Hyperliquid Open Interest Hits Record $18.1B as HYPE Rises 1%

Key takeaways

• Hyperliquid’s Open Interest (OI) reached a record $18.2 billion in September.
• Hyperliquid recorded $730.6 billion in matched trading volume, while average daily traders increased 20% to a record 65,161.
• HYPE trades around $72.19, facing resistance near $75.12 and $75.69.

Hyperliquid cemented its foothold in the crypto derivatives space throughout the third quarter, watching its Open Interest climb to a historic $18.1 billion as participants increasingly favored the decentralized venue alongside traditional centralized exchanges.

Data from its Thursday Q3 report shows the exchange captured 11.7% of the combined Open Interest across eight major centralized platforms and Hyperliquid by the end of September, up from 9.6% at the close of June.

This expansion was primarily fueled by surging activity across Hyperliquid’s native cryptocurrency derivatives markets, even as demand remained steady for traditional financial perpetual futures on its HIP-3 platform.

Hyperliquid Open Interest surges 80% as exchange gains market share

Hyperliquid experienced notable expansion in its derivatives metrics throughout the third quarter, improving its standing against several of the sector’s premier centralized trading platforms.

The protocol’s Open Interest peaked at an all-time high of $18.1 billion on September 22, driven by elevated user engagement and larger open derivatives positions.

By September 30, Open Interest settled at $16.7 billion, marking a 79.9% jump from the $9.31 billion recorded at the end of June.

Average Open Interest also advanced 46.4% quarter-over-quarter to reach $12.7 billion, allowing Hyperliquid to secure a greater portion of open derivatives contracts industry-wide.

This growth elevated its market share from 9.6% at June’s close to 11.7% by the end of September.

During its ascent, the exchange surpassed Kraken and Bybit in Open Interest on August 12 before moving ahead of OKX on September 17.

Even with these milestones, the platform remains smaller than the industry’s most dominant centralized derivatives hubs.

At September’s end, Hyperliquid’s Open Interest equaled roughly 93% of Bitget’s figure and 27% of Binance’s.

A key shift during the quarter involved trading volumes pivoting away from HIP-3 markets back toward Hyperliquid’s native crypto derivatives.

Native trading volume rose 72% from its July low, according to the report, acting as a primary catalyst for the platform’s record Open Interest.

Meanwhile, the HIP-3 segment produced $262 billion in perpetual futures volume during Q3, representing a 23% quarterly increase.

While this sector comprised 35.9% of Hyperliquid’s overall matched volume for the period, its monthly share of perpetual futures activity dropped from 51.1% in July to 24.5% in September.

Equity-linked perpetual futures delivered $153.8 billion in trading volume over the third quarter, a 160.8% surge from Q2, whereas commodities volume dropped 47.7% quarter-over-quarter to $45.6 billion.

HYPE faces resistance near $75

Despite Hyperliquid’s robust quarterly metrics, its native token continues to face downward pressure.

On the daily timeframe, HYPE changes hands near $72.19, retaining a short-term bearish structure as it hovers beneath several vital technical thresholds.

The asset trades below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), which cluster between roughly $77.44 and $80.26.

These moving averages act as natural resistance zones capable of capping potential price recoveries.

Furthermore, HYPE sits below a downward-sloping resistance trendline, establishing an immediate breakout target around $75.12 alongside horizontal resistance at $75.69.

A decisive push above these barriers would signal that near-term selling momentum is beginning to fade.

At the same time, momentum oscillators highlight persistent weakness, with the daily Relative Strength Index (RSI) hovering around 35 to signal ongoing bearish control.

Concurrently, the Stochastic Oscillator has dipped to approximately 9, pushing the cryptocurrency deep into oversold territory.

Immediate downside support for HYPE is situated at $67.63, a horizontal zone where buyers may step in to defend the token following its recent pullback.

Successfully holding the $67.63 line could pave the way for a relief bounce toward the descending resistance trendline.

Conversely, a breakdown beneath this floor would expose HYPE to additional downside risk, bringing major support into play at $61.16, followed by another horizontal floor near $51.57.

If selling pressure accelerates, longer-term structural support near $33.20 could come into focus, though reaching that area would demand a much deeper correction.

To flip the script upward, HYPE must first conquer the $75.12 descending trendline alongside the nearby $75.69 horizontal barrier.

Clearing these hurdles could encourage bulls to test the EMA cluster spanning $77.44 to $80.26.

Additional resistance looms at $85.04 and $97.84, though conquering those higher milestones would necessitate renewed buying enthusiasm and a more favorable broader crypto market environment.