HYPE Hits Record Derivatives Trading Amid Resistance Test

The Hyperliquid native token HYPE has been trading near $60.40, testing its critical resistance at $64 within a falling wedge formation on the charts.

Derivatives market data shows record-breaking Open Interest of $5.7 billion, indicating increased trading activity and capital allocation in perpetual futures contracts on the exchange.

However, this surge in derivatives exposure contrasts with declining user engagement, as Hyperliquid's weekly active user count has contracted from approximately 190,000 in early June to roughly 149,600.