- Hyperliquid open interest reaches $14.3 billion, within 3% of its level before the October 2025 crash.
- HIP-3’s open-interest share falls from 34% to 25% as core crypto perpetuals drive recent growth.
- HYPE reaches a reported record of $88, while an analyst maps nearly $150 billion in Jump Trading activity.
Hyperliquid open interest reached $14.3 billion on Sunday, approaching its level before the October 2025 market crash. HYPE also touched a reported record of $88, with gains exceeding 50% over the past month.
Core crypto perpetuals now drive the recovery, replacing builder-deployed HIP-3 markets as the main source of recent growth. That shift changes how trading fees flow toward token purchases, although outstanding positions alone do not generate revenue.
Hyperliquid crypto perpetuals overtake HIP-3 growth
Total open interest sits roughly 3% below the $14.7 billion recorded before the October 10, 2025 sell-off. During that session, outstanding positions fell approximately 56% to $6.5 billion.
HIP-3 initially helped rebuild activity. Its share of Hyperliquid open interest rose from 18% in March to above 34% in August.
Over six months, builder-deployed markets contributed roughly 30% of the platform’s $8.47 billion increase in outstanding positions. Their contribution declined to about 15% over the latest three months.
The past month shows a sharper divergence. Total open interest increased $3.57 billion, while HIP-3 positions declined $119 million.
Consequently, HIP-3’s share dropped to approximately 25%. The figures indicate that core markets account for the latest expansion, rather than uniform growth across all products.
Fee distribution and institutional trading draw attention
HIP-3 builders retain up to half the trading fees from markets they deploy. Core crypto perpetuals direct a larger proportion toward Hyperliquid’s Assistance Fund, which purchases HYPE.
This creates a potential benefit from stronger core-market trading. However, buyback demand depends on fee-generating turnover, rather than open interest alone.
Earlier revenue figures show why that distinction matters. Gross revenue declined from $457 million in the third quarter of 2025 to $202 million in the second quarter of 2026.
Assistance Fund purchases fell from $290 million to $149 million over the same period. Rising outstanding exposure therefore does not automatically translate into larger purchases.
Separately, analyst Hans reports mapping Jump Trading’s Hyperliquid accounts since December 2025. His analysis attributes nearly $150 billion in trading volume to the firm, representing almost 8% of exchange activity.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
