Hyperliquid’s Open Interest Hits New One-Year High, Drawing Liquidity From Traditional Assets and Prediction Markets

Hyperliquid’s open interest (OI) has hit a new all-time high of $16.36 billion, surpassing the previous record set exactly one year ago on September 18, 2025. Over the past 12 months, the platform has evolved from a crypto perpetual trading venue to an on-chain trading infrastructure supporting stocks, commodities, indices, pre-IPO assets, and event contracts. Launched in October 2025, HIP-3 enables third parties to stake HYPE and deploy their own perpetual markets, with underlying assets spanning US equities, gold, crude oil, the S&P 500, and private firms including SpaceX. As of early September 2026, cumulative trading volume on HIP-3 markets exceeded $548 billion, representing roughly 30% of the platform’s total trading volume over the prior 30 days. HIP-4, rolled out in May 2026, filled the gap in prediction markets and event contracts, and was further opened to third-party deployments at the end of August. During the same period, issuers including 21Shares, Bitwise, and Grayscale sequentially launched HYPE spot or staking-based ETFs; the platform also launched native lending services and advanced licensed HIP-3 markets for US users.