Hyperliquid’s open interest reached a record $16.36 billion, according to BlockBeats, as the exchange’s push beyond crypto perpetual futures into stocks and prediction markets drew fresh trading activity to the platform.
The figure tops the previous record, which was set on September 18 of last year. BlockBeats attributed the increase directly to Hyperliquid’s expanding product lineup rather than a single asset class or trading event.
How HIP-3 and HIP-4 Fed the Number
Hyperliquid introduced HIP-3 in October 2025, letting third parties deposit HYPE to launch their own perpetual futures markets rather than relying solely on listings from the core team. Markets built on HIP-3 now include contracts tied to U.S. stocks, gold, crude oil, the S&P 500 and private companies such as SpaceX.
As of early September, cumulative trading volume across HIP-3 markets had exceeded $548 billion, roughly 30% of Hyperliquid’s total trading volume over the prior 30 days. That’s a meaningful share for a product line that didn’t exist a year ago, and it suggests third-party-built markets are no longer a side experiment but a core driver of activity on the exchange.
Hyperliquid layered on a second expansion in May 2026 with HIP-4, a framework for prediction-market products tied to the outcomes of specific events. In late August, the company opened HIP-4 to third-party launches as well, mirroring the builder-driven model already running on HIP-3.
From Perpetuals to General Trading Infrastructure
The shift matters because it repositions Hyperliquid from a crypto-only derivatives venue into something closer to a general-purpose on-chain trading platform, one where equities exposure, commodities and event contracts sit alongside standard perpetual futures. The expansion into private-company contracts and event-based products puts Hyperliquid in territory that regulated U.S. platforms have approached far more cautiously, and it raises the same questions about event-contract oversight that have followed prediction markets more broadly.
Other exchanges have been moving in the opposite direction – building derivatives on top of prediction-market infrastructure rather than folding prediction markets into a derivatives platform, as seen when Kalshi launched crypto perpetual futures under CFTC oversight. The primary source material on Hyperliquid’s record open interest doesn’t include competitor market-share figures or a regulatory determination on its own products, so any direct comparison between the two approaches remains a matter of structure rather than confirmed enforcement outcomes.
The post Hyperliquid’s Product Expansion Drives Record Open Interest appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.