Hyperliquid’s HIP-3 Markets Reached New Highs — Is $HYPE Poised for Further Upside?

Key Takeaways

• Hyperliquid’s HIP-3 markets recorded a new all-time high daily volume of $4.83B
• Open interest surged to a record $1.05B, up sharply from $260M last month
• $HYPE has outperformed the broader crypto market, rising while ETH fell 24% YTD
• The daily chart shows a Bearish Shark harmonic pattern, allowing short-term upside
• A move toward $38.72 remains possible if momentum holds above the 50-day MA

HYPE, the native token of Hyperliquid — one of the fastest-growing decentralized perpetual trading platforms — has continued to show relative strength despite a broader crypto market downturn. While major assets like Ethereum (ETH) have suffered a sharp 24% decline year-to-date, HYPE has managed to stay bullish, posting over 21% gains during the same period.

This divergence has naturally caught traders’ attention. But beyond short-term price action, a deeper look into on-chain growth metrics and technical structure suggests that HYPE’s momentum may be driven by strong underlying fundamentals rather than pure speculation.

Hyperliquid’s HIP-3 Markets Hit Record Activity

According to the latest data from Flowscan, Hyperliquid’s HIP-3 protocol — launched last fall to enable permissionless on-chain markets for assets like gold, silver, and other commodities — has entered a phase of explosive growth.

Over the past week, daily trading volume across HIP-3 markets surged to approximately $4.83 billion, marking a new all-time high. At the same time, open interest (OI) climbed to a record $1.05 billion, fueled largely by rising demand for on-chain commodities exposure.

What makes this growth particularly notable is its speed. Just a month ago, HIP-3 open interest hovered near $260 million. Since then, OI has consistently printed new weekly highs, signaling a rapid influx of capital and increasing trader participation within the Hyperliquid ecosystem.

This surge in volume and open interest reflects growing confidence in Hyperliquid’s infrastructure and execution — a dynamic that historically acts as a strong tailwind for the platform’s native token.

$HYPE Technical Structure Signals Room for Upside

From a technical standpoint, HYPE’s daily chart is forming a Bearish Shark harmonic pattern. While the name sounds ominous, this structure often appears during corrective phases and can still allow for short-term bullish continuation before a larger trend decision unfolds.

After completing the O–X–A–B leg, HYPE successfully reclaimed its 50-day moving average, a key signal that short-term momentum has shifted back in favor of buyers. Since then, price has been consolidating near the $30 region, suggesting accumulation rather than distribution.

If current momentum holds, HYPE could continue its advance toward the C-point of the Shark pattern near $38.72. This level aligns closely with the 1.13 Fibonacci extension, a common target zone during harmonic pattern development and a logical area for the next technical reaction.

Market Outlook

With HIP-3 markets printing record volumes and open interest expanding at a rapid pace, Hyperliquid’s ecosystem growth appears firmly intact. If on-chain activity continues to scale alongside favorable technical conditions, HYPE may remain one of the stronger relative performers in the current market environment.

For now, traders will be watching whether HYPE can maintain support above the 50-day moving average and build enough momentum to challenge the $38–$40 resistance zone in the coming sessions.