Hyperliquid Open Interest Hits Record $18 Billion Amid Expanding Perpetual Markets

Hyperliquid reported a new peak in bilateral open interest of $18 billion on Sept. 23, according to official platform data cited by Lookonchain. The figure exceeds the prior record of $16.36 billion set just four days earlier and marks a rise of roughly $5 billion since the end of August.

Breakdown of Open Interest by Asset

Crypto perpetuals continue to dominate the platform’s exposure. HyperIntel data for Sept. 23 shows:

• Bitcoin: ~ $4.05 billion
• Ether: ~ $3.18 billion
• HYPE: ~ $2.10 billion
• Zcash: ~ $858.6 million
• Solana: ~ $763.7 million

Non‑crypto markets also hold sizable positions, with notable contracts such as:

• S&P 500 perpetual: ~ $418.9 million
• Gold perpetual: ~ $301.7 million

Growth of HIP 3 Markets

The HIP 3 framework, launched in October 2025, enables third‑party developers to stake HYPE and create perpetual contracts on assets beyond cryptocurrencies, including U.S. equities, indices, commodities and even private‑company pre‑IPO contracts (e.g., SpaceX). By early September, cumulative trading volume across HIP 3 markets surpassed $548 billion, accounting for roughly 30 % of Hyperliquid’s total 30‑day volume.

Product Expansion and Future Plans

Hyperliquid has added event‑based contracts through HIP 4, native USDC/USDT lending, and new order types such as trailing stops introduced on Sept. 21. The platform is also exploring regulated U.S. deployment: Bitnomial plans to operate permissioned HIP 3 markets for eligible U.S. clients, subject to regulatory approval.