And among all that volatility, the same beneficiary. Hyperliquid. During the previous ATH of HIP3 volume on Feb 5th, OI/Total ≈ 11% Today, OI/Total ≈ 20% — a staggering 2x in 30 days. The ratio Vol(hip3) / OI(hip3) dropped 60% from ≈ 8.3 on Feb 5th to ≈ 3.4 today (less is better). Over time, HIP-3 markets are proving persistent activity, rather than the classic short-lived hype cycle of other products. This is not a trend you want to fade.