HYPE rises 60% as Hyperliquid open interest hits a record
The HYPE token jumped more than 60% in a week as open interest on Hyperliquid’s HIP-3 DEX platforms hit a record $925 million.
HYPE continued its steady rally, climbing more than 60% over the week and trading near $35. Over the past three days alone, the token gained about 50% amid a sharp increase in open interest across Hyperliquid’s HIP-3 DEX platforms.
According to Flowscan, total open interest on HIP-3 DEXs surpassed $925 million, setting a new high after touching roughly $790 million earlier in the week. Overall open interest in Hyperliquid futures reached $7.8 billion. The trend has strengthened the token as trading activity accelerates.
Hyperliquid remains one of the fastest-growing venues for on-chain perpetuals. The platform runs on its own high-performance L1 and offers markets for both crypto assets and commodity derivatives. The recently launched HIP-3 protocol allows third-party developers to build their own perpetual DEXs while sharing liquidity with Hyperliquid’s core infrastructure, accelerating the expansion of open interest.
The HYPE rally coincided with renewed demand for commodity markets. Silver contracts stood out, posting more than $1 billion in daily trading volume as the metal reached new all-time highs. Analysts at Derive reported improving market signals for HYPE options: after a stretch of bearish sentiment, metrics have recovered, reflecting renewed demand for positions targeting further upside.
On-chain activity also points to rising interest. Analysts identified a new large address that transferred about $45 million in USDC from Binance to Hyperliquid and purchased nearly 290,000 HYPE worth roughly $9.8 million. Buying has continued, increasing attention from larger market participants.
Hyperliquid is also showing steady growth relative to centralized exchanges. Data published on the platform indicates that its monthly perpetuals volume is closing in on Binance, with the gap narrowing to single-digit percentages during certain periods.
Against this backdrop, HYPE is solidifying its position as one of the main beneficiaries of Hyperliquid’s expanding infrastructure and growing demand for on-chain derivatives. Investors continue to watch open interest and capital inflows closely, both of which play a key role in shaping near-term volatility.
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