Hyperliquid’s (CRYPTO: $HYPE) derivatives market is moving further beyond crypto, with a new Talos report showing more than $10 billion in perpetual futures open interest across the platform.
The milestone puts Hyperliquid among the largest venues in perpetual futures, with Talos describing it as the third-largest exchange in the category. Growth is still anchored by crypto assets, but the report points to rising activity in equities, commodities, indexes and synthetic pre-IPO markets through HIP-3, Hyperliquid’s builder-deployed market framework.
About $4 billion of open interest is now tied to HIP-3 perpetual markets. Daily volume across builder-deployed perps is running near $3 billion, according to Talos, giving the network a larger footprint in markets that once sat almost entirely inside traditional finance venues.
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Oil, Nasdaq 100-linked products and technology-stock contracts are among the most active non-crypto markets on HIP-3. Talos also noted that nearly half of the S&P 500 perpetual volume and more than 60% of the oil perpetual volume have taken place outside U.S. market hours, showing how 24-hour crypto rails are beginning to pull traditional asset exposure into a different trading cycle.
Synthetic pre-IPO markets have added another layer to that growth. Talos said SpaceX (NASDAQ: $SPCX) linked perpetuals drew more than $250 million in open interest on June 12 as traders positioned around the company’s expected public listing.
The report also highlighted Hyperliquid’s stablecoin structure. USDC (CRYPTO: $USDC) on Hyperliquid has become an Aligned Quote Asset, making it a primary asset for margin, spot and perpetual trading. Under AQAv2 standards, Circle (NYSE: $CRCL) and Coinbase (NASDAQ: $COIN) share a portion of reserve yield with the protocol, with Talos estimating about $160 million in annual revenue under current assumptions.
That revenue can support additional HYPE buybacks and burns, tying market activity, stablecoin liquidity and token demand more directly together as Hyperliquid widens its financial stack.
Hyperliquid (CRYPTO: HYPE) is currently trading at $71.12 U.S. per digital token.
