Layer 1 blockchain network Hyperliquid saw an explosion in trading via “Builder-Deployed Perpetuals” this month, reaching a recent record high in open interest on Monday.
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“HIP-3 open interest has reached an all-time high of $790 million, driven by recent commodity trading growth. HIP-3 OI is achieving new ATH every week. A month ago, HIP-3 OI was at $260 million.”
HIP-3 was a Hyperliquid improvement proposal that went live in mid-October. Its introduction allows investors to launch perpetual futures contracts on any asset with a price channel.
The key requirement for anyone starting a perpetual exchange on Hyperliquid is to have 500,000 HYPE staked on the network to implement the contract.
The surge in trading activity on HIP-3 comes amid a boom in precious metals, with gold and silver continuing to exceed recent ATH over the past few months. This week, gold breached the $5,000 price range for the first time in its history, while the cryptocurrency market lagged.
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According to data with Flow Scan, HIP-3 has seen $25 billion in trading volume since launch.
Most of the activity comes from markets launched by TradeXYZ, which are valued at over $22 billion.
TradeXYZ was developed by Hyperunit, the tokenization arm of Hyperliquid. Its largest markets are currently the XYZ100, an index tracking the top 100 companies, Silver and Nvidia, with values of $12.7 billion, $3.0 billion and $1.2 billion each.
Its largest market, XYZ100, has an OI of $165.4 million at the time of writing, representing 20% of the total OI of $793.27 million on HIP-3.
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