Hyperliquid, a decentralized exchange, has reached a record $2.5 billion in open interest on its tokenized stocks and commodities markets, driven mainly by tokenized versions of Nvidia, Tesla, and the S&P 500. This surge is largely due to Trade.xyz, a project responsible for over 90% of the activity, utilizing Hyperliquid's HIP-3 permissionless framework launched in October 2025. The S&P 500 and oil markets are among the top traded assets, indicating strong demand for tokenized equities beyond traditional cryptocurrencies. Investors should note the concentration risk as the ecosystem heavily relies on Trade.xyz's performance, while Hyperliquid's native token, HYPE, benefits from the trading fees generated.
