Hyperliquid HIP-3 open interest hits record high of $4.65 billion

Hyperliquid’s HIP-3 markets hit a record $4.65 billion in open interest, surpassing the prior high for the first time since August 16, according to Hyperliquid News. The figure covers only HIP-3 markets launched by external deployers, not Hyperliquid’s broader perpetual futures market, so the two open-interest totals are not directly comparable. Open interest measures outstanding derivative contracts rather than traded volume. The milestone matters because it signals expanding participation in third-party-built markets on Hyperliquid. Next, watch whether HIP-3 open interest holds above the previous peak and how it compares with activity in Hyperliquid’s core perp market.