Decentralized exchange Hyperliquid’s permissionless platform, which allows anyone to create perpetual futures linked to any asset, is more popular than ever.
Since its debut on October 13, the so-called HIP-3 market has been steadily gaining ground, with open interest (the total value of all active contracts) hitting a record $1.2 billion on Sunday, according to data source ASXN. Since then, it has remained at all-time highs in a sign of growing adoption and activity on the platform.
The growth has been driven by booming activity in futures linked to stocks and commodities, including oil, gold and silver. It highlights how decentralized markets are increasingly being used to trade traditional assets, especially as a price discovery tool during weekends when traditional exchanges are closed.
This story is worth discussing, Arca said in a weekly update, none of the massive increase in activity on Hyperliquid.
“Interestingly, on Hyperliquid, only 7 of the top 30 markets are cryptocurrency pairs, while the vast majority are commodity and stock pairs on Trade.XYZ. This makes sense given the moves in silver, gold and oil in recent months, and it is a testament to Hyperliquid that we finally have a real platform where tokenized RWA trading is happening at a significant size,” the firm said.
At the time of writing, the tokenized stock futures contract XYZ100-USDC led the pack, with open interest of $213 million, followed by the oil-focused CL-USDC with $169.8 million. Other major contracts included futures linked to Brent crude, the S&P 500, silver and gold.
CL-USDC led the trading volume, with $1.62 billion of activity in 24 hours.
This follows a weekend rise in prices for some select crude oil grades, such as Murban crude, which was trading at $103 per barrel, as conflict in the Middle East escalated, disrupting tanker flows through the Strait of Hormuz. Major oil benchmarks such as Brent and WTI rose above $110 a barrel on Monday, before falling to double figures.
HIP-3, perpetual futures implemented by the builders of Hyperliquid, have revolutionized the way markets are created. Instead of limiting new contracts to a small set of validators, anyone can launch a market by staking 500,000 HYPE tokens, which serve as a security deposit and protection against spam.
Essentially, this puts the power of creating markets in the hands of the community, opening the door to a much wider range of trading opportunities than traditional platforms allow.
