Hyperliquid's HIP-3 DEX open interest hits record above $790M on January 27

Open interest on Hyperliquid's HIP-3 DEX rose past $790 million to an all-time high on January 27, driven mainly by a surge in commodities trading, according to The Block. Hyperliquid CEO Jeff Yan said the platform is among the most liquid venues for crypto price discovery, adding its BTC perpetual futures spreads are tighter than on Binance. The HIP-3 protocol added Builder-Deployed Perpetuals in October last year, enabling eligible developers to launch their own perpetual futures markets. TradeXYZ is currently the largest HIP-3 DEX, with about $22 billion in daily trading volume and roughly 90% of the overall market share.