•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Hyperliquid’s HIP-3 decentralized exchange recorded a record $1.1 billion in open interest this weekend as traders used its 24/7 markets to navigate Middle East geopolitical tensions. With traditional financial exchanges closed, market participants shifted to continuously trading synthetic versions of traditional assets, including U.S. equities and commodities.
Hyperliquid saw a surge in commodities-focused derivatives trading, with open interest for these assets reaching an all-time high of more than $1.1 billion. The move was linked to traders seeking to hedge geopolitical risk while conventional markets were shut for the weekend.
Traders used Hyperliquid’s blockchain-based platform to trade synthetic perpetual futures tied to oil, gold, silver, and U.S. equities. This continuous trading was enabled by HIP-3, an upgrade implemented last year.
HIP-3 allows developers to deploy permissionless perpetual futures markets for any asset with a reliable public price feed, provided the creator stakes 500,000 of Hyperliquid’s native HYPE tokens.
Driven by the weekend volatility, HIP-3 open interest exceeded its previous record of $1.06 billion.
Beyond HIP-3, the broader Hyperliquid platform has accumulated nearly $5.5 billion in total open interest. DeFiLlama data estimate the platform generated about $1.06 million in protocol earnings over a 24-hour period.
Messari reported that HIP-3 markets produced $4.4 billion in weekend trading volume in February alone.
Arthur Hayes, co-founder of BitMEX, highlighted the structural shift on X. However, he noted that the platform’s lack of compliance guardrails could create legal hurdles in the future.
Offering synthetic U.S. equities to retail investors without “know your customer” (KYC) protocols or a registered broker-dealer license was cited as a regulatory risk. The practices could draw scrutiny from the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Despite the potential regulatory risks, Hyperliquid’s native token benefited from the weekend influx. BeInCrypto data show HYPE rose more than 13% over the last 24 hours, trading above $30 as of press time.
That performance made HYPE the best-performing asset among the top 20 cryptocurrencies by market capitalization.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
