Hyperliquid Open Interest Hits $8.1 Billion All-Time High
Decentralized exchange Hyperliquid has reached a record $8.1 billion in open interest, capturing nearly 11% of the global perpetual futures market.
Hyperliquid has reached a new milestone, with total open interest on the decentralized perpetuals platform climbing above $8.1 billion on September 20, 2026. This record high establishes the protocol as a major player in on-chain derivatives, with 24-hour trading volume hitting $1.05 billion.
The platform now commands approximately 10.9% of global perpetual futures open interest. This growth has been supported by the introduction of tokenized traditional assets, including equities and commodities, which were enabled by the HIP-3 protocol update in October 2025. These tokenized markets now occasionally represent over 30% of the platform's total open interest.
Hyperliquid functions as a Layer-1 blockchain designed for high-speed trade execution, allowing it to compete with centralized exchanges in terms of responsiveness for liquidations and order fills.
The platform's native token, HYPE, traded between $90.88 and $91.32 during the milestone, with recent peaks reaching the $93 to $94 range. The protocol utilizes trading fees to fund an on-chain Assistance Fund, which performs buybacks and token burns.
In a single 24-hour period, approximately 26,310 HYPE tokens were burned, valued at roughly $2.4 million. Total lifetime burns have now exceeded 48 million HYPE tokens, accounting for about 4.88% of the maximum supply.
By expanding into tokenized equities and commodities, Hyperliquid is increasingly competing with traditional derivatives platforms, targeting a broader market beyond standard crypto derivatives.
