Hyperliquid open interest tops $10B, driven by stock and commodity products

Hyperliquid's (HYPE) open interest in perpetual futures has surpassed $10 billion, with growth primarily driven by expanded trading in products linked to stocks, commodities, and unlisted shares, according to an analysis by Talos. In a report, Talos noted that Hyperliquid has grown into the world's third-largest perpetual futures exchange. The growth is underpinned by the expansion of its HIP-3 market, a governance proposal that allows anyone to create markets on the platform for assets beyond crypto, including stocks, commodities, and indices. Approximately $4 billion of the total open interest is estimated to originate from these HIP-3-based markets. Products linked to crude oil, the Nasdaq 100, and technology stocks have recorded particularly high trading volumes, while the pre-market for the SpaceX IPO attracted over $250 million in open interest before the company's listing. Talos explained that Hyperliquid's trajectory shows how crypto trading platforms are expanding beyond digital assets to provide exposure to traditional financial markets. Meanwhile, Hyperliquid recently launched a prediction market based on off-chain events. As of last week, the platform recorded over $15.6 million in fee revenue, ranking it as the third-highest fee-generating protocol in the industry, following Tether and Circle.