PANews reported on March 18th that, according to The Block, Hyperliquid's HIP-3 market open interest (OI) reached a record $1.43 billion last Saturday, more than 100 times the initial HIP-3 market launch six months ago. Trade.xyz, built by Hyperunit, Hyperliquid's tokenization arm, dominates, accounting for nearly 90% of total HIP-3 open interest and boasting a daily trading volume of $22 billion, representing approximately 90% of total HIP-3 activity.

Of Trade.xyz's top 30 markets, only 7 are cryptocurrency trading pairs; the rest are tokenized "traditional" assets, such as S&P 500, Nasdaq, equity futures for individual stocks, and commodity contracts for gold, silver, and crude oil. The HIP-3 market operates 24/7, providing price discovery for stocks and commodities during weekends and non-trading hours when traditional exchanges are closed, attracting investors who previously lacked such trading venues.