Hyperliquid OI hits record $18.1B, HYPE edges up 1%

Key takeaways

• Hyperliquid's Open Interest (OI) reached a record $18.2 billion in September.
• Hyperliquid recorded $730.6 billion in matched trading volume, while average daily traders increased 20% to a record 65,161.
• HYPE trades around $72.19, facing resistance near $75.12 and $75.69.

During the third quarter, Hyperliquid reinforced its standing in the cryptocurrency derivatives market, as Open Interest hit a record $18.1 billion amid growing trader use of the decentralized exchange alongside more established centralized platforms.

Its Q3 report, released Thursday, showed that the exchange's share of combined Open Interest across eight leading centralized exchanges and Hyperliquid rose to 11.7% by the end of September, up from 9.6% in June.

Renewed activity in Hyperliquid's native cryptocurrency derivatives markets primarily drove the expansion, even as the HIP-3 platform continued to draw demand for perpetual futures tied to traditional financial assets.

Hyperliquid Open Interest surges 80% as exchange gains market share

Hyperliquid posted significant growth in derivatives activity in the third quarter, bolstering its position relative to some of the largest centralized exchanges in the cryptocurrency industry.

The platform's Open Interest peaked at a record $18.1 billion on September 22, reflecting greater trader participation and larger outstanding derivatives positions.

By September 30, Open Interest had settled at $16.7 billion, marking a 79.9% gain from $9.31 billion at the close of June.

Average Open Interest also rose 46.4% quarter over quarter to $12.7 billion. This growth enabled Hyperliquid to claim a bigger portion of outstanding derivatives positions across major trading venues.

Its market share advanced from 9.6% at the end of June to 11.7% at the end of September.

The exchange overtook Kraken and Bybit in Open Interest on August 12 and then surpassed OKX on September 17.

Still, the platform trails the largest centralized derivatives exchanges.

At the end of September, Hyperliquid's Open Interest stood at roughly 93% of Bitget's and 27% of Binance's.

A notable development in the quarter was the turn in trading activity from HIP-3 markets toward Hyperliquid's native cryptocurrency derivatives.

According to the report, native trading volume climbed 72% from its July low, contributing to the platform's record Open Interest.

HIP-3 produced $262 billion in perpetual futures trading volume in Q3, a 23% increase from the prior quarter.

That segment made up 35.9% of Hyperliquid's total matched volume in the period. However, its monthly share of perpetual futures activity slipped from 51.1% in July to 24.5% in September.

Equity-linked perpetual futures generated $153.8 billion in trading volume during the third quarter, a 160.8% rise from Q2. Commodities trading volume fell 47.7% quarter over quarter to $45.6 billion.

HYPE faces resistance near $75

Hyperliquid's strong quarterly showing has not lifted its native token, which continues to face downward pressure.

On the daily chart, HYPE is trading around $72.19, retaining a bearish near-term structure as it stays below several key technical indicators.

The cryptocurrency is trading under its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), which are grouped between roughly $77.44 and $80.26.

Those moving averages act as potential resistance levels that could curb recovery efforts.

HYPE also remains under a descending resistance trendline, with the immediate breakout reference near $75.12. An additional horizontal resistance at $75.69 poses another hurdle for buyers.

A sustained recovery above those levels would indicate that short-term selling pressure is starting to ease.

Still, momentum indicators continue to show weakness. The daily Relative Strength Index (RSI) is near 35, suggesting bearish momentum remains dominant.

Meanwhile, the Stochastic Oscillator has dropped to roughly 9, putting the cryptocurrency in deeply oversold territory.

HYPE's immediate downside support is at $67.63. That horizontal level marks a key area where buyers might try to stabilize the cryptocurrency after its recent decline.

A successful defense of $67.63 could support a temporary recovery toward the descending resistance trendline.

But a decisive break below that level would expose HYPE to further downside risk. The next major support is at $61.16, followed by another horizontal level near $51.57.

If selling pressure picks up, broader structural support around $33.20 could become relevant, though reaching that level would require a substantially deeper correction.

On the upside, HYPE must first reclaim the $75.12 descending trendline and the nearby $75.69 horizontal resistance.

A sustained breakout above those barriers could encourage buyers to target the EMA cluster between $77.44 and $80.26.

Further resistance is at $85.04, followed by $97.84. However, reaching those higher levels would require stronger buying momentum and an improvement in broader cryptocurrency market sentiment.