Total open interest (OI) for Hyperliquid (HYPE) climbed to $14.3 billion on Sunday, coming within 3% of the levels recorded right before the notable 10/10 downturn. To put it in perspective, on October 10, 2025, the open interest on Hyperliquid plunged by roughly 56% within a single day, dropping from $14.7 billion down to a mere $6.5 billion.
The subsequent rebound has unfolded across two distinct phases.
Phase one involved HIP-3, which propelled the initial leg upward as its proportion of Hyperliquid’s aggregate open interest expanded from 18% in March 2026 to more than 34% by August. Open interest specifically tied to HIP-3 established a new benchmark by exceeding $4.44 billion in August. Out of the $8.47 billion expansion in Hyperliquid’s overall open interest over the preceding half-year, HIP-3 contributed roughly 30% of that increase.
During the past three months, the expansion of HIP-3 open interest accounted for 15% of the total open interest growth. Over the last month, the platform’s aggregate open interest grew by $3.57 billion, whereas HIP-3 open interest actually contracted by $119 million. Furthermore, the share of total open interest attributable to HIP-3 dropped from 34% around this time last month to 25% currently.
Two primary drivers likely sparked the expansion in Hyperliquid’s crypto perps.
The initial driver is that Coinbase began directing Base App customers toward Hyperliquid midway through August, establishing a fresh retail user acquisition channel. The second driver is President Trump’s announcement that the CFTC is actively pursuing a compliant method to bring Hyperliquid onshore. Interestingly, this structural shift in composition carries significantly more weight for HYPE than one might initially expect.
Developers under HIP-3 retain as much as half of the trading fees generated on the markets they establish, and this dynamic has visibly impacted Hyperliquid’s financial metrics. Gross revenue for Hyperliquid reached a high of $457 million during the third quarter of 2025, before sliding to $202 million by the second quarter of 2026. Concurrently, Assistance Fund acquisitions decreased from $290 million in Q3 2025 to $149 million in Q2 2026, all while the percentage of total open interest driven by HIP-3 surged substantially.
It is important to highlight that Hyperliquid’s core perpetual products channel nearly 97% of the fees they produce directly into purchasing back HYPE tokens. Stated differently, every dollar of open interest returning to the standard Hyperliquid crypto perps delivers considerably greater value to HYPE than a dollar originating through a builder mechanism like HIP-3.
HYPE’s price has reacted accordingly, establishing a new all-time high of $88 at the time of publication, accompanied by a market valuation nearing $20 billion, which represents a monthly gain exceeding 50%.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
Originally published at https://www.theblock.co/news/ecosystems/2026-09-08-hyperliquid-open-interest-climbs-14-3-billion-hype-hits-all-time-high-413855.
