Hyperliquid Open Interest Tops $14.6B as HYPE Posts 50% Monthly Gain

Open interest on Hyperliquid has climbed back to $14.6 billion, closing in on the $14.7 billion level it held before the October crash, according to DeFiLlama. That crash wiped out more than half of all open positions in a single day, dropping the figure to $6.5 billion. This also comes as HYPE continues its incredible run in the market, hitting a new all-time high on September 6.

Hyperliquid open interest. Source: DeFiLlama

Why is Hyperliquid open interest surging again?

The OI’s early comeback was mostly thanks to its HIP-3 system. Its slice of the open interest grew from 18% in March to over 34% by August, when it hit a record $4.44 billion. HIP-3 was responsible for almost 30% of the total $8.5 billion rise in open interest in the last six months.

However, this has slowed down recently. The permissionless tool has made up only 15% of new open interest growth in the last 3 months. For context, in the past 30 days, open interest jumped by around $3.6 billion, but HIP-3's open interest dropped by $120 million. As such, its share of the total fell from 34% a month ago down to 25% now.

Notably, most of the capital has been flowing into Hyperliquid's crypto futures market. This was thanks to a couple of positive developments for the ecosystem. Coinbase started sending users of its Base app to the platform in mid-August, which opened up a new channel of retail traders. 

Also, in an interesting turn of events, President Donald Trump said the CFTC was working on a plan to bring Hyperliquid into the U.S. market under proper regulation.

HYPE continues month-long rally 

The token has benefited from this momentum firsthand. Hyperliquid set a new all-time high at the start of the week, hitting $89.63. The token has climbed over 50% in the past month, making it one of the standout performers in the crypto market.

Experts highlighted that the return of open interest close to last October's peak shows bullish sentiment may have returned.  

This change is also key for the token's price. Developers who build markets through HIP-3 are allowed to keep up to half of the trading fees those markets generate. This means a share of revenue stays with third-party apps instead of flowing back to Hyperliquid. This has been visible in the business’s numbers.

Gross revenue peaked at $457 million in the third quarter of 2025 before falling to $202 million by the second quarter of this year. Assistance Fund purchases also dropped from $290 million to $149 million in the same period. This was while HIP-3's share of open interest was rising.

Additionally, about 97% of fees generated in the crypto perpetual futures market are used for HYPE buybacks. This strategy could reverse some of the pressure on the token if trading activity stays up.