#Hyperliquid 's record-breaking open interest in HIP-3 markets, reaching $790 million, has triggered an approximately 23% surge in the #HYPE price within 24 hours.
The recent acceleration in trading activity in the derivatives sector has propelled Hyperliquid to the forefront of the market. Open interest in markets traded under the HIP-3 platform reached an all-time high of approximately $790 million. This increase is attributed particularly to the combined interest in commodity-based continuous trading.
This development had a strong impact on the $HYPE price. According to CoinMarketCap, HYPE rose by approximately 23.4% in the last 24 hours, reaching the $27-28 range. The fact that trading volume exceeded its centennial milestone in the same period indicates that the increase was not limited to price alone.
HIP-3 Open Interest Triples in One Month
HIP-3 (Hyperliquid Improvement Proposal 3) allows developers to create permissionless, perpetual markets on HyperCore marketing if they fulfill certain staking requirements. This structure emphasizes the "builder" role in critical areas such as market definition and oracle, while making the per-listing process more transparent.
The latest data clearly demonstrates the growth performance. HIP-3 open interest, which was around $260 million approximately a month ago, quickly reached $790 million. While the open interest may indicate new contract entry and increased interest in the market, it alone does not provide a standard for price analysis. Accordingly, this leak stands out as one of the key factors showing the growth of HYPE in all dimensions.
CEO Emphasizes Liquidity
Hyperliquid CEO Jeff Yan, in his first statements in 2026, argued that the platform is "one of the most liquid hubs" in terms of cryptocurrency prices. According to comparisons shared by Yan, the spread for BTC perpetual rates on Hyperliquid is around $1, while on Binance it is around $5.50.
Yan also stated that the platform, built on the HIP-3 ecosystem, is gaining strength in terms of liquidity not only in crypto assets but also in TradFi-based perpetual markets.
In the overall picture, the record-breaking open interest on HIP-3 and the CEO's liquidity-focused statements have created a strong news story for HYPE. At the heart of the future lies the sustainability of this growth and whether the increase in OI (Open Inflow) will be supported by volume and liquidity metrics.
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