Hyperliquid Open Interest Hits $11.51 Billion, Highest Since 10/10 Crash

Bitcoin and the broader crypto market is still reeling from the October 10 liquidation cascade last year. The entire sector’s market cap remains roughly 45% down since then. Hyperliquid, on the other hand, has outperformed the entire market with HYPE up around 34% during the same time. Apart from the token’s price performance, Hyperliquid’s total open interest is now at $11.51 billion, the highest level seen this year, since the 10/10 crash and when BTC was trading around $100,000. 

Source: HyperTracker

Bitcoin is currently trading at around $65K and data from Coinglass shows that open interest across the crypto market is at $116.66 billion, which is down 47% from the October 10 level. What we are seeing now is that Hyperliquid is growing into a market that is still in recovery mode. 

RWA Perps Now Outrank Bitcoin On The Platform 

Real-world asset perpetuals are the biggest reason we’re seeing a growth in overall open interest in Hyperliquid. As of now, daily open interest stands at $3.61 billion under HIP-3, the framework live since October 13, 2025 that lets anyone stake 500,000 HYPE and deploy a perp market without approval from the core team. 

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