Hyperliquid has reached a major milestone, with open interest on the platform climbing above $18 billion for the first time ever.
The new record breaks the previous high of $16.36 billion that was set just a few days earlier on September 19. Open interest measures the total value of active trading positions that have not yet been closed or settled.
The growth has been rapid. At the end of August, open interest was slightly above $13 billion. In just a few weeks, that figure increased by nearly $5 billion, showing strong growth in trading activity across the platform.
Hyperliquid’s latest data shows that both crypto and non-crypto perpetual markets are attracting traders. Bitcoin, Ethereum, and HYPE remain the biggest markets on the platform, together accounting for more than $9 billion in open interest.
Bitcoin alone holds around $4 billion in active positions, while Ethereum follows with more than $3 billion. HYPE, the platform’s native token, has also seen strong participation.
One of the biggest drivers behind Hyperliquid’s growth has been the expansion of its HIP 3 framework.
Since launching in late 2025, HIP 3 has allowed developers to create their own perpetual markets using Hyperliquid’s infrastructure. These markets are no longer limited to cryptocurrencies.
Today, traders can access perpetual contracts linked to stocks, stock indexes, gold, crude oil, private companies, and other assets. Some markets even offer exposure to private firms such as SpaceX through pre-IPO contracts.
Trading activity in HIP 3 markets has grown quickly. Earlier this month, total trading volume across these markets surpassed $548 billion. During the previous month, HIP 3 products accounted for roughly 30% of all trading volume on Hyperliquid.
Non-crypto markets are also becoming increasingly important. An S&P 500 perpetual contract has built hundreds of millions of dollars in open interest, while gold-related contracts have attracted significant activity as well.
The HIP 3 system gives market creators flexibility to choose pricing sources, leverage settings, and other trading parameters. To launch a market, developers must stake HYPE tokens.
Interest in these products has continued to rise as traders look for ways to gain exposure to traditional assets through crypto-based trading platforms.
Hyperliquid has also expanded into prediction and event markets through its HIP 4 framework. These contracts allow users to trade based on the outcome of events rather than simply the price movement of an asset.
Beyond new markets, the platform has introduced additional features such as lending services, allowing users to borrow stablecoins against their crypto holdings. It has also rolled out new trading tools, including trailing stop orders that help traders manage risk more effectively.
The platform’s growth is attracting attention from larger financial players as well. Kraken’s parent company recently announced plans that could eventually bring regulated Hyperliquid perpetual markets to eligible U.S. customers, subject to regulatory approval.
With open interest now reaching a record $18 billion, Hyperliquid is continuing to grow beyond its crypto roots and is becoming a broader trading platform that includes stocks, commodities, indexes, private companies, and event-based markets alongside digital assets.
