Hyperliquid open interest skyrockets past 790 million! Jeff: Has quietly surpassed Binance

Jeff Yan first announced that Hyperliquid has become the most liquid venue, with BTC price differences surpassing Binance. HIP-3 open interest surged to 7.9 billion USD, up 200%, with TradeXYZ daily trading volume at 12.9 billion USD accounting for 90%. Driven by hedging demand, HYPE rose 13% and broke through the 20-day EMA.

Hyperliquid BTC Price Difference Surpasses Binance to Become Liquidity Leader

Hyperliquid founder Jeff Yan posted on Twitter in 2026 stating that Hyperliquid has “quietly achieved” an important milestone: becoming the most liquid trading venue for global crypto price discovery, supported by a comparison screenshot of BTC perpetual contracts on Binance and Hyperliquid. In his X post, Jeff Yan wrote: “Hyperliquid has quietly reached an important milestone, becoming the platform with the strongest liquidity for crypto price discovery worldwide. Under the leadership of the HIP-3 team, Hyperliquid has also developed into the most liquid platform for TradFi asset perpetual contracts.”

The core of this announcement lies in the definition of “most liquid.” In exchange competition, liquidity is often measured by bid-ask spreads. Smaller spreads indicate that bid and ask prices are closer, allowing traders to execute trades nearer to the true market price. The BTC perpetual contract screenshot shown by Jeff Yan demonstrates that Hyperliquid’s spreads are tighter than Binance’s, technically confirming its liquidity claim.

For professional traders, even tiny differences in spreads can mean significant cost savings. When trading hundreds of millions or billions of dollars, a 0.01% spread difference can result in tens of thousands of dollars in slippage costs. Hyperliquid’s ability to outperform Binance on BTC, one of the most liquid assets, shows its market depth and market maker quality have reached top-tier levels. This achievement is rare for a relatively young decentralized exchange.

He also stated that, under the promotion of the HIP-3 team, Hyperliquid has become one of the platforms with the strongest liquidity for TradFi asset perpetual contracts. TradFi (Traditional Finance) assets include stocks, commodities, forex, and other traditional financial instruments. Hyperliquid brings these assets into the crypto derivatives market, providing traders with 24/7 trading capabilities. Even when traditional markets are closed, Hyperliquid’s TradFi perpetual contracts remain tradable, attracting many professional traders with this time advantage.

However, the phrase “quietly achieved” is worth noting. Jeff Yan chose to announce this major milestone modestly rather than through aggressive marketing, reflecting Hyperliquid’s pragmatic style. Compared to many crypto projects that often exaggerate, Hyperliquid prefers letting its products and data speak. This restraint is rare in the speculative-driven crypto space.

HIP-3 Protocol OI Surges 200% to Break Through 7.9 Billion USD

(Source: Flowscan)

On January 27, according to The Block, Hyperliquid announced that its HIP-3 deployed decentralized trading platform’s open interest (OI) exceeded 7.9 billion USD, setting a new record, mainly driven by a surge in commodity trading. An article posted on their X platform indicated this figure increased over 200% compared to the previous month, but still only accounts for a small part of Hyperliquid’s total market OI of 8 billion USD. Open interest refers to the total value of unsettled derivatives contracts, and its growth indicates more capital inflow and higher market activity.

Hyperliquid’s HIP-3 proposal was launched in October 2025, allowing eligible developers to deploy their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure. This framework unlocks trading of multiple assets beyond traditional cryptocurrencies, including commodities, stocks, and other real-world assets. This open market creation mechanism is one of Hyperliquid’s core innovations that differentiates it from traditional CEXs.

Currently, TradeXYZ is the largest HIP-3 DEX, with a daily trading volume of about 12.9 billion USD, accounting for 90% of the total market share. According to Flowscan data, the platform’s 24-hour trading volume is 12.9 billion USD, with open contracts at the time of writing totaling 6.938 billion USD. TradeXYZ offers commodity and stock trading services, and its dominant position in the HIP-3 ecosystem demonstrates strong demand for these TradFi assets.

The HIP-3 protocol’s OI grew from about 2.6 billion USD last month to the current 7.9 billion USD, a 200% increase, which is extremely rare in DeFi. This explosive growth is partly driven by market demand for new asset classes, and partly by Hyperliquid’s advantages in user experience and trading costs. Compared to traditional CEXs that require KYC and have geographical restrictions, Hyperliquid as a DEX offers more open access, attracting traders worldwide.

Key Data of the HIP-3 Ecosystem

Total OI: 7.9 billion USD (+200%)

Leading Platform: TradeXYZ (90% market share)

Daily Trading Volume: 12.9 billion USD

Asset Classes: commodities, stocks, crypto perpetuals

Launch Date: October 2025

Gold and Silver Hedging Demand Drives Surge in Commodity Trading

The surge in open interest coincides with increasing global economic uncertainty, prompting traders to seek traditional safe-haven assets. As investors look to hedge against inflation and geopolitical risks, trading volume in gold and silver perpetual contracts has been particularly strong. The growing interest in gold and silver is a primary driver of this growth. This trend aligns closely with spot market performance—gold breaking through 5,000 USD, silver rising over 200% annually—these safe-haven assets’ hot market naturally extend into derivatives.

Hyperliquid’s gold and silver perpetual contracts provide traders with flexible hedging tools. Compared to buying physical gold or gold ETFs, perpetual contracts offer leverage, shorting capabilities, and 24/7 trading. When geopolitical risks suddenly escalate, traditional markets may close, but Hyperliquid’s perpetual contracts remain tradable, giving professional hedgers a time advantage.

HYPE increased nearly 13% in the past 24 hours, breaking through the 20-day EMA and the downward trendline since December 4. If HYPE breaks above the 50-day moving average, it could test the resistance at 28 USD. Conversely, if it faces resistance, support may be found near the 20-day moving average. The Relative Strength Index (RSI) and Stochastic Oscillator are both above neutral levels, indicating strong bullish momentum.

This technical breakout of HYPE aligns closely with improvements in the platform’s fundamentals. When OI hits new highs and trading volume surges, platform tokens often benefit. HYPE’s rise reflects not only speculation but also market recognition of Hyperliquid’s increasing platform value. Breaking through the downward trendline is a key technical signal; if it can hold and continue above the 50-day moving average, HYPE may enter a new upward cycle.