Hyperliquid open interest tops $12 billion as HIP-3 markets pass $4 billion

Hyperliquid’s total open interest has climbed above $12 billion, according to an on-chain analysis that cites DefiLlama data. The figure marks the highest level since October 2025, while HIP-3 tokenized markets are reported to account for more than $4 billion, or roughly one-third of the total.

Open interest measures the value of outstanding derivatives positions, so the $12 billion figure reflects active exposure rather than new capital entering the platform. The reported split suggests that HIP-3 markets have become a material part of Hyperliquid’s overall derivatives activity, although the numbers alone do not show whether that activity is dominated by longs, shorts or hedged positions.

HIP-3 has become a larger piece of the market mix

The same report says HIP-3 markets have crossed the $4 billion mark, putting them at about 33% of Hyperliquid’s total open interest. That means the tokenized markets segment is no longer a minor side category inside the platform’s derivatives book, at least on the basis of open interest recorded by the tracker.

The data point is notable because it shows growth in a specific market segment, not just at the platform level. But it does not by itself indicate durability of demand, profitability, or directional conviction. It only shows the size of positions currently open.

For readers tracking Hyperliquid’s market structure, the main takeaway is simple: total exposure has returned to a level not seen since October 2025, and HIP-3 markets now represent a meaningful share of that book.