According to CoinMeta, official data from Hyperliquid shows that the platform's open interest in bilateral contracts has reached $18 billion, setting a new historical high. Over the past year, Hyperliquid has evolved from an encrypted perpetual trading platform to an on-chain trading infrastructure that covers stocks, commodities, indices, pre-ipo, and event contracts. Launched in October 2025, hip-3 allowed third parties to collateralize HYPE to deploy a perpetual market, and as of early September 2026, the hip-3 market had accumulated transactions exceeding $548 billion. hip-4, launched in May 2026, filled the gap in predictive markets and event contracts. During the same period, 21shares, Bitwise, and Grayscale introduced HYPE related ETF, and the platform also launched native lending services and advanced a licensed hip-3 market for US users.