HIP-30 regularly takes up to 40% of total Hyperliquid volumes, serving as an offset for any crypto slowdown. The third-party market expanded its selection of assets, allowing 24/7 access to stock and commodity contracts.
HIP-3 keeps up the pace as a major contributor to overall open interest and volumes on the Hyperliquid ecosystem. The third-party market now expands on contracts introduced in the past two months.
The platform carries up to 21% of open interest on Hyperliquid and up to 40% of volumes. The increased activity may be a mass shift from other markets, as Hyperliquid also leads Aster and other perp DEXs in terms of popularity and liquidity.
Hyperliquid also posted over $19B in daily volumes, rising near levels not seen since November 2024. This time around, the traffic on Hyperliquid is more organic and takes into account the new third-party markets.
Trading perpetual futures for stocks and commodities displaces some of the rush to altcoins and tokens. Commodities are also used to make quick bets, closely related to the news cycle. HIP-3 retains the advantage of weekend trading, allowing for directional bets in the immediate aftermath of events.
Brent takes over HIP-3 trading
The initial hype around oil trading elevated the CL perpetual futures by Trade[.]XYZ, representing West Texas Intermediate. Now, the most active trading has switched to the Brent benchmark, representing the actual Middle East oil grade.
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Brent open interest rose to $286M, while WTI sank to $215M after a series of liquidations and closed positions. Brent volumes rose to $955M, while the WTI futures still retained their higher activity at $1.25B.
Interest in Brent increased after the energy commodity rallied near a five-year peak, rising above $111. Brent rose from a baseline of around $70 at the end of February, and recently retreated to around $102 per barrel.
Oil prices had their steepest climb in the past five years, leading to a rush of perpetual futures trading with strong directional bets. | Source: Trading Economics.
While the dynamics of oil markets are specialized, crypto traders mostly rely on the strong directional moves based on the news of the closure of the Strait of Hormuz. As a result, HIP-3 now trades more gold, silver, and oil futures compared to crypto assets, betting on a much clearer reaction to news.
On Hyperliquid, oil traded at the $89 range as of March 24, based on its own oracle data. On-chain trading may differ from traditional markets, leading to a specific set of liquidations and directional trades.
HIP-3 creates a new trading category
The advantage of HIP-3 is that it does not represent a digital asset. The oil is not tokenized or linked to any real commodities or futures. Instead, the market is built on perpetual futures, allowing traders to set their expectations on upcoming moves, with no constraints on time horizon.
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HIP-3 oil markets immediately reacted to potential oil shocks, increasing weekly trading to a higher baseline. | Source: Dune Analytics.
The oil markets on Hyperliquid are also agile, immediately reacting to the potential of oil shocks. Whales are also taking risky bets by shorting oil during any signs of a downturn, as the markets attempt to return to normal. Some whales were also liquidated on some positions, but managed to realize profits and withdraw from Hyperliquid.
