Hyperliquid's open interest has climbed to $14.3 billion, just 3 percent below its pre-crash peak, as HYPE, the platform's native token, reached an all-time high.
The surge reflects a combination of factors: strong ETF inflows into crypto broadly, aggressive token buybacks by the protocol, and sustained activity on Hyperliquid's on-chain perpetual futures market. The platform operates as a purpose-built Layer 1 blockchain with its own Byzantine Fault Tolerance consensus mechanism, allowing it to settle perpetuals directly on-chain without relying on external liquidity pools.
This $14.3 billion figure represents the largest open interest across all decentralized exchanges. Earlier this month, open interest on Hyperliquid hit $13.3 billion, and the protocol previously marked a milestone when its HIP-3 contract surpassed $4 billion in open interest for the first time.
Prediction markets show a 62.5 percent probability that HYPE will reach $100 by Dec. 31, 2026, signaling strong conviction among traders on the token's trajectory.
Bitcoin trades at $78,463, down 0.9 percent over 24 hours. Ethereum sits at $2,481, down 0.4 percent.
