts
· S&P 500 index
· Crude Oil futures
· Gold futures
· Silver futures
The Block report states that HIP-3 provides a crypto-native settlement structure without intermediaries, enabling stock and large-commodity contract trades to be executed outside traditional market trading hours.
Status of Infrastructure at Traditional Exchanges
According to The Block’s report, the Chicago Mercantile Exchange (CME), Intercontinental Exchange (ICE), and the European futures exchange Eurex currently do not offer 24/7 stock futures trading services. Robinhood and Interactive Brokers also do not support on-chain settlement mechanisms.
Frequently Asked Questions
What is the data source for Hyperliquid HIP-3 open interest?
According to The Block’s report published on April 16, both the historical peak of HIP-3 open interest ($2.38 billion) and the Wednesday figures (below $2.1 billion) come from Hyperliquid’s publicly available trading data.
What is TradeXYZ’s share in the Hyperliquid HIP-3 market?
According to The Block’s report, TradeXYZ currently accounts for more than 90% of all open interest in Hyperliquid HIP-3.
How are the asset types composed across Hyperliquid’s top 10 trading volume markets?
According to The Block’s report, among the top ten markets by trading volume on the Hyperliquid platform, three are crypto trading pairs, and the other seven are tokenized stock and commodity futures, including Nasdaq, the S&P 500, crude oil, gold, and silver.
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