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Non-crypto perps were 28% of Hyperliquid open interest in May

Stocks, indices, commodities, pre-IPO and FX via HIP-3, up from $749M to $2.50B in 90 days.

Tokenized stocks, indices, commodities, pre-IPO & FX traded as perps on HL via HIP-3 builder books.

May 18, 2026
Market Structure
Ecosystem
Perpetuals
Authors
Elton Shehdula, Head of Research, Allium
Elton Shehdula
Head of Research
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Key takeaways

  1. Non-crypto perps were 28% of Hyperliquid perp open interest on May 19, 2026. That is $2.50B of $8.85B, up from 15% in February.
  2. Non-crypto perp open interest rose from $749M on Feb 18 to $2.50B on May 19.
  3. Indices and ETFs lead at $935M (37.3%); commodities $810M (32.4%); single-name stocks $696M (27.8%).
  4. Daily non-crypto holders reached 30,773, about 1.9x the 16.5k of 90 days earlier.
  5. Pre-IPO perp OI reached $43.9M; trade.xyz's SpaceX listing went live May 17 and hit $30.9M OI in 48 hours.

Download the full report for the data and charts.

Informational only. Not investment advice.

Non-crypto perps were 28% of Hyperliquid open interest in May

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