Something interesting is happening on Hyperliquid. The decentralized perpetuals exchange, once known primarily as a crypto-native trading venue, is watching its tokenized equities and commodities markets explode in size. Open interest in its HIP-3 permissionless markets hit a record $1.74 billion in March 2026, a 25% jump in just one week, with figures on track to approach or exceed $2.5 billion in subsequent months.
Trade.xyz dominates the order book
Trade.xyz, built by Hyperliquid’s tokenization arm Hyperunit/Unit, commands 91.3% of the total HIP-3 open interest.
The platform has been aggressively onboarding tokenized perpetual contracts for household-name equities. Nvidia, Tesla, Apple, Microsoft, and Meta all have live perpetual markets on Hyperliquid now. An S&P 500 contract was licensed for use in March 2026, giving traders synthetic exposure to the benchmark US equity index around the clock.
As of mid-2026, 23 of Hyperliquid’s top 30 assets by open interest are commodities and equities, not crypto pairs.
