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.
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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.
TradeXYZ was developed by Hyperunit, Hyperliquid’s tokenization arm. Its biggest markets are currently XYZ100 — an index tracking the top 100 companies, Silver and Nvidia, at $12.7 billion, $3.0 billion and $1.2 billion apiece.
Its largest market, XYZ100, currently has $165.4 million worth of OI at the time of writing, representing 20% of the total $793.27 million OI on HIP-3.
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