Hyperliquid’s permissionless market hits record $1.2 billion in open positions as oil and equity futures boom

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Hyperliquid’s permissionless market hits record $1.2 billion in open positions as oil and equity futures boom Trading has been driven largely by tokenized futures on equities and commodities such as oil, gold and silver. By Omkar Godbole Mar 10, 2026, 7:54 a.m. Make us preferred on Google Hyperliquid's HIP-3 market hits record open interest. (Kanchanara / Unsplash modified by CoinDesk) What to know : Open interest on Hyperliquid’s permissionless HIP-3 perpetual futures market hit a record $1.2 billion. Trading has been driven largely by tokenized futures on equities and commodities such as oil, gold and silver, with only a minority of top markets tied to crypto pairs. The XYZ100-USDC tokenized equity contract and CL-USDC oil contract now lead in open interest and volume, reflecting heightened use of decentralized platforms for price discovery, especially during volatile oil markets and weekend trading. Decentralized exchange Hyperliquid’s permissionless platform, which lets anyone create perpetual futures tied to any asset, is more popular than ever. Since its debut on Oct. 13, the so-called HIP-3 market has steadily gained traction, with open interest — the total value of all active contracts — hitting a record $1.2 billion on Sunday, according to data source ASXN . It has since remained at all time highs in a sign of growing adoption and activity on the platform. The growth has been driven by booming activity in futures tied to equities and commodities, including oil, gold, and silver. It highlights how decentralized markets are increasingly being used to trade traditional assets, especially as a tool for price discovery over weekends when traditional exchanges are closed. This story is worth discussing, Arca said in a weekly update, nothing the massive surge in activity on Hyperliquid. "Interestingly, on Hyperliquid, just 7 of the top 30 markets are crypto pairs, while the vast majority are commodity and equity pairs on Trade.XYZ. This makes sense given the moves in silver, gold, and oil over the past few months, and it is a testament to Hyperliquid that we finally have a real platform where tokenized trading of RWAs is happening in meaningful size," the firm said. As of writing, the tokenized equity futures contract XYZ100-USDC led the pack, with open interest of $213 million, followed by the oil-focused CL-USDC at $169.8 million. Other top contracts included futures tied to Brent crude, the S&P 500, silver, and gold. CL-USDC led in trading volume, seeing $1.62 billion in activity over 24 hours. This follows the weekend surge in prices for select few crude oil grades, like the Murban crude, which traded at $103 per barrel, as conflict in the Middle East intensified, disrupting tanker flows through the Strait of Hormuz. Major oil benchmarks, such as Brent and WTI, surged above $110 per barrel on Monday, before crashing into two figures. Hyperliquid Oil Equities More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Ether treasury firm Bitmine moves $19.5 million in ETH to Coinbase Prime By Shaurya Malwa | Edited by Omkar Godbole 40 minutes ago The largest public ether holder sent two transfers totaling $19.5 million to Coinbase Prime hot wallets on Tuesday, though the moves don't necessarily signal selling. What to know : Bitmine Immersion Technologies transferred about 9,600 ether to Coinbase Prime hot wallets in two large transactions on Tuesday, Arkham data shows. The moves follow Bitmine's largest weekly ether purchase of 2026, bringing its holdings above 4.5 million tokens as Chairman Thomas Lee says crypto is in the late stages of a "mini-crypto winter." The transfers to Coinbase Prime may reflect institutional custody, rebalancing or other operations rather than outright selling, as Bitmine's portfolio decline from about $16 billion to $2.25 billion largely tracks ether's price drop. Read full story Latest Crypto News Ether treasury firm Bitmine moves $19.5 million in ETH to Coinbase Prime 40 minutes ago Pudgy Penguins launches its 'Club Penguin' moment, and the game doesn't feel like crypto at all 1 hour ago Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock 1 hour ago AI tokens rally after Nvidia open-source agent plan, beat CoinDesk 20 2 hours ago Bhutan sells $42.5 Million of bitcoin in 2026 as national stack drops 58% from peak 2 hours ago Ether, solana, XRP jump higher as Trump signals Iran war nearing end 3 hours ago Top Stories Bitcoin jumps past $70,000 as war volatility fades 4 hours ago Crypto and stocks add to gains as Trump says Iran war could be over soon 12 hours ago