Aggregated open interest (OI) across Hyperliquid's HIP-3 markets reached a record $1.43 billion on Saturday. This represents an over 100x increase from when the first HIP-3 markets launched just six months ago.

Trade.xyz, built by Hyperliquid's own tokenization arm, Hyperunit, dominates HIP-3 with nearly 90% of all OI. The platform's growth curve has been essentially vertical, with daily trading volumes of $22 billion, capturing roughly 90% of total HIP-3 activity.

What makes the growth interesting is that from the top 30 markets on trade.xyz, only seven are crypto pairs. The remaining are tokenized "traditional" assets such as equity futures and contracts for the S&P 500, NASDAQ, and individual stocks, as well as commodity contracts for gold, silver, and crude oil.

The main reason for the growth in these "non-crypto" contracts can be attributed to the ability for HIP-3 markets to operate 24/7, offering price discovery for equities and commodities during weekends and off-hours when traditional exchanges are closed. This weekend trading utility has attracted a class of traders who previously had no venue for such activity, expanding the addressable market beyond the crypto-native user base.

The HYPE token has been one of the best performing crypto assets in the market, being up over 50% year to date, an impressive feat considering Bitcoin itself is down by approxamitly 15% in the same period. Hyperliquid has also recently announced HIP-4, which will enable permissionless listings of prediction markets, representing another high-potential growth vector for the ecosystem.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.