Hyperliquid Open Interest Rises to $11.51 Billion as HIP-3 RWA Perps Pass Bitcoin

Open interest rebounds after October shock

The latest figure marks Hyperliquid’s strongest open interest reading this year and its highest level since the liquidation cascade on Oct. 10, when Bitcoin was trading near $100,000, the report said. The broader crypto market is still described as being under pressure from that event, with the sector’s total market capitalization remaining about 45% below pre-crash levels.

Against that backdrop, Hyperliquid has outperformed the wider market by some measures. The report said HYPE is up about 34% over the same period, while platform open interest has recovered to $11.51 billion. Even so, that total is still roughly 23% below Hyperliquid’s previous peak near $15 billion.

HIP-3 markets reshape the platform

A major change has come from HIP-3, the framework launched on Oct. 13, 2025 that allows anyone to stake 500,000 HYPE and launch a perpetual market without approval from Hyperliquid’s core team. Open interest in HIP-3 markets now stands at $3.61 billion.

That has been enough for RWA perpetuals to overtake Bitcoin, HYPE and other layer-1 token contracts as the single biggest slice of Hyperliquid’s open interest. The report also pointed to a sharp shift in trading activity: HIP-3 daily volume now represents half of all perpetual volume on the platform, compared with just 3% for builder markets at the start of the year, when core perpetuals still accounted for 97%.

Record share versus centralized exchanges

Hyperliquid’s share of perpetual open interest relative to major centralized exchanges has reached 9.5%, a record level in the data cited by the report. That compares with 6.9% in late May.

The report cautioned against reading that increase as a straightforward migration of traders from centralized venues. Hyperliquid’s own open interest remains below its 2025 high, while Binance, Bybit and Gate.io are said to have contracted more sharply during the post-crash deleveraging period. In that reading, the gain in market share reflects Hyperliquid declining less than its competitors, rather than directly absorbing their activity.

Concentration risk in builder markets

The growth in HIP-3 activity appears highly concentrated. According to the report, more than 90% of HIP-3 open interest is held by TradeXYZ, a venue built by Hyperliquid’s tokenization arm, Hyperunit.

The structure of these markets differs from Hyperliquid’s native liquidity pool. HIP-3 venues rely on the deployer to handle oracle quality, margin settings and liquidity provisioning. As a result, one builder venue now effectively supports about a third of the platform’s total open interest, highlighting how much of the recent expansion depends on a single market operator.

The latest data suggests Hyperliquid has regained traction since the October selloff, but the composition of that recovery has changed. Open interest is rising, RWA-linked perpetuals have become the dominant category, and Hyperliquid’s relative share versus centralized exchanges has reached a new high. At the same time, total open interest remains below its earlier peak and the builder-market boom is heavily concentrated in one venue.