HYPE up 1% as Hyperliquid OI hitting record $18.1b

Key takeaways

• Hyperliquid’s Open Interest (OI) peaked at a record $18.2 billion in September.
• The exchange processed $730.6 billion in matched trading volume, while its average daily trader count rose 20% to reach a record 65,161.
• HYPE is hovering near $72.19, encountering immediate technical resistance around $75.12 and $75.69.

Hyperliquid expanded its presence across the cryptocurrency derivatives landscape throughout the third quarter, pushing its Open Interest to a record $18.1 billion as market participants increasingly utilized the decentralized venue alongside major centralized exchanges.

According to the platform’s Q3 report published on Thursday, Hyperliquid captured an 11.7% share of combined Open Interest across eight leading centralized exchanges and itself by the end of September, up from 9.6% at the end of June.

This growth was largely propelled by renewed momentum in Hyperliquid’s native crypto derivatives offerings, even as its HIP-3 segment sustained strong interest in traditional financial asset perpetual futures.

Hyperliquid Open Interest surges 80% as exchange gains market share

Hyperliquid delivered substantial third-quarter gains in derivatives trading, closing the gap on several of the crypto industry’s top centralized exchanges.

The exchange recorded an all-time high Open Interest of $18.1 billion on September 22, driven by heightened market participation and larger open derivatives positions.

By September 30, Open Interest settled at $16.7 billion—a 79.9% surge from the $9.31 billion reported at the end of June.

Average Open Interest jumped 46.4% quarter-over-quarter to $12.7 billion, allowing Hyperliquid to claim a bigger slice of global derivatives positioning.

The exchange’s overall market share rose from 9.6% in late June to 11.7% by the end of September.

During its Q3 rally, Hyperliquid flipped Kraken and Bybit in Open Interest on August 12, subsequently overtaking OKX on September 17.

Despite these market share gains, the venue remains smaller than the largest centralized platforms. At the end of September, Hyperliquid’s Open Interest equaled roughly 93% of Bitget’s total and 27% of Binance’s.

A notable trend during the quarter was a rotation of volume away from HIP-3 products and back into Hyperliquid’s native crypto derivatives. Native trading volume surged 72% from its July low, fueling the venue’s record Open Interest figures.

Meanwhile, HIP-3 recorded $262 billion in perpetual futures trading volume in Q3—a 23% quarter-over-quarter increase—representing 35.9% of total matched volume on the platform. However, its share of monthly perpetual futures activity contracted from 51.1% in July down to 24.5% in September.

Within traditional asset perpetuals, equity-linked contracts posted $153.8 billion in volume, marking a 160.8% increase over Q2. Conversely, commodities volume dropped 47.7% quarter-over-quarter to $45.6 billion.

HYPE faces resistance near $75

Despite Hyperliquid’s operational growth, its native token continues to face downward pressure.

On the daily chart, HYPE is changing hands near $72.19, bound to a near-term bearish technical structure while trading beneath several key moving averages.

The token sits below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), which are tightly grouped between $77.44 and $80.26, forming a formidable overhead resistance zone.

HYPE also remains beneath a descending trendline, with an immediate breakout point around $75.12. Additional horizontal resistance at $75.69 poses a secondary hurdle for buyers.

A decisive break above these threshold levels would signal that recent selling pressure is beginning to abate.

For now, momentum indicators show continued weakness. The daily Relative Strength Index (RSI) hovers near 35, confirming persistent bearish control, while the Stochastic Oscillator sits around 9, putting the asset deep in oversold territory.

On the downside, initial horizontal support rests at $67.63. A successful defense of this price level could trigger a relief bounce back toward the downward trendline.

Conversely, failing to hold $67.63 would leave HYPE vulnerable to further losses, targeting secondary support at $61.16 and subsequent horizontal support near $51.57.

Should broader selling intensify, long-term structural support near $33.20 could come into play, though reaching it would require a far more severe pullback.

To establish a meaningful bullish reversal, HYPE needs to reclaim the $75.12 trendline and clear resistance at $75.69. Overcoming those barriers could clear a path toward the EMA cluster spanning $77.44 to $80.26, with higher resistance levels waiting at $85.04 and $97.84.