Hyperliquid Hits $1.43B ATH as WTI Crude Tops Ethereum in Platform Volume

Hyperliquid is seeing a shift in what actually drives activity on the platform. The latest data shows growth, but more importantly, it reveals the source of that growth. Hyperliquid’s open interest has climbed sharply, and the assets leading it are outside crypto. Along with this, the network was seen performing notably well on the crypto front as well.

Also Read: PayPal PYUSD Hits $4B as Mastercard Spends $1.8B to Enter Stablecoin Race

23 of Hyperliquid’s Top 30 Markets Are Now Real-World Assets, Not Crypto

Hyperliquid’s open interest across HIP-3 markets reached $1.43 billion over the weekend. According to recent data, this marked a new all-time high. In addition, this is more than a 100x increase in just six months.

What stands out is where the activity is coming from. The WTI crude oil perpetual contract recorded $1.39 billion in 24-hour trading volume. Oil perpetuals have been on an uptick for a while now. This ranking was just behind Bitcoin (BTC) and overtaking Ethereum (ETH) on the platform. Oil, not ETH, is now one of the most actively traded instruments here.

It should be noted that out of the top 30, only seven are crypto pairs. The rest fall under Hyperliquid’s real-world assets. This includes tokenized exposure to the S&P 500, Nasdaq, individual stocks, and commodities like gold and crude oil.

A big share of this activity is coming from Trade.xyz, built by Hyperunit. It holds close to 90% of all HIP-3 open interest and processes around $22 billion in daily volume.

The structure of these markets is part of the appeal. Hyperliquid tokenized assets trade 24/7, unlike traditional markets that close on weekends and outside regular hours. This gives traders continuous access to price movement in equities and commodities.

Also Read: US Ends AI Chip War With China, Approves H200 Sales and Nvidia Groq Deal

A Look Into the Hyperliquid Ecosystem

Usage is also showing up in fees. Hyperliquid generated over $2.1 million in fees in the past 24 hours. This comes along with nearly $50 million in net inflows, based on data shared by Artemis. The platform ranked ahead of several major chains, including Ethereum (ETH), in daily fee generation.

Meanwhile, Hyperliquid’s HYPE token recorded a notable surge in its price over the past couple of days. The asset witnessed a nearly 20% rise in the past seven days. At press time, HYPE was trading at $41.45 following a 0.37% daily increase. It should be noted that the asset climbed from a low of $39.70 all the way to a high of $42.28.

Also Read: The Clean 16: Every Crypto Asset the SEC Just Declared a Commodity