Crypto: Hyperliquid Hip-3 Open-interest Hits $793m On Commodities Surge

Hyperliquid's HIP-3, also known as "Builder Deployed Perpetuals," lets anyone who stakes 500,000 HYPE to create a new perpetual futures market on the Hyperliquid blockchain.

Layer-1 blockchain network Hyperliquid has seen an explosion in trading through “Builder-Deployed Perpetuals” this month, hitting a new all-time high in open interest on Monday.

In a post on X, Hyperliquid attributed the rapid adoption of HIP-3 — a permissionless market creation framework — to a surge in commodities trading.

“HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading. HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.”

HIP-3 was a Hyperliquid improvement proposal that went live in mid-October. Its introduction enables builders to launch perpetual futures contracts for any asset with a price feed.

A key requirement for anyone launching a perpetual swap on Hyperliquid is that they must have 500,000 HYPE staked on the network to deploy the contract.

The surging trading activity on HIP-3 comes amid a precious metals boom, with gold and silver both continuing to breach new ATHs over the past few months. This week, gold broke the $5,000 price range for the first time in its history, while the crypto market has lagged.

Related: Perp DEXs almost triple volume in 2025 as onchain derivatives mature

According to data from Flow Scan, HIP-3 has seen $25 billion worth of trading volume since launch.

The majority of activity is coming from markets launched by TradeXYZ, which accounts for over $22 billion.

Source: CoinTelegraph