Hyperliquid Open Interest Hits Record as HYPE Reaches All-Time High

Hyperliquid's total open interest has reached a record $14.3 billion on Sunday, with its outstanding derivatives positions nearly restored to their level before the October 10, 2025 crash.

This rebound is notable because Hyperliquid's open interest had been cut sharply during that earlier sell-off, while HYPE was trading at an all-time high of $88 at the time of writing.

The growth in HIP-3 markets has also contributed to this recovery, with their share of total open interest rising from 18% in March 2026 to over 34% in August 2026.

Builder fees and HYPE burns have connected activity to the token, as spot and HIP-3 perpetual deployers may retain up to 50% of fees generated by their deployed assets, and the assistance fund converts trading fees to HYPE and burns the HYPE it holds.