HYPE surges over 60% in a week as open interest across Hyperliquid’s HIP-3 DEXs tops $925 million
The HYPE token jumped over 60% in a week as open interest on Hyperliquid's HIP-3 DEXs surpassed $925 million, driven by commodity derivatives trading.Summary
The HYPE token has surged over 60% in the past week, trading near $35, following increased trading activity and open interest on the Hyperliquid platform. Aggregate open interest across Hyperliquid's HIP-3 decentralized exchanges (DEXs) has now exceeded $925 million, up from a recent high of nearly $790 million reported earlier in the week. Hyperliquid is an onchain perpetuals trading platform utilizing a custom Layer 1 network, and the HIP-3 upgrade allows permissionless creation of perpetual futures markets by third parties.
The rally is closely linked to a boom in commodities trading, particularly precious metals. Silver futures, for instance, generated over $1 billion in 24-hour trading volume, leading the HIP-3 markets leaderboard. Furthermore, derivatives indicators suggest renewed demand for upside exposure, and onchain data shows significant accumulation of HYPE tokens by a newly created wallet transferring substantial USDC to Hyperliquid.
(Source：The Block)