Hyperliquid (HYPE) soared to $88, open interest exceeded the $14 billion mark

Core Points

Growth of core perpetual contracts drives the value of HYPE

Large-scale token unlocking events failed to curb the upward trend

HYPE prices broke a record high, rising more than 50% in September

HYPE token prices have soared to a new high of US$88. The increase exceeded 50% throughout September 2026. Total open interest on the Hyperliquid platform climbed to a record $14.3 billion, an increase of $3.57 billion month-on-month.

In mid-August, the platform attracted new users through integration with Coinbase's Base App. At the same time, the platform successfully absorbed a token unlocking event worth US$820 million on September 6, and there was no obvious downward pressure. At present, the cumulative total number of HYPE tokens destroyed has exceeded 48.45 million, accounting for 4.84% of the total maximum supply.

The price of Hyperliquid native token HYPE has climbed to an all-time high of $88, pushing its market value near the $20 billion threshold. This marks a strong increase of more than 50% so far this month.

Hyperliquid (HYPE) prices and open interests hit new highs

The total open interest volume across the Hyperliquid ecosystem has reached a historical peak of US$14.3 billion. This level is only 3% below the $14.7 billion milestone set before the market crash on October 10, 2025. At the time, open interest plunged 56% to $6.5 billion in 24 hours.

The platform's recovery has gone through two different stages. Initially, the backlash was led by Hyperliquid's builder framework HIP-3. From March to August 2026, HIP-3's share of total open interest expanded from 18% to more than 34%, with open interest in these markets of US$4.44 billion.

In the second phase, momentum shifted to Hyperliquid's main cryptocurrency perpetual trading market. In the past 30 days, total open interest has increased by $3.57 billion, while open interest in the HIP-3 market has decreased by $119 million.

Growth of core perpetual contracts drives HYPE value

The shift to the core perpetual contract market is of great significance to HYPE's valuation. These major markets use approximately 97% of the fees incurred directly to repurchase programs for HYPE tokens. In contrast, HIP-3 builders can choose to retain up to 50% of the fees generated in their respective markets.

In the last 24 hours, Hyperliquid carried out the repurchase and destruction of 15,350 HYPE tokens worth approximately US$1.32 million, with an average purchase price of US$86.17. The cumulative destruction volume has now reached 48.45 million HYPE tokens, equivalent to 4.84% of the maximum supply under the agreement.

Two major developments have contributed to the recent surge in open interest. In mid-August, Coinbase began directing Base App users to Hyperliquid. In addition, President Trump announced that the Commodity Futures Trading Commission (CFTC) is actively developing a framework to bring Hyperliquid's operations under U.S. domestic supervision.

Large-scale unlocking event failed to curb the upward trend

On September 6, 9.92 million HYPE tokens, worth approximately US$820 million, were scheduled to be unlocked. Contrary to market concerns, prices maintained an upward trajectory, touching $89. An analysis of past unlocking events shows that historically only a very small number of released coins have flowed into centralized exchanges.

Market analyst MB.hl provided detailed technical analysis through the X platform, pointing out that the US$82 control point has perfectly coincided with the upward supporting trend line and the huge volume intensive area. The analyst emphasized that professional traders hold long positions as high as US$74 million, while short positions are only US$15 million, and institutional players and well-known figures are generally bullish. MB.hl expressed confidence that HYPE will once again try to break the all-time high.

Looking at the daily chart, HYPE has rebounded from an intraday low of $81.82 and is currently trading at $86.05. The key resistance level is in the $88 - 90 range. If we can decisively close above $90, it will pave the way to $95, and $100 is the next goal.