The open interest on the Hyperliquid platform has surpassed $18 billion for the first time, setting a new record. According to Lookonchain, on September 23, the figure reached $18 billion compared to the previous record of $16.36 billion from September 19 – an increase of $1.64 billion. The figure is bilateral: it accounts for the total value of long and short positions.
At the end of August, DefiLlama Research estimated open interest above $13 billion with a monthly trading volume of perpetual contracts around $220 billion. Over the past few weeks, open positions have increased by nearly $5 billion. Bitcoin, Ether, and HYPE together accounted for about $9.33 billion: BTC – $4.05 billion, ETH – $3.18 billion, HYPE – $2.10 billion. Zcash held $858.6 million, and Solana – $763.7 million. The S&P 500 contract was at $418.9 million, and gold – $301.7 million.
A key role in expanding beyond cryptocurrencies was played by HIP 3, launched in October 2025: third-party developers stake HYPE and deploy perpetual markets using HyperCore for trading and margining, with their own oracle and leverage. Among the markets are U.S. stocks, indices, gold, oil, and pre-IPO contracts, including SpaceX. By early September, the trading volume of HIP 3 exceeded $548 billion, accounting for about 30% of Hyperliquid's total volume over the past 30 days. Later, permissioned markets were added on the testnet.
Through HIP 4 (May), the platform added event contracts; third-party deployment opened at the end of August. Native lending (USDC/USDT against collateral) and trailing stops on perpetual markets were also implemented (September 21). For the U.S., Payward, the parent company of Kraken, announced that Bitnomial will deploy Hyperliquid's perpetual markets for American clients upon regulatory approval: Bitnomial Exchange is the deployer of HIP 3, Bitnomial Clearinghouse is for clearing, and NinjaTrader Clearing handles client accounts, accessible through permissioned markets.
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