Hyperliquid's $10B open interest coincides with growth in equity-linked markets: Talos
Hyperliquid’s perpetual futures open interest has topped $10 billion, making it the third-largest perpetual futures exchange. Growth has come mostly from crypto trading, but the platform is also expanding into equity-linked products, commodities, indexes, and synthetic pre-IPO markets through HIP-3. Talos estimates about $4 billion of open interest comes from HIP-3 builder-deployed markets. Active products include oil, the Nasdaq 100, and tech-stock-linked contracts, while pre-IPO markets have drawn over $250 million in open interest ahead of SpaceX’s expected listing. Nearly half of S&P 500 perpetual volume and more than 60% of oil perpetual volume occurred outside U.S. market hours. The expansion is part of a broader crypto push into traditional financial exposure via blockchain derivatives. Hyperliquid’s rise has also attracted TradFi attention, with NYSE parent ICE’s CEO calling for a level playing field for 24/7 onchain perpetuals. Hyperliquid is also among the top fee-generating crypto protocols.
