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HYPE Hyperliquid open interest reached US$14.3 billion, close to pre-crash levels in October 2025.
HYPE prices hit a reported record of US$88, up more than 50% in the past month. As core cryptocurrency perpetual contracts drive recent growth, HIP-3's share of total open interest has dropped from 34% to 25%. In addition, some analysts have charted Jump Trading's nearly US$150 billion in active transactions.
Market Data Review and Recovery Power Transition
On Sunday, Hyperliquid's Open Interest (OI) reached US$14.3 billion, only about 3% below the level before the market crash in October 2025. Previously, during the historic plunge on October 10, 2025, the platform's open interest evaporated 56% in 24 hours, plummeting from a high to about US$6.5 billion.
Currently, core cryptocurrency perpetual contracts have become the main driver of recovery, replacing the developer-deployed HIP-3 market as a core source of recent growth. This shift changes the mechanism by which transaction fees flow to token repurchases, even though open interests themselves do not directly generate revenue.
Core perpetual contracts exceed HIP-3 growth contribution
The total open interest size is slightly below the US$14.7 billion recorded before the October 10, 2025 selling wave. Data shows that the growth of different product categories shows significant divergence:
- Evolution of the role of the HIP-3 market: HIP-3 initially helped rebuild market activity, with its share of Hyperliquid's total open interest rising from 18% in March to more than 34% in August. Over six months, the marketplaces deployed by developers contributed approximately 30% of the platform's $8.47 billion increase in open interest. However, in the past three months, this contribution rate has dropped to about 15%.
- Recent significant divergences: Total open interest increased by $3.57 billion in the past month, while HIP-3 positions decreased by $119 million. As a result, the proportion of HIP-3 dropped to about 25%. This suggests that the latest growth is driven mainly by core markets rather than uniform growth across all products.
Fee allocation mechanisms and institutional transaction dynamics
Builders of HIP-3 can retain up to half of their deployment market transaction fees. In contrast, core cryptocurrency perpetual contracts direct a larger proportion of fees to the Hyperliquid Assistance Fund for the purchase of HYPE tokens. This brings potential benefits from strong growth in core market transactions, but repurchase demand depends on the volume of transactions that generate fees rather than the sheer size of open interest.
Early revenue data highlighted the importance of this distinction: gross revenue fell from $457 million in the third quarter of 2025 to $202 million in the second quarter of 2026. During the same period, the purchase amount of aid funds also fell from $290 million to $149 million. Therefore, an increase in open interest exposure will not automatically translate into a larger token repurchase volume.
Separately, analyst Hans has tracked Jump Trading's account on Hyperliquid since December 2025. Its analysis shows that the company's transaction size is close to US$150 billion, accounting for nearly 8% of total exchange activity.
