Weekend Trading Pushes Hyperliquid HIP-3 Open Interest Past $4 Billion

Hyperliquid’s HIP-3 markets have grown tremendously both in terms of volume and open interest ever since going live on mainnet last year in October. This weekend saw HIP-3 markets notch up another milestone as they closed above $4 billion in open interest for the first time. A month ago the figure stood at $3.67 billion, meaning the last four weeks saw a rise of 9.8%. Rewinding back to the start of the year, it was $259.33 million. That is a 1,454% increase in a little over seven months. 

Source: ASXN Hyperliquid Dashboard

The timing of it is what makes the story for what it is. Nasdaq was shut and so was the CME. Anyone carrying a leveraged position on equities, indices or commodities over the weekend was doing it somewhere that does not observe an opening bell and that is close to the entire pitch of HIP-3.

Positions Stayed Open While Nasdaq and CME Did Not

HIP-3 allows any builder who stakes 500,000 HYPE to launch perp markets for crypto, individual stocks, indices, commodities and FX on Hyperliquid. The weekend open interest milestone says a lot as both prints landed on days when Nasdaq and CME were closed. Talos flagged the same sort of pattern in June, finding that nearly half of S&P 500 perp volume and over 60% of oil perp volume already happens outside US market hours. This shows that traders were using these markets well before this weekend. The $4 billion open interest mark is a sign of behaviour ramping up rather than a one-off.

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