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      Hyperliquid's Open Contracts Reach $14.3 Billion as HYPE Hits Record High

      Hyperliquid has reported that its total open interest (OI) reached $14.3 billion on September 6, 2026, nearing the levels seen prior to a significant market crash on October 10, 2025. On that date, the platform experienced a dramatic decline in OI, plummeting from $14.7 billion to $6.5 billion in just one day. Since then, the recovery has unfolded in two phases, with the HIP-3 segment increasing its share of total OI from 18% to over 34% between March and August 2026, culminating in a record OI of over $4.44 billion for HIP-3 in August.

      However, recent trends indicate a shift, as total OI has increased by $3.57 billion in the past month, while HIP-3's OI has decreased by $119 million, reducing its share to 25%. This change comes in the wake of two key developments: Coinbase's decision to direct users of its Base App to Hyperliquid in mid-August, and a statement from former President Donald Trump regarding the Commodity Futures Trading Commission's (CFTC) efforts to facilitate Hyperliquid's compliance for entry into the U.S. market.

      Financially, Hyperliquid has faced challenges, with total revenue dropping from a peak of $457 million in the third quarter of 2025 to $202 million in the second quarter of 2026. The platform's core crypto perpetual contracts allocate approximately 97% of fees to HYPE buybacks, indicating that the return of OI to its core business is significantly more beneficial for HYPE than the OI generated through builders.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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