Hyperliquid is becoming the new focal point of the decentralized Derivative market, witnessing a surge in commodity trading and driving open interest on HIP-3-compliant DEXs to continuously reach new historical highs. on-chain data shows that total open interest across this ecosystem has exceeded $790 million, the highest level since Hyperliquid's launch, reflecting the growing Capital flow and trader interest in decentralized perpetual futures products.
Notably, Hyperliquid CEO Jeff Yan asserted that the platform has now become "the world's most liquidation place for crypto price discovery," with spreads on Hyperliquid even lower than Binance – currently the largest Derivative exchange. According to comparison images Chia by Jeff Yan, BTC perpetual contracts on Hyperliquid have a spread of only about $1, while this figure reaches approximately $5.5 on Binance. Furthermore, the cumulative ask size on Hyperliquid reached 140 BTC, far exceeding the 80 BTC recorded on Binance, demonstrating improved market depth and the ability to absorb large orders.
Jeff Yan stated that, under the leadership of the HIP-3 development teams, Hyperliquid is not only strong in crypto products but is also gradually becoming a leading liquidation platform for perpetual contracts tied to tradfi assets. He emphasized that this is the result of upgrading the financial infrastructure, with the ambition to bring the entire financial system onto the blockchain and operate in a more transparent, decentralized environment.
HIP-3, short for Hyperliquid Improvement Proposal 3, was launched in October and is XEM a landmark upgrade to the Hyperliquid protocol. The highlight of HIP-3 is the concept of “Builder-Deployed Perpetuals,” enabling the deployment of perpetual Futures Contract markets on a permissionless model. Qualified builders, owning and Stake the necessary amount of HYPE Token , can freely deploy and operate their own perpetual DEX or individual perp markets directly on Hyperliquid’s HyperCore infrastructure.
Since HIP-3 went live, new perpetual markets have grown extremely rapidly, especially amidst the resurgence of global commodity trading. Precious metal prices like gold and silver have been consistently reaching new highs recently, driving demand for hedging and speculation through Derivative products, including decentralized perpetual contracts. Hyperliquid reports that the open interest of HIP-3 markets has consistently reached weekly all-time highs. Just about a month ago, the total open interest of new HIP-3 markets was only $260 million, demonstrating very strong growth in a short period.
