Which Hyperliquid HIP-3 Markets Actually Have Liquidity

How to Read Open Interest, and Why It Matters More Than Volume on a Thin Market

Open interest is the dollar value of every position on a market that is still open. Volume is how much changed hands in the last 24 hours. On a deep market the two move together and either one tells you roughly the same story. On a thin one they can say opposite things, and open interest is the one to believe.

The reason is that volume counts round trips. A market maker opening and closing the same position forty times prints forty times the notional in volume and leaves open interest exactly where it started. So a market can show a respectable 24-hour volume figure that is almost entirely one participant cycling inventory, and the moment you try to leave a position there is nobody on the other side. Open interest cannot be manufactured the same way: for a dollar of it to exist, someone has to be holding a position and posting margin against it.

What that means in practice: read the open interest column first and treat volume as a secondary check. A market where open interest is a small fraction of 24-hour volume is being traded rather than held. A market where the two are close is one where positions are being carried. Neither is good or bad on its own; they are different books, and the second is the one whose depth is more likely to still be there tomorrow. If a market shows zero open interest, it is listed rather than traded, and the Brent crude market page walks through a concrete case of a ticker that existed on a rival venue with an empty book while the liquidity sat elsewhere.

What Funding Tells You About Positioning

Funding on Hyperliquid settles hourly rather than every eight hours, so the per-hour rate in the table is small by construction. Multiply by 24 for a daily figure and by 8,760 for an annualized one. A positive rate means longs pay shorts, which is what happens when the perp trades above the price it tracks; a negative rate is the reverse.

On a HIP-3 equity or commodity market, funding is doing something it does not do on a crypto perp. The underlying cash market closes on weeknights and stays shut all weekend, but the perp does not, so the oracle keeps marking and funding keeps settling across a window where the reference instrument is not trading at all. That is a real holding cost on a position carried through a weekend, and the non-crypto perps reference works out what it comes to.

As a positioning signal, funding is most informative on the markets with the least open interest, because there it takes very little size to move it. A persistent one-sided rate on a market carrying a few hundred thousand dollars of open interest usually reflects one or two participants rather than a crowd, and it can invert quickly when they leave. On the markets carrying the most open interest the rate is a better read on aggregate positioning, for the same reason.

Which Markets Are Carrying Size Right Now

Sort the table by open interest and the shape of this venue becomes obvious in one look. The memory and semiconductor names sit at the top, the broad index products behind them, and a long tail of markets underneath holding little or nothing. That distribution is the answer to the question in the title, and it is worth re-reading rather than memorizing: HIP-3 listings are added by builders, and which of them attract a book changes over weeks.

This page deliberately does not rank markets by how much size they have supported historically. Doing that honestly needs a stored time series of open interest and executed fills, and this page is built entirely on a live read of the public API, so the figures are current and unestimated, at the cost of not being able to say what a market looked like last month. Read the "with open interest" count above the table as the useful summary: it says how many of the listed markets are actually being held at this moment.

Methodology and Sources

Every figure on this page comes from one call to the public Hyperliquid API, metaAndAssetCtxs against the xyz DEX, made from your browser when the page loads and repeated every 60 seconds while it is open. Mark price, 24-hour change, open interest, 24-hour volume and the hourly funding rate are the unedited machine values from that response. The market list is whatever the API returns, filtered to the equity and commodity categories, so a market listed this week appears here without anyone editing this page. Nothing on this page is estimated, back-filled or carried over from an earlier read, and the totals above the table are sums over the rows in it. There is no claim anywhere here about whether a given market suits a given trader or a given size. That judgment needs information this page does not have.