Hyperliquid Open Interest Rebounds to $14.3 Billion, Near Pre-'10/10 Crash' Level

Open interest on decentralized derivatives exchange Hyperliquid has recovered to near the level seen just before last year's "10/10 crash," with recent growth shifting from HIP-3 to the platform's core crypto perpetual futures market, a change that is boosting HYPE token buybacks, The Block reported.

According to The Block's Sept. 8 report, Hyperliquid's total open interest reached $14.3 billion on Sept. 6. That was about 3% below the $14.7 billion recorded just before the mass liquidation event on Oct. 10 last year.

At the time, Hyperliquid's open interest plunged about 56% in a single day, falling to $6.5 billion from $14.7 billion.

One of the main drivers of the recovery was HIP-3, a framework that allows external developers to use Hyperliquid's infrastructure to build their own perpetual futures markets.

HIP-3's share of total open interest rose to more than 34% in August from 18% in March. HIP-3 open interest also topped $4.44 billion last month, marking a record high. Of the $8.47 billion increase in Hyperliquid's total open interest over the past six months, HIP-3 accounted for about 30%.

More recently, that trend has shifted. Over the past three months, HIP-3 accounted for 15% of the increase in total open interest. In the past month, Hyperliquid's total open interest rose by $3.57 billion, while HIP-3 open interest fell by $119 million. HIP-3's share of total open interest also dropped to 25% from 34% a month earlier.

Instead, funds have been flowing into the core crypto perpetual futures market. The Block cited two main reasons: Coinbase began directing Base app users to Hyperliquid in mid-August, and U.S. President Donald Trump said the Commodity Futures Trading Commission was pursuing a plan to bring Hyperliquid into the U.S. market in a way that complies with regulation.

The change in open interest composition has important implications for HYPE. Developers that build HIP-3 markets can keep up to half of the trading fees generated there. By contrast, about 97% of fees generated in Hyperliquid's core crypto perpetual futures market are used for HYPE buybacks.

As a result, the same increase in open interest has a bigger effect on HYPE purchases when it flows into the core perpetual futures market rather than HIP-3.

HYPE has also extended its rally. As of publication, the token was trading at a record high of $88, with its market capitalization nearing $20 billion. It has gained more than 50% so far this month.