Hyperliquid open interest topped $18 billion on Wednesday, September 23, 2026 as traders increased positions across crypto and non-crypto perpetual markets.
The figure exceeded the previous $16.36 billion record that traders reached on Saturday, September 19, 2026.
Hyperliquid therefore added about $1.64 billion in open positions within four days.
Hyperliquid’s open interest rose from above $13 billion on August 31 to more than $18 billion on September 23.
DefiLlama Research recorded about $220 billion in monthly perpetual trading volume when open interest crossed $13 billion.
Hyperliquid therefore added almost $5 billion in open positions within several weeks.
HIP 3 Expands Hyperliquid Beyond Crypto Markets
The current rise in Hyperliquid’s open interest can be attributed partly to the growth of markets beyond cryptocurrencies.
HIP 3 has allowed third-party developers to create perpetual markets for stocks, commodities, indices, and private companies.
Hyperliquid launched the framework in October 2025 and requires developers to stake HYPE before deploying markets.
HIP 3 developers have launched perpetual contracts tied to the S&P 500, gold, and crude oil.
The framework also supports pre-initial public offering (IPO) perpetuals linked to private companies before they enter public markets.
SpaceX has appeared among the private companies represented through these contracts.
Lookonchain reported more than $548 billion in cumulative trading volume across HIP 3 markets by early September.
HIP 3 markets generated roughly 30% of Hyperliquid’s total trading volume during the previous 30 days.
An S&P 500-linked perpetual held about $418.9 million in open interest, while gold held roughly $301.7 million.
Hyperliquid also expanded HIP 3 on testnet by adding permissioned markets. Developers can use onchain allowlists to control which users access specific markets.
Existing permissionless HIP 3 markets remain available under the expanded framework.
Hyperliquid has also expanded into event contracts through HIP 4, which launched in May.
The platform opened HIP 4 to third-party developers at the end of August, allowing them to create markets tied to specific outcomes.
Hyperliquid also launched trailing stops on Sept. 21 and offers native lending for USDC and USDT.
The platform also plans to offer regulated U.S. perpetual markets through permissioned HIP 3 contracts.
Payward and Bitnomial proposed the structure for eligible U.S. clients, subject to regulatory approval.
Bitnomial Exchange would deploy the markets, while Bitnomial Clearinghouse would manage clearing and settlement.
HYPE Price Analysis
HYPE, the native coin of the Hyperliquid blockchain, is currently trading at around $95.33, with a 0.2% increase in the past day.
Meanwhile, its trading volume is down 12.37% to $1.11 billion, while the market cap stands at $23.96 billion.
Hyperliquid Price Chart: CoinMarketCap
HYPE has broken above the $88 resistance zone and is now forming a rising channel near $96, according to a recent analysis.
The recent move pushed HYPE from $78 toward $98.
A rejection near $98 could pull HYPE back toward $92 before retesting the $88 breakout zone.
Holding $88 would keep the bullish structure intact and could support another move above $98.
A clean break above $98 could open the path toward $102 and $110.
The $86 area also matters because it marks the lower edge of the previous consolidation, and losing $86 would expose $78 and weaken the current setup.
The earlier $78 support zone held several pullbacks before the latest breakout.
The projected move points toward $110 if HYPE clears the current channel without losing $88.
