Hyperliquid’s HYPE token climbed near $45 early Tuesday, extending a sharp recovery from its late January lows as renewed trading activity around commodity perpetuals helped drive attention back to the exchange.
HYPE has climbed more than 20% over the past week, reaching a five-month high near $45 early Tuesday. At press time, the token had pared some gains and was trading near $43.4.
The move comes as Hyperliquid’s permissionless market infrastructure continues to gain traction. Under HIP-3, outside builders can deploy perpetual markets on the platform, with the protocol describing the feature as a step toward decentralizing perp listings.
That framework has opened the door for a wider range of non crypto markets, including commodities and equity linked contracts, which have become an increasingly important part of trading activity on the exchange.
In March, open interest in Hyperliquid’s builder deployed markets topped $1.2 billion as oil and equity futures gained traction. Oil contracts remain among the platform’s most traded assets, with the Crude Oil contract generating more than $840 million in volume over the past 24 hours and ranking as the third most traded market on the exchange.
Brent Crude Oil, another contract listed on the platform, ranked fifth with more than $360 million in 24 hour volume, meaning two of Hyperliquid’s five most traded assets continue to be oil contracts.
The oil frenzy accelerated during geopolitical volatility tied to the US Iran conflict. A Wall Street Journal report in March said Hyperliquid’s cumulative oil futures volume jumped from $339 million to $7.3 billion in a matter of days as traders used the exchange’s nonstop perpetual markets to react before traditional venues reopened.
That dynamic has also shown up in broader HIP-3 activity. Market data showed HIP-3 daily volume hitting about $5.4 billion in late March, led by silver, WTI, Brent, and gold contracts.
