The HYPE token continues its rapid growth. Over the past week, the price has risen by more than 60%, and in the last three days — almost 50%. By the end of trading on January 28, the asset consolidated near the $35 mark, becoming one of the market leaders in terms of dynamics.
The price increase is accompanied by a sharp rise in activity on HIP-3 decentralized exchanges operating within the Hyperliquid ecosystem. Open interest on these platforms has exceeded $925 million, setting another all-time high.
Open Interest Continues to Grow
At the beginning of the week, the total open interest on HIP-3 was around $790 million. A few days later, the figure increased by more than $130 million, indicating an acceleration in capital inflows. For comparison, the total open interest in Hyperliquid futures is now estimated at about $7.8 billion.
This dynamic suggests that the growth of HYPE is not an isolated price spike. It is supported by expanding trading activity and an increase in the number of open positions, primarily in derivatives.
What Is Behind HIP-3 and Why It Matters
Hyperliquid was originally created as an on-chain platform for trading perpetual futures with high speed and minimal latency. Unlike classic decentralized exchanges, the protocol uses its own L1 infrastructure optimized for derivatives.
The HIP-3 upgrade, launched at the end of 2025, became a key stage in development. It allowed third-party teams, in a permissioned mode, to create their own perpetual contract markets using Hyperliquid’s shared liquidity and technical base. These HIP-3 DEXs are now driving the main growth in open interest.
In fact, the platform has begun to transform into a universal hub for trading not only crypto assets but also instruments related to traditional markets.
Commodity Derivatives Become the New Driver
One of the main factors behind the current growth, according to analysts, is a surge in trading of commodity assets. Silver contracts stand out in particular. Over the past 24 hours, trading volume in silver futures on HIP-3 exceeded $1 billion, making them the leaders in turnover within the ecosystem.
Interest in precious metals has increased amid global uncertainty, rising geopolitical risks, and weakening trust in currencies. In such conditions, investors are actively seeking safe-haven instruments, and the ability to trade them in an on-chain format through Hyperliquid has become highly sought after.
The rise in activity in commodity contracts coincided with strengthening bullish sentiment for HYPE, amplifying the effect in both the derivatives and options segments.
Options and Derivatives Confirm a Shift in Sentiment
According to analysts, HYPE’s options market indicators have improved significantly. After a period of bearish strategy dominance, demand for growth has increased again. Options volumes are rising, and participant positioning indicates an expectation of further upward movement.
An additional signal was the appearance of a large on-chain buyer. Analysts recorded a new wallet that transferred about $45 million in USDC from the Binance exchange to Hyperliquid and purchased nearly 290,000 HYPE worth about $9.8 million. Moreover, the purchases continued after the initial accumulation.
Such actions are usually characteristic of long-term positioning rather than short-term speculation.
What This Means for HYPE
The HYPE rally appears more sustainable than previous growth periods. The price is rising along with open interest, trading volumes, and the activity of large players. This reduces the likelihood that the movement is solely the result of speculative hype.
At the same time, rapid growth always increases the risk of a correction. Much will depend on whether interest in commodity derivatives remains and whether HIP-3 continues to attract new liquidity.
What’s Next?
HYPE has found itself at the center of several strong trends at once. The expansion of HIP-3, the growth in commodity asset trading, and the influx of large capital have created the conditions for a powerful price move.
As long as open interest and volumes continue to grow, the market is betting on the further development of the Hyperliquid ecosystem. However, current levels already reflect high optimism, and further dynamics will depend on the platform’s ability to sustain its growth rate.
Read More: Tom Lee Explains the Cycle of Gold, Silver, and Bitcoin: Why the Crypto Market Could Be Next
