Decentralized exchange Hyperliquid’s permissionless platform is more popular than ever, allowing anyone to create perpetual futures tied to any asset.
The so-called HIP-3 market has steadily gained momentum since its debut on October 13, with open interest (the total value of all active contracts) hitting a record $1.2 billion on Sunday, according to data source ASXN. It has since remained at all-time highs, a sign of increased adoption and activity on the platform.
This growth has been driven by booming futures trading related to stocks and commodities such as oil, gold and silver. This highlights how decentralized markets are increasingly being used to trade traditional assets, especially as a price discovery tool on weekends when traditional exchanges are closed.
Arca said in a weekly update that while the story is worth discussing, it’s not about a massive spike in activity at Hyperliquid.
“Interestingly, on Hyperliquid, only seven of the top 30 markets are crypto pairs, while on Trade.XYZ the majority are commodity and equity pairs. This is not surprising given the movements in silver, gold and oil over the past few months, and is proof for Hyperliquid that it finally has a genuine platform where RWA tokenization trades can take place at a meaningful scale,” the company said.
At the time of writing, the tokenized stock futures contract is XYZ100-$USDC Oil-focused CL- led the pack with $213 million in open interest, followed by oil-focused CL-.$USDC $169.8 million. Other top stocks included futures related to Brent crude oil, the S&P 500, silver, and gold.
CL-$USDC It topped the list by trading volume, with $1.62 billion traded in 24 hours.
This comes after prices for some crude grades soared over the weekend, including Murban crude, which was trading at $103 a barrel, as tensions in the Middle East escalated and tanker flows through the Strait of Hormuz were disrupted. Major oil benchmarks such as Brent and WTI soared above $110 a barrel on Monday before crashing to double digits.
