Hyperliquid open interest tops $12B for first time since October

Hyperliquid’s open interest has climbed back above $12 billion for the first time since October last year, according to Crypto Briefing. Crypto Briefing said the increase in open interest on the decentralized perpetual futures exchange reflected growing trader interest in on-chain derivatives. The outlet added that much of the growth stemmed from the HIP-3 governance proposal, which allows external developers to build perpetual futures markets directly on Hyperliquid. Open interest tied to HIP-3 at one point exceeded $4 billion, which the outlet said meant about one-third of positions across the platform came from traders gaining exposure to stocks and indices through cryptocurrency.