Hyperliquid's HYPE Token Jumps 60% as Gold and Tesla Perps Explode

Gold, silver and Tesla stock aren't what anyone expected to find on a decentralized exchange built for crypto trading. Hyperliquid is now one of the biggest venues on earth for betting on all three with borrowed money, and its token is partying like it knows it. Open interest across Hyperliquid's HIP-3 markets topped $925 million in the rally that first sent HYPE, the token behind the exchange, up 23% in a single day, according to a report from The Block. Open interest on those markets has since climbed into the billions as the HIP-3 experiment has scaled, and HYPE itself now trades in the $80 range. That's not a crypto story in the usual sense.