Hyperliquid Dominates On-Chain Derivatives with $8.1 Billion Open Interest Surge

Hyperliquid, a decentralized perpetuals platform, has reached an all-time high in total open interest, surpassing $8.1 billion on September 20, 2026.

This milestone marks a significant achievement for the protocol, cementing its status as the dominant force in on-chain derivatives trading.

The 24-hour trading volume at the time of the milestone reached $1.05 billion, according to DefiLlama.

Hip-3, launched by Hyperliquid in October 2025, opened the door to tokenized traditional assets, including equities and commodities, which now account for more than 30% of total open interest on the platform.

The HYPE token's value has been steadily increasing, with recent local peaks reaching $93 to $94. Approximately 26,310 HYPE tokens were burned in a single 24-hour window, worth roughly $2.4 million at current prices.