Hyperliquid: The DEX based on HIP-3 has set a historical high of $790 million in open contract volume

According to The Block, Hyperliquid announced on Monday that its HIP-3 deployed DEX has reached a historic high of over $790 million in open interest, driven by a surge in commodity trading.

This data is based on the permissionless perpetual contract market deployment feature introduced by HIP-3, which allows qualified builders to independently deploy and operate perpetual contract DEXs on the HyperCore infrastructure using staked HYPE tokens. Hyperliquid CEO Jeff Yan stated that the platform has become "the most liquid venue for cryptocurrency price discovery," with its Bitcoin perpetual contract bid-ask spread narrowing to $1, compared to about $5.5 on Binance.