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HYPE The value of Hyperliquid open interest soared to US$14.669 billion, hitting a nearly 11-month high.
The total Open interest (OI) of Hyperliquid, the decentralized perpetual contract exchange, has surged to US$14.669 billion, reaching its highest level in nearly 11 months. According to DefiLlama data, the value of its open contracts exceeded the US$14 billion mark on September 4 and has continued to rise steadily since then.
Solid growth since February
Hyperliquid's open interest reached bottom in February 2026 at approximately US$4.76 billion. In the past seven months, this number has increased by approximately 210%. This growth is gradual and has not experienced a sharp surge in a single period, which is in sharp contrast to the rapid accumulation of leveraged funds in October last year. Chart data confirms that this solid upward trend began in March, marking a shift in the market participation model from a sudden influx of capital to sustained long-term participation.
Recent catalysts: Coinbase cooperation, CFTC regulatory developments and token unlocking
Several major developments in recent weeks have injected momentum into Hyperliquid's development. On August 19, Coinbase announced that its Base app will begin routing transactions through Hyperliquid-based perpetual contracts, giving users access to more than 290 perpetual contract markets, including cryptocurrencies, commodities and stocks. This move not only allows Hyperliquid to reach a wider audience, but also deepens its market influence.
Coinbase has introduced Hyperliquid perpetual contracts in its Base app, allowing users to access hundreds of perpetual contract markets covering various types of assets in one interface.
The next day, U.S. President Donald Trump mentioned regulators 'concerns about Hyperliquid, saying that the Commodity Futures Trading Commission (CFTC) is actively working to incorporate the platform into the U.S. domestic regulatory system. On September 6, a token unlocking event occurred, releasing 9.92 million HYPE tokens worth approximately US$820 million. Despite market concerns that such a large-scale unlock could affect stability, open interest hit new local highs the next day, reflecting traders 'strong confidence.
Shift from the HIP-3 market to the core perpetual contract market
In the past month, the structure of Hyperliquid's internal open interest has changed significantly. At the beginning of the year, the developer-deployed HIP-3 market was the main driver of growth, with its share rising from 18% to more than 34%, and exceeded $4 billion in August. However, the latest data shows that open interest in the HIP-3 market has dropped by approximately US$200 million in the past month, while total open interest has increased by US$3.8 billion.
Currently, growth is mainly driven by Hyperliquid's core perpetual contract market. These core markets contribute 99% of the cost of HYPE token repurchase, while the developer market allows deployers to retain up to half of the fee revenue. This shift means that recent expansion has more directly benefited HYPE tokens.
Noun explanation: HIP-3 refers to the market deployed by third-party developers on the Hyperliquid platform, allowing them to directly launch new trading pairs. This type of market is different from the core perpetual contract market officially operated and curated by Hyperliquid.
Market Share Dominance and Sector Comparison
As of September 8, Artemis 'latest data shows that the total open interest value on the tracked perpetual contract decentralized exchanges (DEX) is US$19.2 billion, of which Hyperliquid accounted for US$14.6 billion. Its main competitor Aster has open interest of $2.5 billion, Lighter has $1.1 billion, and edgeX has $598.6 million. All other perpetual contracts DEX on the list have open interest below US$210 million.
marks a major change from the end of 2025, when competition among perpetual contract DEXs became more intense. Currently, most of the positions on Hyperliquid previously existed mainly on centralized exchanges, indicating that traders 'preferences are shifting towards decentralized trading platforms.
Understand open interest contracts and their meaning
Open interest contracts reflect the nominal total value of all open positions on the platform. It does not represent net capital inflows or whether market participants hold long or short positions. High open interest means that if prices change significantly, liquidation is more likely, as happened during the October 2025 volatility.
Open interest is best understood as a measure of a trader's willingness to maintain large positions in any direction. Specifically, the willingness to invest capital in Hyperliquid has increased significantly.
The evolving market landscape highlights the growing confidence in decentralized derivatives, a trend that continues as traders continue to migrate large portfolios to Hyperliquid.
