Layer-1 blockchain Hyperliquid saw open interest on its HIP-3 framework hit a record $793 million this week, driven by a surge in commodities trading.
HIP-3, known as Builder-Deployed Perpetuals, allows users to create new perpetual futures markets on Hyperliquid by staking 500,000 HYPE, and has seen open interest climb rapidly from $260 million a month ago.
“HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading,”
Hyperliquid said on X, adding that new records have been set weekly.
The growth comes amid a boom in precious metals markets, with gold and silver hitting repeated all-time highs while broader crypto prices have lagged.
Data from Flow Scan shows HIP-3 has generated around $25 billion in cumulative trading volume since launching in mid-October.
Most of that activity has come from markets built by TradeXYZ, developed by Hyperunit, which accounts for more than $22 billion in volume across products such as equity indices, silver and Nvidia-linked contracts.
The largest market, XYZ100, currently holds about $165 million in open interest, representing roughly 20% of total HIP-3 exposure.