Hyperliquid open interest hits one-year high of $16.3 billion

The decentralized derivatives platform Hyperliquid has reached a one-year high in perpetual futures open interest, totaling $16.3 billion. This surge reflects expanding liquidity and increased demand for leverage on the platform. Hyperliquid is expanding its scope beyond cryptocurrency to include on-chain trading for traditional assets such as stocks, gold, oil, and the S&P 500 through its HIP-3 protocol, which allows third-party developers to launch independent markets by staking HYPE tokens.

Data regarding large-scale positions, or “whales,” on the platform shows a total holding value of approximately $9.29 billion. Short positions currently account for 52.33% ($4.86 billion) of this total, while long positions represent 47.67% ($4.43 billion). Despite the higher volume of short positions, long positions recorded an unrealized profit of $644 million, whereas short positions faced an unrealized loss of $708 million.