Bloomberg Terminal now streams prices from Hyperliquid's $18 billion perpetuals market around the clock

On Sept. 23, open interest passed $18 billion. Bitcoin, Ether and HYPE accounted for about $9.33 billion of it ^[12], leaving roughly $8.7 billion, or about 48 percent, in other contracts ^[16]. That remainder is spread across a venue listing more than 100 assets, according to Crypto Briefing ^[6], so not all of it is stock-index and commodity perps. Crypto.news did not say how much of the total sits in HIP-3 markets. The growth is easier to pin down. Open interest started from a base above $13 billion at the end of August ^[11] and rose by roughly 38 percent in about three weeks ^[17]. Of that, $1.64 billion came in the four days after the $16.36 billion record ^[18].

The case for these prices as a reference depends on trading hours. HIP-3 contracts on the S&P 500, gold and crude keep trading after those markets close ^[8]. Bloomberg now streams them around the clock ^{[1] [2]}. Bloomberg's Michael McDonough said Terminal users can enter WSL HYPE <GO> to monitor the selected markets ^[4]. A desk that wants a live S&P 500 or Brent number on a Saturday can now see one on the same screen where it watches Bitcoin, Nvidia, the S&P 500, Brent crude and EURUSD ^[5].

The prints could stay a curiosity that desks glance at and never act on. They could also become the number a risk desk checks before Monday's open. That would make them a reference price in the working sense, a price people look at, even if nobody trades it. Or Payward, Kraken's parent, could follow through on its plans for regulated perpetual products ^[15]. That would give desks somewhere to trade a view they formed on the Terminal, and of the three outcomes it is the only one that moves cash. In my view the second is the most likely in the near term. The counter-thesis is depth. If the HIP-3 books behind those S&P and crude prints are thin, weekend prices will be noise, and a run of Monday opens far from them would show it.

Bloomberg does not handle execution, custody, collateral management or wallet interaction ^[3]. No order reaches Hyperliquid through the Terminal. Data built for machines got there first. In September, DoubleZero started offering five Hyperliquid feeds to trading firms, market makers and quant desks, one of them built from order intents in mempool transactions ^[13]. DoubleZero said subscribers get sequenced data without having to rebuild the order book from public API updates. Hyperliquid joined Solana and Kalshi as the third venue on its Edge service ^[14].

The price reaction showed up in a different market. According to Crypto Briefing, Polymarket's odds that Hyperliquid reaches $100 by the end of 2026 rose to 71.5 percent from 68 percent in 24 hours ^[9]. That is a 3.5-point move ^[19] on a listing that sends no orders to the venue ^[3].