Hyperliquid Reaches $143B Open Interest as Coinbase and Trump-Linked Developments Boost Market

Hyperliquid's total open interest (OI) reached $143 billion on Sunday, nearing the level before its October 2025 crash. The OI had dropped around 56% from $147 billion to $65 billion in a single day after the crash. Since then, Hyperliquid's OI has recovered in two stages: HIP-3 increased its share of total OI from 18% to over 34% between March and August, setting a record for HIP-3 OI at over $44.4 billion in August.

However, in the past month, the total OI has increased by $35.7 billion, while HIP-3 OI has dropped $1.19 billion, reducing its share to 25%.

The growth is attributed to two catalysts: Coinbase started directing Base App users to Hyperliquid in mid-August and former US President Trump stated that the CFTC was working to bring Hyperliquid into the US market in a regulatory manner.