Decentralized Exchange Hyperliquid’s permissionless platform, which allows anyone to create perpetual futures contracts tied to any asset, is more popular than ever.
Since its debut on October 13, the so-called HIP-3 market has continued to gain momentum, 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 an all-time high, a sign of growing adoption and activity on the platform.
The growth was driven by booming activity in futures contracts linked to stocks and commodities, including oil, gold and silver. It shows how decentralized markets are increasingly being used to trade traditional assets, including as a price discovery tool on weekends when traditional exchanges are closed.
This story is worth discussing, Arca said in a weekly update, not counting the massive increase in activity on Hyperliquide.
“Interestingly, on Hyperliquide, 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 how silver, gold, and oil have performed over the past few months, and it’s a testament to Hyperliquide that we finally have a real platform where tokenized RWA trading is happening at a meaningful scale,” he said. the company said.
At the time of writing, tokenized stock futures XYZ100-USDC led the pack, with open interest of $213 million, followed by oil-focused CL-USDC at $169.8 million. Other largest contracts included futures contracts linked to Brent crude, S&P 500, silver and gold.
CL-USDC leads in trading volume, with $1.62 billion in 24-hour activity.
This follows a weekend price surge for some grades of crude oil, such as Murban crude, which is trading at $103 a barrel, as the Middle East conflict intensified, disrupting the flow of tankers through the Strait of Hormuz. Major oil benchmarks, such as Brent and WTI, surged above $110 a barrel on Monday, before collapsing by double digits.
HIP-3, the perpetual futures contracts deployed by the makers of Hyperliquid, have disrupted the way markets are created. Instead of limiting new contracts to a small group of validators, anyone can launch a market by staking 500,000 HYPE tokens, which serve as both a security deposit and protection against spam.
This essentially puts the power to create marketplaces in the hands of the community, opening the door to a much wider range of business opportunities than traditional platforms allow.
