Daily open interest in Hyperliquid's HIP-3 markets reached a record $1.26 billion on March 9, up from about $500 million the previous month. Strong demand for tokenized commodity perpetuals is boosting Hyperliquid's revenue and has driven total HYPE buybacks above $1.3 billion. Arthur Hayes forecasts that HYPE could reach $150 by August 2026, even though the token currently trades around $30, about 40% below its all-time high.