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Hyperliquid's total open interest touched roughly $11.07 billion on July 13, its highest level of 2026, before easing to about $10.88 billion, according to DeFiLlama. HIP-3 markets, the protocol's permissionless perps deployment layer, contributed about $3.69 billion of that figure, with RWA open interest setting a new all-time high.
Why it matters
HIP-3 lets anyone deploy a perpetual market on Hyperliquid, turning the chain into a perps rails layer rather than a single venue. The fact that a third of the protocol's open interest now sits on third-party-deployed books, and that RWA perps are the fastest-growing slice, suggests institutions and structured-product issuers are using Hyperliquid as default infrastructure, not as a speculative destination.
Market impact
The composition matters more than the headline number. RWA open interest at an all-time high signals that tokenized treasuries and yield-bearing assets are finding a credible derivatives home on a decentralised chain. The slight pullback from $11.07B to $10.88B is routine position rotation, not a thesis break; the structural read is that the HIP-3 slice continues to widen its share of total OI, with RWA leading the expansion.
Source: [Hyperliquid TVL, Fees, Revenue & Volume — DefiLlama](https://defillama.com/protocol/hyperliquid)
Frequently asked questions
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What is Hyperliquid's HIP-3?
HIP-3 is Hyperliquid's permissionless perps deployment layer, which lets anyone launch a perpetual futures market on the chain. It turns Hyperliquid from a single venue into a perps infrastructure layer used by third-party market deployers.
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How much of Hyperliquid's open interest is on HIP-3 markets?
HIP-3 markets contributed roughly $3.69 billion of Hyperliquid's approximately $11.07 billion total open interest on July 13, 2026, according to DeFiLlama. That is about a third of the protocol's total OI sitting on third-party-deployed books.
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What is Hyperliquid's RWA open interest?
RWA, or real-world asset, open interest on Hyperliquid's HIP-3 markets reached a new all-time high on July 13, 2026. RWA perps are derivatives on tokenized traditional assets such as treasuries and yield-bearing instruments, and the HIP-3 RWA slice is the fastest-growing segment of total OI.
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Why does HIP-3's share of open interest matter?
When a third of total OI sits on permissionless, third-party-deployed books, the platform is functioning as shared perps infrastructure rather than a single proprietary venue. That composition signals real demand from structured-product issuers and institutions, not just speculative HYPE-native flow.
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Is the pullback from $11.07B to $10.88B a concern?
The slight decline from the July 13 peak of $11.07B to about $10.88B reflects routine position rotation rather than a structural break. HIP-3's share of total open interest continues to widen, and RWA perps continue to lead the expansion, which is the more relevant signal for the platform's trajectory.
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