HYPE token hits new high above $35 as Hyperliquid open interest surpasses a record $9 billion

Hyperliquid, a perpetual DEX built on its own Layer 1 blockchain, witnessed a surge in open interest (OI) this week as bitcoin raced to fresh all-time highs. According to CoinGlass , the venue’s OI hit over $9.2 billion on Friday, a new record. It previously reached an $8 billion peak on May 21.

Open interest monitors the number of active derivatives contracts, like futures and options, held by traders. This metric typically ticks higher as asset prices and markets rise.

This week, BTC set a new ATH of over $111,800 , and the total digital asset market capitalization crossed $3.6 trillion, according to The Block’s data page. Interest in BTC derivatives corresponded with the spot uptrend, which cascaded into flows on platforms like Hyperliquid.

Indeed, bitcoin open interest on Hyperliquid ranked first at approximately $4.2 billion, over 40% of total OI on the DEX. James Wynn, also known as “moonpig” on the DEX, assembled a $1 billion BTC long position on 40x leverage during the rally. The trader admittedly took profits on Thursday as bitcoin cooled from the upswing.

$1.3 billion in Ether open interest placed in second on Hyperliquid, while roughly $748 million in demand for HYPE contracts came in third. Solana, XRP, and memecoin FARTCOIN also saw notable trading activity. Trading volume and daily revenue also increased to $11.5 billion and $3.4 million, respectively, per DefiLlama data.

Hyperliquid’s OI surge coincided with an all-time high price for its native token HYPE. According to the Block's price page, the coin spiked to $35.93, up 12% over the last 24 hours. HYPE changed hands for $34.86 as of writing and has soared over 814% since its low in November 2024.