Hyperliquid open interest surges to $2B with $646B quarterly volume

Hyperliquid’s equity perpetuals open interest has more than tripled in 90 days, jumping from $495 million to $1.67 billion. That growth rate is outpacing the speed at which competing tokenized equity platforms can even onboard their custodians.

The broader picture is even more striking. Overall open interest across Hyperliquid’s HIP-3 permissionless markets has approached or surpassed $2 billion, while total platform open interest recently cleared $10 billion. The quarterly trading volume figure, $646 billion, is equivalent to 92% of Robinhood’s total trading volume across all markets.

The HIP-3 engine behind the numbers

HIP-3 markets are Hyperliquid’s permissionless markets for tokenized equities, commodities, indices, and pre-IPO contracts.

At the start of the year, HIP-3 open interest sat at roughly $280 million. By April 2026, that figure had climbed past $2 billion. That’s more than a 7x increase in under four months.

HIP-3 has accounted for roughly 35-40% of Hyperliquid’s total trading volume in recent periods. Daily volumes from builder-deployed perps alone have approached $3 billion.

Real-world assets are the growth story

By May 2026, Hyperliquid’s RWA perp open interest had reached $2.65 billion, a figure that doubled in just two months.

The $646 billion quarterly volume figure puts Hyperliquid in the same conversation as major centralized exchanges and traditional brokerages. Matching 92% of Robinhood’s volume is particularly notable because Robinhood serves tens of millions of retail users across stocks, options, and crypto.