Something interesting is happening on Hyperliquid. The decentralized perpetuals exchange, once known primarily as a crypto-native trading venue, is watching its tokenized equities and commodities markets explode in size. Open interest in its HIP-3 permissionless markets hit a record $1.74 billion in March 2026, a 25% jump in just one week, with figures on track to approach or exceed $2.5 billion in subsequent months.

Trade.xyz dominates the order book

Trade.xyz, built by Hyperliquid’s tokenization arm Hyperunit/Unit, commands 91.3% of the total HIP-3 open interest.

The platform has been aggressively onboarding tokenized perpetual contracts for household-name equities. Nvidia, Tesla, Apple, Microsoft, and Meta all…