Hyperliquid HIP-3 open interest surpasses $2 billion, triggering a surge in demand for traditional assets to be on-chain.

The open interest (OI) in the HIP-3 market on Hyperliquid peaked at approximately $2.38 billion and currently remains at a high level of around $2.1 billion, representing a year-to-date increase of approximately 580%. This growth is primarily driven by non-crypto assets. Of the top ten markets by trading volume on the platform, only three are crypto trading pairs; the rest are tokenized stocks and commodities, including the Nasdaq Composite, S&P 500, crude oil, gold, and silver. Analysts point to the core driver as the demand for "24/7 trading of traditional assets." Compared to traditional markets limited by trading hours, HIP-3, through on-chain settlement and a disintermediary-free structure, allows investors to trade stock and commodity exposure around the clock. Furthermore, TradeXYZ accounts for over 90% of the HIP-3 open interest, becoming the primary source of liquidity in this sector.