Hyperliquid’s (CRYPTO: $HYPE) derivatives market is moving further beyond crypto, with a new Talos report showing more than $10 billion in perpetual futures open interest across the platform.
The milestone puts Hyperliquid among the largest venues in perpetual futures, with Talos describing it as the third-largest exchange in the category
Growth is still anchored by crypto assets, but the report points to rising activity in equities, commodities, indexes and synthetic pre-IPO markets through HIP-3, Hyperliquid’s builder-deployed market framework. About $4 billion of open interest is now tied to HIP-3 perpetual markets. Daily volume across builder-deployed perps is running near $3 billion, according to Talos, giving the network a larger footprint in markets that once sat almost entirely inside traditional finance venues.
More From Cryptoprowl: Oil, Nasdaq 100-linked products and technology-stock contracts are among the most active non-crypto markets on HIP-3. Talos also noted that nearly half of the S&P 500 perpetual volume and more than 60% of the oil perpetual volume have taken place outside U.S. market hours, showing how 24-hour crypto rails are beginning to pull traditional asset exposure into a different trading cycle. Synthetic pre-IPO markets have added another layer to that growth.