Hyperliquid's HIP-3 markets hit $4B open interest as on-chain trading grows

https://99bitcoins.com/cryptocurrency/hyperliquid-review/

Hyperliquid’s HIP-3 markets have surged to nearly 50% of the protocol’s perpetual futures volume, reflecting a significant shift towards on-chain activity in tokenized traditional assets such as U.S. stocks, commodities, and indices. As of July 12, 2026, the HIP-3 markets have reached an open interest of $3.68 billion, with cumulative volume surpassing $309 billion since the upgrade’s launch in October 2025. This growth underscores the increasing appeal of non-crypto assets in the crypto derivatives markets, as they now dominate seven of Hyperliquid’s top ten volume markets. The trend challenges centralized exchanges and traditional finance infrastructure by attracting more participants towards decentralized avenues.

Key Takeaways

The surge in Hyperliquid’s HIP-3 market volume suggests a growing interest in on-chain access to tokenized traditional assets.

Non-crypto assets are now predominant in Hyperliquid’s top volume markets, indicating a shift in the focus of crypto derivatives.