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HYPE HYPE broke through a record high, and the surge in open interest boosted buying and destruction pressures.
HYPE recently hit a record high of nearly US$88, while Open Interest soared to US$14.3 billion. Currently, core perpetual contract trading activity is becoming the main driver of growth, which not only enhances HYPE's repurchase efforts, but also increases the pressure of token destruction. If the price can effectively break through the US$90 mark, HYPE is expected to move towards US$95 or even US$100.
Hyperliquid and its native token HYPE showed strong momentum at the beginning of September. The token recently hit a record high of nearly US$88, with a cumulative increase of more than 50% this month. At the same time, the platform's overall open interest has climbed to $14.3 billion. Rising trading activity has provided support for stronger HYPE repurchase demand. Traders generally expect the market to rise further after the latest breakthrough. However, resistance near $90 will likely determine HYPE's next major move.
Record open interest strengthens bullish logic
Hyperliquid's native token HYPE is currently valued at nearly $20 billion. With increasing activity within the platform, the token's price has soared, with open interest reaching a record $14.3 billion. The figure is only 3 percent short of the previous record of $14.7 billion. The previous record occurred on the eve of the market crash on October 10, 2025. During that deal, open interest plunged 56%, from $14.7 billion to $6.5 billion. As a result, the latest recovery marks a major return in market participation.
Hyperliquid's open interest growth has gone through two distinct phases. The first phase focuses on the HIP-3 builder protocol, and the total open interest proportion of the HIP-3 market has increased significantly. In March 2026, HIP-3 accounted for 18% of total open interest, and by August this proportion had climbed to more than 34%. Total open interest in these markets reached US$4.44 billion.
However, the recent growth focus has shifted to the core cryptocurrency perpetual contract market. Over the past month, open interest for core perpetual contracts has grown strongly. During this period, the platform's total open interest increased by $3.57 billion, while HIP-3's open interest decreased by $119 million. The change highlights the increased demand for Hyperliquid's core trading products, and the shift could have a significant impact on HYPE holders.
HYPE targets US$90, bulls launch an attack on US$100
The recent round of major coin unlocks has not hindered the rally. On September 6, Hyperliquid unlocked 9.92 million HYPE tokens, unlocking a supply value of approximately US$820 million. Despite concerns, HYPE prices continue to climb to around $89. Historical data also provides investors with a degree of reassurance: only a small proportion of early unlocked tokens flow into exchanges, alleviating the market's immediate fear of excessive selling pressure. Instead, buyers retained control as HYPE approached record highs.
Analyst MB.hl recently highlighted several important technical points. The analyst identified $82 as the main control point, a level that also coincides with the support of the uptrend line. The accumulation of trading volume further consolidates the importance of this range.
In addition, analysts also pointed to strong position positioning by large market participants. According to reports,"Smart Money" holds long positions of $74 million, while short positions are approximately $15 million. This position structure shows that the market has considerable confidence that HYPE will rise again. On the daily chart, HYPE recently rebounded from US$81.82 and then rebounded to around US$86.05.
