Hyperliquid Open Interest has reached $14.669 billion, its highest level since October 2025, according to DefiLlama.
The metric crossed $14 billion on September 4 after bottoming near $4.76 billion in February. That represents roughly 210% growth over seven months.
The rise has developed gradually since March, unlike the rapid leverage buildup seen last October.
Coinbase Routing and HYPE Unlock Arrive During Expansion
Coinbase said on August 19 that its Base app would use Hyperliquid-powered perpetual futures. The integration gives users access to more than 290 perpetual markets covering crypto, commodities, and equities. It also created a distribution channel for Hyperliquid.
A day later, President Donald Trump said the CFTC was actively working on bringing Hyperliquid onshore.
Another test followed on September 6, when 9.92 million HYPE tokens were unlocked, worth about $820 million. Open interest remained steady through the event and recorded a local high the next day.
Core Perps Replace HIP-3 as Main Growth Driver
The composition of Hyperliquid Open Interest has shifted during the past month. Earlier this year, builder-deployed HIP-3 markets powered much of the increase.
Their share rose from 18% of platform open interest to above 34% in August, while their total exceeded $4 billion.
The pattern has now reversed. Total open interest increased by $3.80 billion over the latest month, while Hyperscreener data shows HIP-3 open interest declined by about $200 million. Core perpetual markets therefore supplied the expansion.
Core markets direct about 99% of fees toward HYPE buybacks. Builder markets allow deployers to retain up to half of generated fees. Recent growth has shifted toward markets that feed fees more directly into token buybacks.
Hyperliquid Controls About 76% of Perp DEX Open Interest
Artemis data from September 8 placed total open interest across tracked perpetual DEXs at $19.2 billion. Hyperliquid accounted for about $14.6 billion, or 76%.
Aster held $2.5 billion, Lighter recorded $1.1 billion, and edgeX had $598.6 million. Every other platform remained below $210 million.
The distribution differs from late 2025, when challengers held meaningful shares during the October peak.
The market has since consolidated, with Hyperliquid holding roughly three-quarters of tracked perpetual DEX open interest.
The current size also includes exposure that previously sat on centralized venues.
Open interest measures the notional value of outstanding positions, not capital entering a platform. It does not show market direction because positions can be long, short, or balanced.
Higher open interest means more positions may face liquidation during sharp price moves, as October 2025 demonstrated. The figure instead shows where traders are willing to keep exposure open.
