Key Insights:
- Hyperliquid crypto benefits as oil futures push HIP-3 volumes.
- Oil’s share of HIP-3 open interest surged to 31%.
- Trading on Hyperliquid is diversifying beyond crypto, with commodities, equities, and indices gaining momentum.
Hyperliquid crypto just concluded the week with a 20% plus upside. This meant that it was the biggest gainer among the top 50 coins by market cap. The reasons behind its weekly rally were just as interesting.
The Hyperliquid crypto traded as low as $30.25 earlier in the week and surged as high as $38.5 by the end of the week. A slight retracement put its press time price tag at just over $37. It was equivalent to a 21% weekly upside.
HYPE token’s weekly performance is built on the same bullish energy that it has maintained since the start of the year. It is so far one of the cryptocurrencies that have recovered substantially after the bearish performance late last year. Although it was still discounted compared to the 2025 highs.
An important fact to notice here is that the Hyperliquid crypto achieved this uptick by tapping into oil and gold demand.
Surging HIP-3 Volumes and Open Interest Drive Demand For Hyperliquid Crypto
Hyperliquid’s HIP-3 facilitates the creation of synthetic derivatives. This process requires HYPE token lock-ups. Thus, robust demand for derivatives on the exchange translates to more demand for the HYPE token.
Gold and oil prices have been going up on account of the latest geopolitical instability. Besides, the crypto derivatives segment has been seeking exposure to the aforementioned assets. Oil prices surged past $100 twice in the last 7 days. Unsurprisingly, oil futures surged to record high levels of volume and open interest.
Artemis Analytics data revealed that Brent oil derivatives open interest started at around $2.4 million on 4 March. It has since then surged to $78.6 million as of 13 March.
Steady Brent oil futures growth over such a short period (the first 10 days) underscores the robustness of crude oil demand under current market conditions. Oil currently accounts for 31% of HIP-3 open interest. Not surprising considering that it is one of the few assets currently in demand.
Hyperliquid also maintained a robust lead over the competition in derivatives demand. For context, Hyperliquid had $6.9 billion in aggregate volume. This was almost triple the perp volume observed on Aster, which was second-place on the same metric.
Commodities, Indices, and Equities Dominate Over Crypto On Hyperliquid
Hyperliquid initially kicked off as a crypto trading platform but it has been rapidly growing into one of the preferred tokenized assets platforms.
Commodities had the biggest share of HIP-3 open interest as of 13 March. This was mostly courtesy of oil, gold, and silver, with the total OI for the segment topping $618 million.
Indices open interest came in second at $258 million, while equities OI occupied the third position at $242 million. For reference, major cryptocurrencies accounted for roughly $45 million in OI.
The weak demand for cryptocurrencies under current market conditions could be one of the reasons for the weak crypto open interest. This often improves during bullish phases.
Nevertheless, the current top 3 underscore the key driving force behind the currently elevated HYPE crypto demand. This also means the cryptocurrency is currently in a strategic position to take advantage of demand drivers beyond the crypto scope.
The unique position means Hyperliquid crypto could be uniquely positioned to take advantage of volatile market conditions. Its rapidly growing ecosystem will likely favor its long-term outlook.