Hyperliquid’s open perpetual futures volume recently surpassed $10 billion as the platform expanded into equity-linked products, commodities and synthetic trading ahead of the IPO.
According to digital asset infrastructure provider Talos, Hyperliquid is currently the third largest perpetual futures exchange, with growth driven primarily by crypto assets and supported by the expansion of equity, commodity and index trading under Hyperliquid Improvement Proposal-3 (HIP-3).
Talos said on Tuesday report that approximately $4 billion of open interest can be attributed to perpetual markets implemented by HIP-3 manufacturers.
The report pointed to crude oil, the Nasdaq 100 index and contracts tied to technology stocks as among the most actively traded products, while pre-IPO markets attracted more than $250 million in open interest on Friday ahead of SpaceX’s expected public listing. Nearly half of S&P 500 perpetual volume and more than 60% of crude oil perpetual volume occurred outside established U.S. trading hours.
HIP-3 perpetual instruments, daily volume by asset class. source: Talos
Hyperliquid’s development reflects a broader push by cryptocurrency trading platforms to move beyond digital assets and offer exposure to established financial markets through blockchain-based derivatives.
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Hyperliquid’s growth attracts TradFi’s attention
Hyperliquid’s growth has also attracted the attention of established 24/7 financial firms.
On May 27, Jeffrey Sprecher, CEO of Intercontinental Exchange, parent company of the Recent York Stock Exchange (NYSE), urged regulators to create a “level playing field” in the launch of 24/7 on-chain perpetual futures contracts, arguing that regulators “are prohibiting us from doing this while it’s already happening.”
Sprecher’s comments came after talks with Hyperliquid, which he cited as an example of a crypto-native platform enabling 24/7 derivatives trading. A day earlier, Hyperliquid launched canonical prediction markets for offchain events, adding another product category to its trading ecosystem.
Top DeFi Protocols by Weekly Fees. source: DefiLlama
Hyperliquid is also one of the largest cryptocurrency fee-generating protocols. According to DefiLlama, the platform generated over $15.6 million in fees last week, making it the third-largest protocol in terms of weekly fees, behind industry stablecoin issuers Tether and Circle. data.
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