Hyperliquid Tops $10B Open Interest, Expands Into Equities

Hyperliquid’s perpetual futures open interest exceeded $10 billion, making the platform the third-largest perpetual futures venue by open interest, according to a report from digital asset infrastructure provider Talos.

Talos attributed about $4 billion of the open interest to markets created under Hyperliquid Improvement Proposal-3, known as HIP-3. The report identified oil, the Nasdaq 100 and technology stock-linked contracts among the most actively traded HIP-3 products. Pre-IPO perpetuals drew more than $250 million in open interest ahead of SpaceX’s expected public listing.

Trading patterns showed concentrated activity outside standard U.S. market hours: nearly half of S&P 500 perpetual volume and more than 60% of oil perpetual volume occurred outside those hours, the report found.

HIP-3 enables third-party builders to list perpetual markets tied to traditional assets. Hyperliquid also introduced canonical prediction markets for off-chain events. DeFi analytics data showed the platform collected more than $15.6 million in fees during the most recent week, ranking it among the leading fee-generating protocols.

The platform’s product expansion drew attention from legacy firms exploring round-the-clock trading. Intercontinental Exchange Chief Executive Jeffrey Sprecher urged regulators to create a level playing field for 24/7 on-chain perpetual futures and commented that regulators are “prohibiting us from doing this when it’s already happening.” Sprecher referenced discussions with Hyperliquid as an example of continuous derivatives trading enabled by crypto-native platforms.

Perpetual futures are derivatives without a fixed expiry that let traders hold leveraged positions continuously. On-chain versions use smart contracts to manage collateral and settlement, allowing trading to run around the clock without centralized matching engines.

Talos pointed to the platform’s mix of crypto leveraged products and synthetic exposure to equities, commodities and indexes as driving the expansion. The report added that Hyperliquid’s builder-friendly framework attracted traders seeking access to those exposures outside normal market schedules.