Hyperliquid open interest rises to $14.3 billion, HYPE token hits all‑time high
Open interest climbs to $14.3 billion
Hyperliquid’s total open interest (OI) reached $14.3 billion on Sunday, just 3 % below the level it had before the October 10 2025 crash, when OI fell from $14.7 billion to $6.5 billion in a single day.
Key numbers
- Total OI: $14.3 billion
- HIP‑3 OI record: >$4.44 billion in August 2026
- HYPE token price: $88 (all‑time high)
- HYPE market cap: ~ $20 billion, up >50 % this month
Growth drivers
Two factors are reported as possible catalysts for the recent OI increase. First, Coinbase began routing Base App users to Hyperliquid in mid‑August, creating a new retail funnel. Second, former President Trump said the CFTC is working on a compliant on‑shore path for Hyperliquid.
HIP‑3’s role
HIP‑3, a builder on the platform, grew its share of total OI from 18 % in March 2026 to over 34 % in August, then fell to 25 % today. Over the past six months, total OI rose by $8.47 billion, with HIP‑3 contributing about 30 % of that growth. In the last month, total OI grew by $3.57 billion while HIP‑3’s OI dropped by $119 million.
Economic impact
HIP‑3 builders earn up to half of the trading fees on the markets they launch. Hyperliquid’s gross revenue peaked at $457 million in Q3 2025 and fell to $202 million by Q2 2026. Assistance Fund purchases also declined from $290 million to $149 million over the same period.
About 97 % of fees from Hyperliquid’s core crypto perpetual contracts (perps) are used for HYPE token buybacks, making perps‑generated OI more valuable for HYPE than builder‑generated OI.
What is confirmed
- Open interest reached $14.3 billion on September 8 2026.
- HIP‑3’s OI record and share percentages as reported.
- HYPE token price is $88 and market cap near $20 billion.
What remains unclear
- The exact impact of Coinbase routing and the CFTC discussion on future OI growth is not quantified.
- Future changes in HIP‑3’s share of OI are uncertain.
Why it matters
Higher open interest indicates more capital is locked in Hyperliquid’s derivatives market, which can increase trading activity and fee revenue. The rise in HYPE price and market cap reflects investor response to the platform’s growth.
