Hyperliquid open interest hits $18 billion, a record high

September 23 — Hyperliquid officially released data showing open interest reached $18 billion, a record high. This figure represents bilateral open interest, calculated as the sum of long positions and short positions.

Over the past year, Hyperliquid has expanded from a crypto perpetuals trading platform into on-chain trading infrastructure capable of supporting equities, commodities, indices, Pre-IPO, and event contracts. HIP-3, launched in October 2025, allows third parties to stake HYPE and deploy their own perpetual markets, with underlying assets covering US stocks, gold and crude oil, the S&P 500, and unlisted companies such as SpaceX. As of early September 2026, cumulative trading volume on HIP-3 markets has exceeded $548 billion, accounting for about 30% of the platform's total trading volume over the past 30 days. HIP-4, launched in May 2026, filled the gap in prediction markets and event contracts, and further opened deployment to third parties at the end of August. During the same period, 21Shares, Bitwise, Grayscale, and others successively launched HYPE spot or staking ETFs, while the platform simultaneously launched native lending and advanced a licensed HIP-3 market for US users.