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Hyperliquid’s open interest has climbed to $11.51 billion, its highest level this year, even as broader crypto leverage remains sharply below October 10 levels. HYPE has gained about 34% since the crash, while the total crypto market cap remains roughly 45% lower and Bitcoin trades near $65,000.
Open interest across the crypto market stands at $116.66 billion, according to Coinglass data. That figure remains 47% below the October 10 level. By contrast, Hyperliquid has expanded while the wider market remains in recovery. Its latest open interest also marks the highest point since the crash, when Bitcoin traded near $100,000.
Real-world asset perpetuals now drive much of that activity. Daily open interest under HIP-3 has reached $3.61 billion, making it Hyperliquid’s largest single open-interest category. HIP-3 launched on October 13, 2025. The framework allows anyone staking 500,000 HYPE to deploy a perpetual market without approval from Hyperliquid’s core team.
RWA perpetuals have now overtaken Bitcoin, HYPE, and other layer-one tokens on the platform. HIP-3 markets also generate half of daily perpetual volume, compared with a 3% share at the year’s start.
Hyperliquid’s share of perpetual open interest against major centralized exchanges has reached a record 9.5%, according to Hypeflows data. That share stood at 6.9% in late May. Still, Hyperliquid’s open interest remains about 23% below its October 2025 peak near $15 billion. Binance, Bybit, and Gate.io contracted more sharply during the post-crash deleveraging.
The market-share increase therefore reflects a smaller contraction than its competitors recorded. It does not confirm that traders moved directly from centralized exchanges to Hyperliquid. TradeXYZ, built by Hyperunit, controls more than 90% of HIP-3 open interest. As a result, one venue carries close to one-third of Hyperliquid’s total open interest.
HIP-3 markets sit outside Hyperliquid’s native liquidity pool. Deployers control oracle quality, margin settings, and liquidity provision for each market. Can that concentration remain stable as competing exchanges enter the same category?
Also Read: SHIB, SOL, XRP and Hyperliquid Face Mixed Momentum
Binance entered the market with a SpaceX pre-IPO perpetual contract on May 21. It then added seven United States equity and ETF perpetuals on July 9. Those contracts offer leverage of up to 25 times. They also bring centralized-exchange liquidity into a category that Hyperliquid previously dominated.
Meanwhile, HYPE fell below $60 and reached $58, dropping 7.31% over 24 hours. The move pushed the token closer to a support area that has held for weeks. On-chain data showed Multicoin Capital unstaked 1.96 million HYPE worth about $120 million. The firm withdrew the tokens from three wallets after nearly two months of staking.
The wallets were 0x57c6d4bd52f592a265f59b595a905b04c848174b, 0xab319403e72c5e97c65ef70031bab8827efc5297, and 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10.
The unstaking does not confirm a planned sale. Still, it makes the tokens transferable and available for exchange deposits, reallocations, or other transactions. Selini Capital also recently unstaked about 504,000 HYPE, worth roughly $31 million. The move added another large withdrawal from staked HYPE positions within a short period.
Hyperliquid open interest reached $11.51 billion as HIP-3 markets and RWA perpetuals drove stronger platform activity. Meanwhile, HYPE fell below $60 after major unstaking moves by Multicoin Capital and Selini Capital. Market participants should watch support levels, liquidity concentration, and further large-holder activity.
