Key Highlights
- Hyperliquid’s HIP-3 markets crossed $4.12 billion in open interest, marking a new all-time high across 117 assets.
- 24-hour trading volume jumped 229.5% to $4.97 billion, while unique traders increased to 57,000, reflecting strong market participation.
- Despite the HIP-3 milestone, overall platform open interest has declined from July highs, with elevated liquidations and concentration risks suggesting continued market caution.
Hyperliquid’s HIP-3 markets have crossed a new mark, with open interest surpassing $4 billion for the first time. The latest dashboard data shows HIP-3 open interest at $4.12 billion, up 6.2%, across 117 assets.
According to data from Hyperscreener, the segment recorded $4.97 billion in volume in the past 24 hours, a 229.5% jump, while the number of unique traders rose 24.8% to 57,000. Liquidations climbed sharply to $18.26 million, down 391.5%, and the top gainer was xyz:PLTR, advancing 25.68%.
Total open interest cools while HIP-3 sets record
Hyperliquid’s overall derivatives activity has eased from its recent peak even as one of its key segments continues to expand.
According to a previous The Crypto Times report, the platform’s total open interest climbed to approximately $11.07 billion on July 13, the highest level recorded in 2026, according to DeFiLlama data.
At that point, HIP-3 markets, the platform’s builder-deployed perpetual DEXs, which prominently feature tokenized equities and commodities, accounted for roughly $3.69 billion of the total, coinciding with a lifetime high in real-world asset trading volume on the exchange.
Updated figures from DeFiLlama now place 24-hour open interest at $10.714 billion, while 30-day cumulative trading volume stands at $324.714 billion. Over the past week, open interest has declined 6.51%, pointing to a moderate cooling after the mid-July surge.
HYPE token shows modest rebound
Hyperliquid’s native token, HYPE, has posted mixed performance alongside rising activity in the platform’s HIP-3 markets.
After trading near $53.50 in the final days of July, the token had already slipped roughly 30% from its mid-June peak above $76. That decline unfolded during a period of visible institutional outflows and shifting market sentiment.
At the time of writing, HYPE was trading at $55.39, up 2.4% over the past 24 hours. Its market capitalization stands at $13.98 billion, while fully diluted valuation is reported at approximately $52.78 billion. Daily trading volume has settled near $275 million, reflecting steady but not explosive interest.
Broader market trends remain mixed
HYPE’s modest rebound still leaves it well below earlier peaks, and large wallet movements into centralized venues continue to raise questions about distribution and selling pressure. Concentration of open interest among a limited set of deployers further clouds claims of broad product-market fit.
While HIP-3 activity continues to expand, market participants will likely monitor whether trading volume and user participation remain consistent beyond periods of heightened volatility.
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