Altcoin Intel
Hyperliquid’s total open interest has climbed to $11.51 billion, its highest level since the October 2025 market liquidation, even as the broader crypto derivatives market remains well below previous highs.
The increase comes as HIP-3 builder markets continue gaining traction, with open interest reaching $3.61 billion. Real-world asset (RWA) perpetuals have now become the largest segment on the platform, overtaking Bitcoin, HYPE, and other Layer 1 contracts.
HIP-3, introduced in October 2025, allows developers to launch perpetual markets by staking 500,000 HYPE, expanding Hyperliquid’s market offerings without requiring approval from the core team.
Market Context
Hyperliquid’s growth stands out because it is taking place while the broader derivatives market is still recovering.
Total crypto open interest sits around $116.7 billion, roughly 47% below levels seen before the October 2025 liquidation event. By comparison, Hyperliquid’s open interest is only about 23% below its previous peak of $15 billion.
The platform has also expanded its share of global perpetual futures open interest to 9.5%, an all-time high relative to major centralized exchanges. However, much of that increase reflects competitors contracting faster after the market-wide deleveraging rather than a large migration of traders from centralized venues.
Another notable trend is the rapid expansion of HIP-3 markets. At the beginning of the year, they represented only a small share of platform activity. Today, builder markets account for roughly half of total perpetual trading volume, highlighting growing demand for tokenized and specialized derivatives.
Intelligence Assessment
Hyperliquid is gaining market share during a period when much of the derivatives market remains in recovery.
The strongest growth is coming from builder-created markets, particularly RWA perpetuals, showing that demand is expanding beyond traditional crypto trading pairs. That shift has helped diversify activity across the platform and reduce its reliance on Bitcoin-linked contracts.
The next challenge is concentration risk. More than 90% of HIP-3 open interest currently runs through a single builder, leaving a large portion of platform activity dependent on one ecosystem participant. At the same time, centralized exchanges have begun launching competing tokenized and pre-IPO perpetual products, increasing competition in a category Hyperliquid previously dominated.
Whether Hyperliquid can maintain its lead will depend on continued growth in builder markets, broader participation across HIP-3, and its ability to defend market share as larger exchanges expand into the same segment.
