HYPE Token Soars Past $35 as Hyperliquid Hits $9.2B in Open Interest Amid Bitcoin Rally

The cryptocurrency market continues to heat up as Hyperliquid, a decentralized perpetuals exchange running on its own Layer 1 blockchain, set a new benchmark this week. Open interest (OI) on the platform skyrocketed past $9.2 billion, marking an all-time high and signaling growing trader activity amid bullish market momentum.

The surge in activity aligns closely with Bitcoin’s explosive performance, as the leading digital asset hit a new all-time high of over $111,800. The broader crypto market followed suit, pushing total market capitalization above $3.6 trillion. As prices climbed, so did participation in derivatives trading—especially on platforms like Hyperliquid.

According to data from CoinGlass, Bitcoin derivatives dominated Hyperliquid’s books, with open interest reaching approximately $4.2 billion—accounting for over 40% of the platform’s total. A single high-profile trader, known pseudonymously as “moonpig,” reportedly opened a $1 billion BTC long position using 40x leverage during the rally, later taking profits as prices stabilized.

Ethereum followed with $1.3 billion in open interest, while HYPE—Hyperliquid’s native token—took the third spot with around $748 million in contracts. Other assets such as Solana, XRP, and even the meme-driven FARTCOIN contributed to the trading frenzy.

Daily trading volume and revenue also saw sharp increases, reaching $11.5 billion and $3.4 million respectively, based on DefiLlama data. This sustained activity reflects strong appetite for leverage and speculative plays during bullish market cycles.

Amid the spike in derivatives demand, the HYPE token surged to an all-time high of $35.93, climbing more than 12% in 24 hours. As of the latest update, HYPE was trading at $34.86—up an eye-catching 814% since its November 2024 low. The token’s momentum has been driven not only by speculation but also by the growing usage of the Hyperliquid platform, which has cemented its place as a key player in the decentralized derivatives space.

As the crypto market evolves and traders seek out platforms offering speed, efficiency, and leverage, Hyperliquid appears to be carving out a significant niche. With continued innovation and increased market participation, both the DEX and its HYPE token are poised to remain central to conversations around the future of decentralized finance.