How Hyperliquid Is Expanding Beyond Crypto

• Hyperliquid sees a surge in tokenized trading of oil, gold, and equities.
• Open interest in HIP-3 markets hit $1.43 billion, growing 100x in six months.
• Traditional assets now dominate activity, with 23 of the top 30 markets having non-crypto pairs.

Hyperliquid built its reputation on crypto perpetuals. It is now being driven by oil, gold, the S&P 500, and NVIDIA stock. That shift, happening quietly and at extraordinary speed, may be the most underreported story in decentralised finance right now.

The Numbers That Tell the Story

• $1.43 billion in open interest across HIP-3 markets, an all-time high
• 100x growth in open interest over just six months
• $1.39 billion in WTI crude oil 24-hour volume, second only to Bitcoin on the platform
• $22 billion in daily trading volume through Trade.xyz, Hyperliquid’s tokenisation arm
• 23 of the top 30 active markets are tokenised traditional assets, not crypto pairs

Why Traditional Assets Are Winning on a Crypto Platform

The answer is simpler than it sounds. Traditional exchanges close on weekends. Futures markets for oil, gold, and equities are unavailable when geopolitical events move prices on a Sunday morning or earnings news breaks after Friday’s close. Hyperliquid operates 24 hours a day, seven days a week, with no interruptions, and offers higher leverage than traditional finance.

That single advantage has attracted an entirely new class of traders that previously had no on-chain venue. Trade.xyz, built by Hyperliquid’s own tokenisation arm Hyperunit, now controls approximately 90% of all HIP-3 activity.

What Arthur Hayes Sees

Investor Arthur Hayes published a detailed Hyperliquid analysis projecting that HIP-3 revenue would rise 160% over six months and total platform revenue would grow from $843 million in March to $1.4 billion by August.

His observation cuts to the core of the opportunity: “The best thing about Hyperliquid is that to grow trading volumes doesn’t require an increase in the global trading volume of crypto perps.”

Hayes also said Hyperliquid carries the lowest ADV to OI ratio among the top five perpetual DEXs, his preferred signal of genuine rather than manufactured volume, and currently values HYPE at approximately 12 times earnings, a multiple he expects to expand as revenues recover. He expects HIP-4 to launch within three months.

Related: HYPE Token Rallies 27% as Hyperliquid Hits $500 Million in Oil Trades