Hyperliquid saw a surge in commodities trading, pushing open interest on HIP-3 deployed DEXs to a fresh all-time high above $790 million. The post Hyperliquid HeatsHyperliquid saw a surge in commodities trading, pushing open interest on HIP-3 deployed DEXs to a fresh all-time high above $790 million. The post Hyperliquid Heats

Hyperliquid Heats Up: Onchain Perps Liquidity Smashes Records

2026/01/27 14:55
2 min read
  • Hyperliquid hit record activity, with open interest surging past $790 million driven by a massive spike in commodities and RWA trading.
  • The HIP-3 upgrade decentralised market creation, allowing independent teams to stake HYPE tokens and run their own perpetual exchanges on the platform.
  • Liquidity now rivals major centralised exchanges, with the TradeXYZ market dominating volume and reportedly offering tighter spreads than Binance.

Trading activity on Hyperliquid is shifting fast. A recent spike in commodities trading is pushing activity on Hyperliquid’s newer, builder-run markets to record levels. 

Open interest across these markets has climbed past US$790 million (AU$1.21 billion), up sharply from about US$260 million (AU$376 million) just a month ago. That growth suggests traders are using the platform more aggressively, especially for markets tied to metals and other real-world assets (RWAs) that have been moving strongly.

Read more: CZ Says Governments Are Lining Up to Put State Assets on the Blockchain

HIP-3 Takes the Lead

What makes this notable is how these markets exist in the first place. 

Hyperliquid’s HIP-3 upgrade, launched in October, lets independent teams deploy their own perpetual futures exchanges directly on Hyperliquid’s infrastructure. These teams stake HYPE tokens, run their own markets, and compete on liquidity and pricing. As a result, trading is spreading across many parallel markets instead of sitting in a single, centrally run book.

According to CEO Jeff Yan, this competition is tightening spreads and deepening liquidity. He claims Hyperliquid now offers better price discovery than major centralised venues like Binance, pointing to narrower BTC perpetual spreads and more size available on the order book. In simple terms, traders can move in and out of positions with less slippage.

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets.

Jeff Yan, Hyperliquid Co-Founder and CEO

One market in particular, TradeXYZ, now dominates activity, accounting for roughly 90% of HIP-3 volume and handling tens of billions of dollars in daily trades. 

Related: Why 2025 Broke Crypto Playbooks—and What Actually Worked

The post Hyperliquid Heats Up: Onchain Perps Liquidity Smashes Records appeared first on Crypto News Australia.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Kraken's Big Hint: Pi Coin Set for Exchange Listing In 2026

Kraken's Big Hint: Pi Coin Set for Exchange Listing In 2026

Pi Coin (PI) is deeply embarked in the ongoing red light therapy that’s crunched the global crypto’s market capitalization below $2.4 trillion. The mobile mining
Share
Coinstats2026/02/07 09:25
US Stock Market Could Double By End Of Presidential Term

US Stock Market Could Double By End Of Presidential Term

The post US Stock Market Could Double By End Of Presidential Term appeared on BitcoinEthereumNews.com. Trump’s Bold Prediction: US Stock Market Could Double By
Share
BitcoinEthereumNews2026/02/07 10:43
Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse?

Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse?

Whales offload 200 million XRP leaving market uncertainty behind. XRP faces potential collapse as whales drive major price shifts. Is XRP’s future in danger after massive sell-off by whales? XRP’s price has been under intense pressure recently as whales reportedly offloaded a staggering 200 million XRP over the past two weeks. This massive sell-off has raised alarms across the cryptocurrency community, as many wonder if the market is on the brink of collapse or just undergoing a temporary correction. According to crypto analyst Ali (@ali_charts), this surge in whale activity correlates directly with the price fluctuations seen in the past few weeks. XRP experienced a sharp spike in late July and early August, but the price quickly reversed as whales began to sell their holdings in large quantities. The increased volume during this period highlights the intensity of the sell-off, leaving many traders to question the future of XRP’s value. Whales have offloaded around 200 million $XRP in the last two weeks! pic.twitter.com/MiSQPpDwZM — Ali (@ali_charts) September 17, 2025 Also Read: Shiba Inu’s Price Is at a Tipping Point: Will It Break or Crash Soon? Can XRP Recover or Is a Bigger Decline Ahead? As the market absorbs the effects of the whale offload, technical indicators suggest that XRP may be facing a period of consolidation. The Relative Strength Index (RSI), currently sitting at 53.05, signals a neutral market stance, indicating that XRP could move in either direction. This leaves traders uncertain whether the XRP will break above its current resistance levels or continue to fall as more whales sell off their holdings. Source: Tradingview Additionally, the Bollinger Bands, suggest that XRP is nearing the upper limits of its range. This often points to a potential slowdown or pullback in price, further raising concerns about the future direction of the XRP. With the price currently around $3.02, many are questioning whether XRP can regain its footing or if it will continue to decline. The Aftermath of Whale Activity: Is XRP’s Future in Danger? Despite the large sell-off, XRP is not yet showing signs of total collapse. However, the market remains fragile, and the price is likely to remain volatile in the coming days. With whales continuing to influence price movements, many investors are watching closely to see if this trend will reverse or intensify. The coming weeks will be critical for determining whether XRP can stabilize or face further declines. The combination of whale offloading and technical indicators suggest that XRP’s price is at a crossroads. Traders and investors alike are waiting for clear signals to determine if the XRP will bounce back or continue its downward trajectory. Also Read: Metaplanet’s Bold Move: $15M U.S. Subsidiary to Supercharge Bitcoin Strategy The post Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse? appeared first on 36Crypto.
Share
Coinstats2025/09/17 23:42