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ZEC Hyperliquid未平仓合约首次突破180亿美元大关，创历史新高
随着加密资产与非加密资产永续合约市场的交易活动持续升温，Hyperliquid的未平仓合约价值（Open Interest）首次突破180亿美元，创下历史新高。此前该平台的最高纪录为9月19日触及的163.6亿美元。截至8月底，未平仓合约价值仍高于130亿美元，这意味着在短短数周内，平台上的未结持仓规模增加了约50亿美元。
市场构成与HIP-3生态扩张
数据显示，比特币、以太坊和HYPE代币合计贡献了约93.3亿美元的未平仓合约价值。与此同时，HIP-3市场继续在股票、大宗商品和指数等领域吸引大量资金流入。自2025年10月推出以来，HIP-3框架已成为Hyperliquid超越核心加密货币市场的关键力量，允许第三方开发者质押HYPE并部署基于非加密资产的永续合约。
通过HIP-3推出的市场涵盖了从标普500指数、黄金、原油到SpaceX等私营公司的预IPO合约等多种资产类别。据Lookonchain引用的官方数据，截至9月23日，Hyperliquid的未平仓合约达到180亿美元，较四天前创下的163.6亿美元纪录再创新高。这一数字代表双边未平仓合约价值，即平台上多头和空头头寸的总和，反映了尚未平仓或结算的衍生品持仓情况。
过去几周，未平仓合约规模显著增长。DefiLlama Research数据显示，8月31日该数值已超过130亿美元，当时Hyperliquid每月处理的永续合约交易量约为2200亿美元。最新的180亿美元读数表明，相较于8月底的水平，未结持仓增长了近50亿美元。
具体资产持仓分析
尽管HIP-3市场在过去30天内占据了Hyperliquid总交易量的约30%，但加密货币永续合约仍占据平台最大的持仓份额。根据9月23日的HyperIntel数据：
- 比特币（Bitcoin）：未平仓合约约为40.5亿美元
- 以太坊（Ether）：未平仓合约约为31.8亿美元
- HYPE：未平仓合约约为21.0亿美元
- Zcash：未平仓合约约为8.586亿美元
- Solana：未平仓合约约为7.637亿美元
在非加密市场方面，持仓规模同样可观。与标普500指数挂钩的永续合约未平仓价值约为4.189亿美元，黄金合约则接近3.017亿美元。以TradeXYZ为例，其第二季度交易量达到2023.6亿美元，环比增长显著，季度末未平仓合约达29.6亿美元，涵盖55个股票永续合约市场，累计交易量达589亿美元。
技术架构与合规进展
The HIP-3 framework allows deployers to leverage Hyperliquid's HyperCore infrastructure for trading and margin management, while deciding on key settings such as oracle price sources and leverage parameters. Mainnetwork deployment requires the pledge of HYPE tokens. In addition, Hyperliquid has introduced the HIP-4 framework and launched Event Contracts in May, allowing market transactions based on specific outcomes rather than asset prices. At the end of August, third parties began deploying the HIP-4 market.
In terms of product innovation, Hyperliquid launched Trailing Stops in all perpetual contract markets on September 21. This order type allows traders to set a percentage distance relative to the best price after the order is activated. For long positions, the trigger price follows the highest marker price after activation; for short positions, it follows the lowest marker price.
The layout for the U.S. regulatory market is also steadily advancing. Payward (Kraken's parent company) announced this month that Bitnomial will deploy and manage the proposed Hyperliquid perpetual contract market for eligible U.S. customers after receiving regulatory approval. In the plan structure, Bitnomial Exchange will serve as the HIP-3 deployer, Bitnomial Clearinghouse will handle clearing and settlement, and NinjaTrader Clearing will handle approved customer accounts. Access will be through the rights-controlled HIP-3 market and is designed to comply with U.S. derivatives regulatory requirements.
