Hyperliquid Open Interest Hits $18 Billion Record

The platform’s outstanding positions jumped by nearly $5 billion since August, eclipsing the previous $16.36 billion record set on September 19. While Bitcoin, Ether, and the native HYPE token remain the primary drivers—commanding a combined $9.33 billion in open interest—the platform’s diversification strategy is paying off. Assets introduced through the HIP 3 framework, including S&P 500 contracts, gold, and crude oil, now account for a significant share of the platform's daily activity.

This shift is fueled by the HIP 3 architecture, which allows third-party developers to stake HYPE and deploy custom perpetual markets on Hyperliquid’s infrastructure. By early September, cumulative trading volume across these secondary markets exceeded $548 billion. The platform is now scaling further, recently introducing trailing stops and expanding into event-based contracts via HIP 4. Looking ahead, Hyperliquid is positioning itself for U.S. market entry, with plans to utilize the HIP 3 framework to offer regulated derivatives through Bitnomial, pending necessary approvals.