Hyperliquid, a decentralized exchange, has seen its permissionless platform gain significant traction, particularly with its perpetual futures tied to various assets. Since launching the HIP-3 market on October 13, 2025, open interest has surged to a record $1.2 billion as of March 10, 2026, according to data from ASXN.
The remarkable growth in open interest reflects a rising trend in trading futures related to equities and commodities, including oil, gold, and silver. This shift underscores the increasing role of decentralized markets in facilitating trades of traditional assets, especially during weekends when conventional exchanges are not operational.
In a recent weekly update, Arca highlighted the substantial increase in activity on Hyperliquid, noting that only 7 out of the top 30 markets on the platform are cryptocurrency pairs. The majority consist of commodity and equity pairs, particularly in light of recent fluctuations in silver, gold, and oil prices. Arca emphasized that Hyperliquid has established itself as a viable platform for tokenized trading of real-world assets (RWAs).
Among the leading tokenized equity futures contracts, XYZ100-USDC stands out with an open interest of $213 million, followed closely by CL-USDC, which focuses on oil futures and has an open interest of $169.8 million. Other notable contracts include those linked to Brent crude, the S&P 500, silver, and gold.
In terms of trading volume, CL-USDC has led the way with $1.62 billion traded in just 24 hours. This surge follows a weekend spike in prices for certain crude oil grades, such as Murban crude, which reached $103 per barrel amid escalating tensions in the Middle East that disrupted tanker flows through the Strait of Hormuz. Major benchmarks like Brent and WTI saw prices soar above $110 per barrel on Monday before retreating into lower figures.
Hyperliquid’s HIP-3 perpetual futures have revolutionized market creation by allowing anyone to launch a market after staking 500,000 HYPE tokens. This model empowers the community by broadening the range of trading opportunities beyond what traditional platforms typically offer.
Hyperliquid's decentralized exchange has achieved a record $1.2 billion in open interest for its tokenized perpetual futures market, reflecting a significant shift towards trading traditional assets in decentralized environments. The platform's unique approach allows community-driven market creation, enhancing trading opportunities.