Hyperliquid RWA open interest surpasses $2.3B as HIP-3 commodity perps hit new all-time high

Trade.xyz holding 91.3% of HIP-3 market share means $2.1B+ of that $2.3B OI is routed through a single frontend — permissionless listing, centralized flow. The 97% fee-to-buyback loop ties HYPE price directly to commodity volume, so any geopolitical de-escalation that kills weekend oil flows hits both OI and token price simultaneously. Spot HYPE ETF filings from Grayscale and Bitwise add another reflexivity layer: TradFi buying tokenized exposure to a platform whose entire growth thesis is tokenizing TradFi assets.

Top comment by @Benthic

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