{"id":48408,"date":"2026-07-23T07:28:27","date_gmt":"2026-07-23T07:28:27","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=48408"},"modified":"2026-07-23T07:28:27","modified_gmt":"2026-07-23T07:28:27","slug":"hyperliquid-open-interest-hits-11-51-billion-highest-since-10-10-crash","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=48408","title":{"rendered":"Hyperliquid Open Interest Hits $11.51 Billion, Highest Since 10\/10 Crash"},"content":{"rendered":"

Bitcoin and the broader crypto market is still reeling from the October 10 liquidation cascade last year. The entire sector\u2019s market cap remains roughly 45% down since then. Hyperliquid, on the other hand, has outperformed the entire market with HYPE<\/a> up around 34% during the same time. Apart from the token\u2019s price performance, Hyperliquid\u2019s total open interest is now at $11.51 billion, the highest level seen this year, since the 10\/10 crash and when BTC was trading around $100,000.\u00a0<\/p>\n

\"\"<\/figure>\n

Source: HyperTracker<\/a><\/p>\n

Bitcoin is currently trading at around $65K and data from Coinglass<\/a> shows that open interest across the crypto market is at $116.66 billion, which is down 47% from the October 10 level. What we are seeing now is that Hyperliquid is growing into a market that is still in recovery mode.\u00a0<\/p>\n

RWA Perps Now Outrank Bitcoin On The Platform\u00a0<\/h2>\n

Real-world asset perpetuals are the biggest reason we\u2019re seeing a growth in overall open interest in Hyperliquid. As of now, daily open interest stands at $3.61 billion under HIP-3, the framework live since October 13, 2025 that lets anyone stake 500,000 HYPE and deploy a perp market without approval from the core team.\u00a0<\/p>\n

\"\"<\/figure>\n

Source: The Block\u00a0<\/a><\/p>\n

At $3.61 billion, RWA perps is now the largest single slice of Hyperliquid\u2019s open interest, overtaking Bitcoin, HYPE and other L1 tokens. The volume metrics also show you how quickly this is growing. Daily HIP-3 volume vs total perp volume market share on the platform is now split evenly at 50-50. For context, at the start of the year, core perps held 97% of it.\u00a0<\/p>\n

A Record Share of a Smaller Pie<\/h2>\n
\"\"<\/figure>\n

Source: Hypeflows<\/a><\/p>\n

Hyperliquid\u2019s slice of perp open interest measured against major centralized exchanges has reached 9.5%, an all-time high on Hypeflows<\/a> data, up from 6.9% in late May. Worth reading carefully, though. Hyperliquid\u2019s own open interest remains roughly 23% below the October 2025 peak near $15 billion, and Binance, Bybit and Gate.io all contracted harder through the post-crash deleveraging. The share gain is Hyperliquid bleeding less than its competitors, not pulling their traders across.<\/p>\n

Almost all of it runs through one builder<\/h2>\n

TradeXYZ, built by Hyperliquid\u2019s tokenization arm Hyperunit, holds over 90% of HIP-3 open interest. HIP-3 markets sit outside Hyperliquid\u2019s native liquidity pool, so oracle quality, margin settings and liquidity provisioning fall entirely on the deployer. One venue effectively carries a third of the platform\u2019s open interest.<\/p>\n

Binance has noticed the category. It launched pre-IPO perpetuals with a SpaceX contract on May 21 and added seven US equity and ETF perps on July 9 with leverage up to 25x. The products Hyperliquid used to have to itself are now available with CEX liquidity behind them.<\/p>\n\n

Don\u2019t just read crypto news. Understand it. Subscribe to our newsletter. It’s free<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin and the broader crypto market is still reeling from the October 10 liquidation cascade last year. The entire sector\u2019s market cap remains roughly 45% down since then. Hyperliquid, on the other hand, has outperformed the entire market with HYPE up around 34% during the same time. Apart from the token\u2019s price performance, Hyperliquid\u2019s total […]<\/p>\n","protected":false},"author":1,"featured_media":48409,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-48408","post","type-post","status-publish","format-standard","has-post-thumbnail"],"yoast_head":"\nHyperliquid Open Interest Hits $11.51 Billion, Highest Since 10\/10 Crash - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=48408\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyperliquid Open Interest Hits $11.51 Billion, Highest Since 10\/10 Crash - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitcoin and the broader crypto market is still reeling from the October 10 liquidation cascade last year. 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