Hyperliquid's HIP-3 markets reached $2.38 billion in open interest in April 2026

Price action and market structure across digital assets, including rallies and crashes, leverage and liquidations, and whether the four-year cycle still holds.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

How easily digital assets trade without moving the price, shaped by market makers, exchange depth, and stablecoin supply.