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HYPE Hyperliquid's HIP-3 Market Achieves New Milestones Since the Mainnet launch last October, Hyperliquid's HIP-3 Market has seen significant growth in both trading volume and open interest. This weekend, the HIP-3 market hit another record high, breaking the $4 billion open interest mark for the first time. A month ago, the figure was $3.67 billion, representing a 9.8 percent increase over the past four weeks. Looking back at the beginning of this year, this figure was only 259.33 million US dollars, an increase of 1454% in just over seven months.
Weekend positions were not affected by Nasdaq and CME closures
The timing of this milestone is particularly critical. Both Nasdaq and the Chicago Mercantile Exchange (CME) were suspended at the time. Any trader holding a leveraged position in stocks, indices or commodities over the weekend operates on a platform that is not limited by the opening bell-and this is the core scenario of the HIP-3 market. HIP-3 allows any builder pledging 500,000 HYPE to launch a perpetual contract market for cryptocurrencies, individual stocks, indices, commodities and foreign currencies on Hyperliquid. This weekend's breakthrough in open interest was significant because both data appeared on the days when Nasdaq and CME were closed.
Talos pointed out a similar trend in June this year and found that nearly half of the trading volume of S & P 500 perpetual contracts and more than 60% of the trading volume of crude oil perpetual contracts have occurred outside trading hours in the U.S. market. This suggests that traders had started using these markets well before the weekend. The $4 billion open interest in contracts is not an accident, but a reflection of accelerated behavior.
Single deployer holds 99.4% share
Of the total open interest of US$4.03 billion on August 8, the xyz account contributed US$4.01 billion. The remaining participants totaled only about US$26 million, of which US$12.37 million was for mkts, US$8.2 million for para, and US$5.42 million for hyna. As the overall size expands, this ratio has hardly changed. Judging from the ecosystem diagram, this is actually a deployer's ledger, plus a negligible error term. Virtually all exposure to HIP-3 is concentrated in the hands of a single operator, including deployer risk, market design, oracle selection, and listing decisions. Once there is a problem with the operator, the risk cannot be spread to a dozen other platforms, because there are no such platforms.
Such rapid growth usually attracts second and third important players. But ten months have passed, and this has not happened on a substantial scale.
The U.S. Commodity Futures Trading Commission (CFTC) has received relevant inquiries
Intercontinental Exchange (ICE) CEO Jeff Sprecher has filed a request with the CFTC to establish a level playing field. ICE owns the New York Stock Exchange (NYSE), so the complaint comes from an operator directly related to a platform that lists stock products, operates 24/7, and does not have to bear the burden of NYSE registration. This argument is likely to be adopted. The problem is not that on-chain perpetual contracts are inherently dangerous, but that two platforms that provide similar economic exposure operate under very different rules-one platform has exceeded US$4 billion, but there is no registered exchange behind it. Support.
Requirements have been clarified. HIP-3 proves that people want to gain leveraged exposure to stocks and commodities at 2 a.m. on Sunday. The open question is how long an unregistered operator can provide such services alone.
