Hyperliquid OI Reaches $14.3B as HYPE Hits $88

Hyperliquid’s total open interest reached $14.3 billion on Sunday, putting it within 3% of the level recorded on the day before the October 10, 2025 crash, according to The Block. The rebound is notable because the platform’s outstanding derivatives positions had been cut sharply during that earlier sell-off, while HYPE was trading at an all-time high of $88 at the time of writing.

The aggregate recovery also comes with a changed market mix. HIP-3 markets represented over 34% of Hyperliquid’s total open interest in August 2026, up from 18% in March 2026.

Data Snapshot

Metric	Current	Previous	Change	Period	As of	Source
Hyperliquid total open interest	$14.3 billion	$14.7 billion	within 3% of the OI on the day before the infamous 10/10 crash	on Sunday; article published September 8, 2026	September 8, 2026	The Block
Hyperliquid open interest during October 10, 2025 crash	just $6.5 billion	$14.7 billion	fell by around 56% in a single day	October 10, 2025	September 8, 2026	The Block
HIP-3 share of Hyperliquid's total open interest	over 34%	18%	—	from March 2026 to August 2026	September 8, 2026	The Block
HIP-3 open interest	over $4.44 billion	—	set a record	August 2026	September 8, 2026	The Block
HYPE price	$88	—	all-time high; up over 50% this month	at the time of writing	September 8, 2026	The Block

Open interest nears the level before the October 10, 2025 crash

The $14.3 billion reading nearly restores the $14.7 billion of open interest recorded before the October 10, 2025 crash. On that date, Hyperliquid’s open interest fell by around 56% in a single day, from $14.7 billion to just $6.5 billion.

Open interest measures the value of outstanding derivatives positions, rather than a token’s market price or trading volume. That makes the current reading a measure of positions on the venue and not, by itself, a measure of directional conviction in HYPE.

The return toward the prior aggregate level follows a period in which the venue’s permissionless perpetual-market segment increased its share of outstanding positions.

The Block visual accompanying its report on Hyperliquid open interest and HYPE's all-time high. — Source: The Block

HIP-3 markets grew to over 34% of Hyperliquid open interest

HIP-3 is Hyperliquid’s permissionless system for builder-deployed perpetual markets, as set out in the protocol’s documentation. Its share of total open interest rose from 18% in March 2026 to over 34% in August 2026.

HIP-3 open interest also set a record above $4.44 billion in August 2026. The figures suggest the latest recovery is not simply a return to the market composition that existed before the October 2025 deleveraging event; builder-deployed markets now account for a larger part of positions on Hyperliquid.

Builder fees and HYPE burns connect activity to the token

HYPE reached an all-time high of $88 at the time of writing, up over 50% this month, while The Block described its market capitalisation as nearly $20 billion.

Hyperliquid’s fee documentation provides the relevant link to activity: spot and HIP-3 perpetual deployers may retain up to 50% of fees generated by their deployed assets, and the assistance fund converts trading fees to HYPE and burns the HYPE it holds. That explains how fees can support HYPE purchases and burns, but not what caused the latest price move; the open-interest reading, HIP-3’s expansion and the all-time high are presented alongside the mechanism rather than attributed to it.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.