Why Hyperliquid’s Price Is Rallying Amid US–Iran Tensions

Hyperliquid's HIP-3 decentralized exchanges reached a record $1.1 billion in open interest as traders used its 24/7 markets to respond to Middle East geopolitical tensions over the weekend. Market participants could continuously trade synthetic versions of traditional assets, including U.S.

equities and commodities, while standard financial exchanges remained closed. The platform’s native HYPE token rose more than 13% to $30, making it the best-performing top-20 crypto by market capitalization. Traders pivoted to the blockchain-based platform to hedge geopolitical risk with synthetic perpetual futures tied to oil, gold, silver and U.S.

equities. That continuous trading was enabled by HyperLiquid Improvement Proposal 3 (HIP-3), which allows developers to deploy permissionless perpetual markets for any asset with a reliable public price feed if the creator stakes 500,000 HYPE. Driven by weekend volatility, HIP-3’s open interest eclipsed its previous record of $1.06 billion.

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