Hyperliquid open interest hits $14.3 billion as HYPE reaches all-time high

Hyperliquid, a decentralized perpetual futures exchange, has reached a significant milestone with its total open interest climbing to $14.3 billion. Alongside this growth, the platform’s native token, HYPE, has hit an all-time high of $88.

Recent data indicates a shift in the platform's growth drivers. While the HIP-3 protocol previously accounted for a large portion of open interest, the focus has shifted back toward core crypto perpetuals. This transition is economically significant for HYPE holders, as approximately 97% of fees from core crypto transactions are directed toward HYPE buybacks, compared to a lower percentage for HIP-3 markets.

Growth catalysts include increased user redirection from Coinbase’s Base App and comments from Donald Trump regarding efforts by the Commodity Futures Trading Commission to link Hyperliquid to the US in a regulatory-compliant manner. Additionally, Hyperliquid has expanded its derivatives lineup by listing $USELESS perpetual contracts, though these are subject to a conservative 3x leverage cap.