Hyperliquid HYPE open interest jumps 32% to $3B

Open interest in Hyperliquid HYPE futures rose 32% week over week to $3 billion, market data showed. The HYPE token gained about 44% over five days to a $76.90 intraday high before trading around $73.

Hyperliquid’s decentralized exchange accounted for roughly 53% of perpetual trading volumes, with aggregate DEX activity near $9.6 billion and about 38% of the perpetuals market, according to platform data. Other exchanges held smaller shares, with Binance at about 14%, Bybit 9% and Bitget 8%.

Open interest in traditional finance perpetuals listed on Hyperliquid — including contracts on the S&P 500, Nasdaq 100, crude oil, gold, silver, Google, Micron and a pre-IPO contract tied to SpaceX — exceeded $2.9 billion, higher than the roughly $2 billion in Bitcoin perpetuals.

Annualized funding rates on HYPE perpetuals remained below a 6% threshold over the week. Open interest rose while funding rates stayed low during the same period.

Circulating supply was about 253.41 million HYPE and maximum supply about 953.92 million, putting the fully diluted valuation near $71.3 billion at recent prices.

Exchange-traded products linked to HYPE collected about $208 million since launch. The platform has expanded its product set to include real-world asset trading and pre-IPO contracts.

Traders and analysts continue to monitor trading flows, open interest, funding rates and supply figures. Investors should conduct independent research and consider the risks before trading.