Hyperliquid HIP-3 Open Interest Reaches $3.2 Billion by June 2026, Up 305% Since January

According to Grayscale, Hyperliquid's HIP-3 perpetual futures markets reached $3.2 billion in open interest by June 2026, up from roughly $790 million in January. On peak days, HIP-3 markets accounted for nearly 48% of Hyperliquid's total trading volume since the upgrade launched on October 13, 2025.

TradeXYZ, the leading HIP-3 builder, dominates with more than 90% of total open interest, primarily through tokenized equities, indices, and commodities. Seven of Hyperliquid's top ten markets by volume are now non-crypto assets rather than traditional cryptocurrency pairs, marking a structural shift toward global macro trading.