Hyperliquid's open interest reaches $14.3 billion, HYPE hits all-time high

ChainCatcher report, according to The Block, Hyperliquid’s total open interest (OI) reached $14.3 billion on Sunday, nearing the level before the sharp decline on October 10, 2025. On that day, Hyperliquid’s OI dropped approximately 56% in a single day, from $14.7 billion to $6.5 billion. Since then, the recovery occurred in two phases: HIP-3 increased its share of total OI from 18% to over 34% between March and August, with HIP-3 OI hitting a record of over $4.44 billion in August; however, over the past month, total OI increased by $3.57 billion while HIP-3 OI declined by $119 million, reducing its share from 34% to 25%. Two key catalysts driving growth include Coinbase beginning in mid-August to direct Base App users to Hyperliquid, and former President Trump stating that the CFTC is working to bring Hyperliquid into the U.S. in a compliant manner. Notably, HIP-3 builders retain up to half of the trading fees generated by their deployed markets, impacting Hyperliquid’s economics—its total revenue fell from a peak of $457 million in Q3 2025 to $202 million in Q2 2026. Core crypto perpetual contracts allocate approximately 97% of fees toward HYPE buybacks; thus, OI returning to core business holds significantly greater value for HYPE than OI generated through builders.