HYPE surged sharply yesterday after fresh data showed a major increase in activity on Hyperliquid, drawing renewed attention to the protocol’s growing derivatives ecosystem.
HYPE Jumps After HIP-3 Open Interest Hits Record High
The price of HYPE climbed roughly 21% after HIP-3 open interest on Hyperliquid reached a new all-time high of approximately $790 million, according to data shared by CoinGecko on X this.
HIP-3, short for Hyperliquid Improvement Proposal 3, introduces a system that allows developers to permissionlessly deploy perpetual futures markets on Hyperliquid by staking HYPE tokens. Unlike centrally curated listings, HIP-3 enables builders to launch new markets independently, expanding the range of tradable assets on the platform.
The HYPE price rally followed confirmation that capital committed to HIP-3-based perpetual markets had surged to its highest level since the framework launched, signaling increased trader participation and liquidity on the platform.
HYPE extended its gains as the data went viral, closing in on $28 at the time of writing, as trading activity accelerated alongside the price move. The jump marks one of HYPE’s strongest short-term performances in recent weeks and comes as derivatives activity on Hyperliquid continues to expand beyond crypto-native assets.
Hyperliquid Confirms HIP-3 Open Interest at New ATH
In a statement on X, Hyperliquid confirmed that open interest tied to HIP-3 markets had climbed to nearly $790 million, setting a new record for the protocol. This figure reflects the total value of outstanding derivative contracts deployed under the HIP-3 framework and represents a sharp increase from levels recorded earlier in the cycle.
The milestone also underscores the growing usage of Hyperliquid’s permissionless market deployment model and highlights the protocol’s ability to attract sustained capital rather than short-lived trading volume.
This design directly ties protocol growth to HYPE demand, as token staking is required to participate in market creation. As more markets gain traction and attract liquidity, activity under HIP-3 is having a measurable impact on the HYPE token itself.
What’s Driving the Surge in HIP-3 Activity
Recent growth in HIP-3 open interest has been driven in part by increased demand for non-crypto perpetuals, particularly commodities-linked markets such as gold and silver. These markets have attracted traders seeking exposure beyond traditional crypto pairs, helping broaden Hyperliquid’s user base.
The expansion of available asset classes has contributed to higher capital deployment across HIP-3 markets, pushing open interest steadily higher in recent weeks before reaching the latest record.
Prior to the rally, HYPE had been trading within a relatively narrow range, reflecting a period of consolidation as broader crypto markets fluctuated. The surge following the HIP-3 open interest announcement marks a decisive breakout from that range, with traders responding quickly to the data.
The move has brought HYPE back into focus among market participants tracking decentralized derivatives platforms and governance-linked tokens.
Evans Kelvin
The CoinRemark Team
