Hyperliquid open interest climbs to $14.3 billion as HYPE hits all-time high

Hyperliquid's (HYPE) total open interest (OI) reached $14.3 billion on Sunday, within 3% of the OI on the day before the infamous 10/10 crash. For context, on Oct. 10, 2025, Hyperliquid’s OI fell by around 56% in a single day, from $14.7 billion to just $6.5 billion.

The recovery since then has been a story of two distinct halves.

The first is HIP-3, which carried the first leg as its share of Hyperliquid’s total OI grew from 18% in March 2026 to over 34% by August. HIP-3 OI itself set a record of over $4.44 billion in August. Of the $8.47 billion increase in Hyperliquid’s total OI over the past six months, HIP-3 accounted for roughly 30% of that growth.

Over the past three months, HIP-3's OI growth accounted for 15% of total OI growth. Over the past month, Hyperliquid's total OI rose by $3.57 billion, yet HIP-3 OI fell by $119 million. HIP-3's share of total OI has also declined from 34% this time last month to 25% today.

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Two likely catalysts initiated the growth in Hyperliquid’s crypto perps.

The first is that Coinbase began routing Base App users to Hyperliquid in mid-August, opening up a new retail funnel for Hyperliquid. The second is President Trump stating that the CFTC is working on bridging Hyperliquid onshore in a compliant way. Interestingly, this composition shift matters a lot more for HYPE than one might assume.

HIP-3 builders keep up to half the trading fees on markets they deploy, and the effect of this has been visible in Hyperliquid’s economics. Hyperliquid’s gross revenue peaked at $457 million in the third quarter of 2025, and fell to $202 million by the second quarter of 2026. At the same time, Assistance Fund purchases fell from $290 million in Q3 2025 to $149 million in Q2 2026. All while HIP-3’s share of total OI has increased dramatically.

It is worth noting that Hyperliquid’s core crypto perps route close to 97% of the fees it generates into HYPE buybacks. In other words, a dollar of OI returning to Hyperliquid’s crypto perps is worth materially more to HYPE than a dollar arriving through a builder (in this case, HIP-3).

HYPE's price has moved accordingly, now sitting at an all-time high of $88 at the time of writing, with a market cap of nearly $20 billion, up over 50% this month.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.