Hyperliquid Open Interest Surges to Highest Level Since October 2025
The open interest on Hyperliquid has reached its highest level since October 2025, surpassing $14.7 billion as of September 4. This growth represents a 210% increase over the past seven months, with open interest bottoming at around $4.76 billion in February.
The gradual climb since March indicates that this growth is structurally different from the rapid leverage buildup seen last October. Several events have contributed to this surge, including Coinbase's announcement on August 19th that its Base app would use Hyperliquid-powered perpetual futures, giving users access to over 290 markets across crypto, commodities, and equities.
Additionally, President Trump stated that the CFTC is actively working on bringing Hyperliquid onshore, which has sparked regulatory debate. A test on September 6 saw $820 million in HYPE unlocked, but the market did not budge, with open interest printing its local high the next day.