Hyperliquid open interest hits $3B as TradFi flows boost HYPE

Hyperliquid has pushed open interest on HYPE futures to $3 billion, a 32% increase from the prior week. The native token rallied 44% over five days to a $76.90 all-time high on Tuesday before pulling back to $73, while futures open interest continued to climb. The DEX accounted for a 53% share of perpetual trading volumes, with Binance at 14%, Bybit 9% and Bitget 8%, and aggregate DEX activity reached $9.6 billion despite a broader six-month decline in DEX volumes.

TradFi perpetuals on the platform — spanning S&P 500, Nasdaq 100, crude oil, pre-IPO SpaceX shares, Micron, gold, silver and Google — pushed open interest in TradFi contracts above $2.9 billion, outpacing Bitcoin’s $2 billion. Funding on HYPE perpetuals stayed below the neutral 6% threshold over the past week, indicating limited demand for bullish leverage.

With open interest rising, short sellers appear to be increasing positions, and some core contributors with locked tokens may have hedged exposure.

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