Hyperliquid Open Interest Nears Record as Share Hits 10.5%

Published: 2026-09-13 05:40:13 |

Hyperliquid’s perpetual futures market share has reached a record 10.5% by open interest, including comparisons with major exchanges such as Binance, Bybit and OKX. Hyperliquid open interest also climbed to $14.3 billion, within 3% of the $14.7 billion recorded before the October 2025 market crash. Open interest fell 56% during that sell-off, reaching $6.5 billion in one day. The recovery reflects a changing market structure. HIP-3, Hyperliquid’s permissionless system for builder-deployed perpetual markets, represented more than 34% of total open interest in August 2026, up from 18% in March. HIP-3 open interest exceeded $4.44 billion. HYPE briefly reached an all-time high of $88 and gained more than 50% during the month. It later traded at $79.41, up 0.95% over 24 hours. Hyperliquid’s fee model may support HYPE demand because deployers can retain up to 50% of market fees, while the assistance fund converts trading fees into HYPE and burns tokens it holds. The rise in Hyperliquid open interest points to stronger derivatives activity, liquidity and platform adoption. However, open interest does not show whether traders are net long or short. Elevated leverage and HYPE’s recent rally could increase liquidation risk if market sentiment reverses.

Bullish

The news is bullish for HYPE because Hyperliquid’s record 10.5% share of the perpetual futures market and open interest near its pre-crash peak indicate stronger platform adoption, trading activity and liquidity. The HIP-3 expansion also suggests growing use of Hyperliquid’s market infrastructure. Its fee mechanism, including HYPE purchases and token burns through the assistance fund, could provide additional long-term support for the token. In the short term, the record market share and strong monthly rally may attract momentum traders and reinforce positive sentiment. However, HYPE’s move to an all-time high near $88, followed by trading around $79.41, shows that volatility remains elevated. High open interest can reflect both long and short positions, rather than clear directional conviction. If leverage unwinds or sentiment deteriorates, liquidations could cause a sharp pullback. Therefore, the underlying signal is bullish, but traders should account for substantial short-term downside risk.