Topic

Decentralized derivatives exchanges

Venues that match and settle derivatives trades through smart contracts or purpose-built chains, without a centralized order book or custody of customer funds.

Current clusters

invest1 publisher

Tokenized equities and commodities at times top 30% of Hyperliquid's $8.1bn open interest

Hyperliquid's open interest record on September 20 came with tokenized equities and commodities at times above 30% of the book. HIP-3 opened those markets eleven months earlier, in October 2025.

Publishers:cryptobriefing.com

Reality

Evidence38
Adoption60
Hype gap+34
Incentives58
Confidence45