Hyperliquid HIP-3 Open Interest Tops $4B During Weekend Surge

• HIP-3 open interest up 1,454% since January, topping $4B on August 10.
• Milestone reached as major US exchanges closed, raising regulatory questions.

On August 10, 2026, Hyperliquid’s HIP-3 onchain perpetual markets crossed $4 billion in open interest, according to Cryptopolitan, the ASXN Hyperliquid Dashboard, and multiple market trackers. Open interest soared from $259 million at the start of the year—a 1,454% rise in seven months.

The surge accelerated over a weekend, when major US exchanges including Nasdaq and CME were offline. This pattern underscored a rising demand for continuous, leveraged trading on decentralized venues. Talos data cited in the report revealed that up to 60% of commodity perpetual volumes now occur outside standard US market hours, signaling the shift toward 24/7 trading environments.

HIP-3’s open interest remains highly concentrated, with 99.4% controlled by a single operator known as “xyz.” The market’s reliance on one entity introduces risks unusual for traditional platforms, where liquidity and exposure are spread among multiple brokers and exchanges.

The expanding volume and concentration of onchain perpetual markets have drawn regulatory attention. Intercontinental Exchange (ICE) has formally approached the Commodity Futures Trading Commission (CFTC), asserting that onchain venues offer comparable economic exposure but operate under different regulatory structures. ICE CEO Jeff Sprecher has called for parity and oversight, bringing the issue into the spotlight as onchain trading increasingly challenges incumbent platforms.