Open interest on Hyperliquid’s HIP-3 markets climbed 25% in one week to $1.74 billion. The surge highlights accelerating demand for perpetual futures tied to tokenized real-world assets.
The milestone follows a rise from $1.39 billion recorded on March 15, according to data. HIP-3 markets, launched roughly six months ago, enable permissionless trading of tokenized traditional assets through perpetual contracts. Open interest eased slightly to $1.73 billion on Monday but remained near peak levels.
Are Tokenized Commodities Driving 24/7 Trading Demand?
Activity is concentrated on Trade.xyz, built by Hyperliquid’s tokenization unit Hyperunit, which accounts for $1.58 billion in open interest, or 91.3% of the total. The platform also recorded $5.6 billion in daily volume and 45,300 unique traders. Tokenized commodities dominate flows, led by WTI crude at $1.27 billion in volume, followed by Brent crude at $1.04 billion and silver at $1.01 billion.
The growth aligns with broader market interest in continuous trading for traditionally time-bound assets. Commodity markets typically close outside regional trading hours, but blockchain-based derivatives enable uninterrupted price discovery. This dynamic became more pronounced during recent Middle East tensions, which increased oil price volatility and pushed traders toward always-on venues.
Market participants view HIP-3 as an early test of whether tokenized real-world assets can sustain derivatives liquidity at scale. Concentration risk remains, given Trade.xyz’s dominance, but rising trader participation suggests expanding engagement beyond initial users.
Hyperliquid’s native token HYPE has tracked platform momentum, rising 30.6% over the past 30 days to $38.3. The protocol has also introduced HIP-4, a testnet initiative for permissionless prediction markets, signaling further product expansion. The next catalyst is whether new listings and sustained volatility can maintain open interest above current highs.
