Hyperliquid HIP-3 Hits $200B Cumulative Trading Volume and $32B Peak Open Interest in June 2026

HYPE3.54%
SPX500-0.07%
According to Zach Pandl, Grayscale's research head, Hyperliquid's HIP-3 upgrade reached approximately $32 billion in open interest with $200 billion in cumulative trading volume as of June 2026. The upgrade enables permissionless deployment of perpetual futures markets on Hyperliquid's infrastructure, with S&P 500 perpetual contracts now live. These markets operate under a permissionless infrastructure model where any qualified developer can create derivatives trading markets on the underlying network, positioning Hyperliquid as open financial infrastructure similar to AWS, while the HYPE token captures the aggregate trading value flow.
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