Hyperliquid's HYPE token surged past $45 for the first time in five months, fueled by a resurgence in trading activity, particularly around commodity perpetuals.
The token has seen a significant rally, climbing over 20% in the past week to reach a five-month high. At press time, HYPE was trading near $43.4.
This growth is attributed to Hyperliquid's expanding permissionless market infrastructure, which allows external builders to deploy perpetual markets. This feature, known as HIP-3, is a key step towards decentralizing the listing of perpetual contracts.
The framework has broadened the exchange's offerings to include non-crypto markets like commodities and equity-linked contracts, which are increasingly contributing to trading volumes.
In March, open interest in these builder-deployed markets surpassed $1.2 billion, with oil and equity futures showing strong performance. Oil contracts, including WTI and Brent Crude, remain among the platform's most actively traded assets, with the Crude Oil contract alone generating over $840 million in 24-hour volume.
This surge in oil contract trading intensified during periods of geopolitical volatility. Reports indicated a rapid increase in Hyperliquid's cumulative oil futures volume, as traders utilized the exchange's perpetual markets to react swiftly to market movements.