Hyperliquid's $10B open interest coincides with growth in equity-linked markets: Talos
Hyperliquid's perpetual futures open interest recently exceeded $10 billion as the platform expanded into equity-linked products, commodities and synthetic pre-IPO trading.
Hyperliquid is now the third-largest perpetual futures exchange, with growth driven primarily by crypto assets and supported by expanding trading in equities, commodities and indexes through Hyperliquid Improvement Proposal-3 (HIP-3), according to digital asset infrastructure provider Talos.
Talos said in a Tuesday report that about $4 billion of open interest is attributable to HIP-3 builder-deployed perpetual markets.
The report highlighted oil, the Nasdaq 100 and technology stock-linked contracts as some of the most actively traded products, while pre-IPO markets drew more than $250 million in open interest ahead of SpaceX's expected public listing. Nearly half of S&P 500 perpetual volume and more than 60% of oil perpetual volume occurred outside traditional US market hours.
HIP-3 perpetuals, daily volume by asset class. Source: Talos
Hyperliquid's growth reflects a broader push by crypto trading venues to expand beyond digital assets and offer exposure to traditional financial markets through blockchain-based derivatives.
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Hyperliquid's rise draws TradFi attention
Hyperliquid's growth has also drawn attention from traditional financial firms exploring round-the-clock trading.
On May 27, Jeffrey Sprecher, the CEO of Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE), urged regulators to create a "level playing field" for launching 24/7 onchain perpetual futures contracts, arguing that regulators are "prohibiting us from doing this when it's already happening."
Sprecher's comments came after discussions with Hyperliquid, which he cited as an example of a crypto-native platform enabling around-the-clock derivatives trading. A day earlier, Hyperliquid launched canonical prediction markets for offchain events, adding another product category to its trading ecosystem.
Top DeFi protocols by weekly fees. Source: DefiLlama
Hyperliquid is also one of the crypto's largest fee-generating protocols. The platform generated more than $15.6 million in fees during the past week, making it the third-largest protocol by weekly fees behind the industry's stablecoin issuers Tether and Circle, according to DefiLlama data.
Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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