Hyperliquid’s HIP-3 Markets Hit Record Highs — $HYPE To Rise Further?

Key Takeaways

• Hyperliquid’s HIP-3 markets hit record highs, with daily trading volume surging to around $1.47 billion.
• Open interest (OI) reached an all-time high of $793 million, up sharply from $260 million just a month ago.
• Rising commodities trading activity is driving strong capital inflows into the Hyperliquid ecosystem.
• The daily chart highlights a Bearish Shark harmonic pattern, allowing room for short-term upside.

Hyperliquid’s native token HYPE is back in focus after posting a sharp 20%+ rally, pushing price toward the $26.80 level. While the move itself has caught traders’ attention, a closer look at on-chain growth and chart structure suggests this momentum may be backed by more than just short-term speculation.

Hyperliquid’s HIP-3 Markets Hit Record Highs

According to the latest data from Flowscan, Hyperliquid’s HIP-3 protocol — launched last fall to allow builders to deploy on-chain markets for commodities like gold and silver — is seeing explosive growth.

Daily trading volume across HIP-3 markets has surged to around $1.47 billion, marking a new all-time high. At the same time, open interest (OI) has climbed to a record $793 million, largely driven by a recent spike in commodities trading activity.

What stands out even more is the pace of growth. Just one month ago, HIP-3 open interest was sitting near $260 million. Since then, OI has been printing new weekly all-time highs, signaling rapidly increasing trader participation and capital inflows into the Hyperliquid ecosystem.

This sharp rise in volume and open interest highlights growing confidence in Hyperliquid’s on-chain derivatives infrastructure — a trend that often acts as a tailwind for the native token.

$HYPE To Rise Further?

From a technical perspective, HYPE’s daily chart is forming a Bearish Shark harmonic pattern — a structure that can appear during corrective phases but often allows for short-term bullish continuation before a larger reversal takes place.

After completing the O-X-A-B leg, HYPE managed to reclaim its 50-day moving average, an important shift in short-term momentum. The token is currently consolidating near the $23–$26 range, while facing its next major hurdle at the 100-day moving average around $31.67.

The key level to watch now is the 50-day MA support near $25.35. As long as HYPE holds above this zone, the bullish continuation scenario remains intact. A successful reclaim of the 100-day MA would significantly strengthen upside momentum.

If that breakout materializes, HYPE could advance toward the C-point of the Shark pattern near $38.72, which aligns with the 1.13 Fibonacci extension — a level often targeted during harmonic pattern completions.

Bottom Line

Hyperliquid’s fundamentals and technical structure are starting to align. Record-high HIP-3 trading volume, surging open interest, and renewed strength on the daily chart suggest that HYPE’s recent rally may not be a one-off move.

While resistance remains overhead near the 100-day moving average, continued support above the 50-day MA keeps the door open for further upside. If momentum holds and ecosystem growth continues at its current pace, HYPE could be positioning for another leg higher — with the $38 region emerging as a key level to watch in the weeks ahead.