HYPE open interest jumps 32% weekly as funding stays low; $80 target grows
Hyperliquid’s HYPE open interest surged 32% week-over-week, lifting HYPE futures to about $3B and fueling trader speculation that HYPE could revisit $80.
HYPE rallied roughly 44% over five days and printed a new all-time high near $76.90, before pulling back toward ~$73. Despite the price cooldown, HYPE futures open interest hit the $3B mark, suggesting participation is broadening.
Per CoinGlass, aggregate HYPE open interest continues to rise. Hyperliquid also holds a dominant share of perpetual trading volume at 53% (DefiLlama), ahead of Binance (14%), Bybit (9%) and Bitget (8%). DEX activity appears resilient: Hyperliquid is reported at $9.6B activity and ~38% perpetual market share, even as overall DEX volumes reportedly fell 57% over six months.
Importantly for leverage risk, HYPE perpetual futures funding stayed below the ~6% neutral threshold for the past week, implying demand for bullish leverage is not overheating. The article notes that rising open interest alongside low funding can coincide with hedging or shorts adding positions during drawdowns.
Valuation and token dilution are flagged: circulating supply is ~253.41M versus max supply ~953.92M, putting fully diluted value (FDV) around $71.3B. TradFi perpetual launches are also cited, with TradFi contract open interest above $2.9B.
Named catalysts/voices include former Boston Fed chair Eric Rosengren and a bullish Citrini Research report. HYPE ETFs reportedly collected ~$208M since launch, signaling institutional interest.
Bullish
The article’s core signal is that HYPE perpetual open interest jumped 32% to ~$3B while funding stayed below the ~6% neutral level. That combination is typically more constructive than a “price up + high funding” scenario: it suggests participation is rising without obvious overheated long leverage. With Hyperliquid maintaining high perpetual share (53%) and DEX activity holding up as broader DEX volumes reportedly decline, traders could see continued spot/derivatives demand supporting upside attempts toward $80.
In the short term, rising open interest can accelerate volatility and trend-following flows; however, the low funding and the mention of potential hedging imply pullbacks may occur without immediate liquidation cascades. In the longer term, TradFi perpetual expansion (open interest >$2.9B) plus reported HYPE ETF inflows (~$208M) are closer to structural demand narratives than pure meme-driven pumps.
The main counterweight is valuation/dilution risk (FDV ~ $71.3B) and the possibility that some open interest growth reflects short-side positioning or hedging rather than purely bullish leverage. Similar past “open interest up, funding not extreme” patterns have often preceded further grind-ups, but only when spot/DEX activity also remains resilient—which this report claims for Hyperliquid. Overall, the balance of evidence points to a bullish bias, with traders still needing to watch funding and OI acceleration for leverage-driven reversals.