Hyperliquid’s open interest has climbed to $14.669 billion, the platform’s highest level in nearly 11 months, according to DefiLlama data cited in the source report. The total moved above $14 billion on September 4 after rising steadily for months from a February low near $4.76 billion.
That increase amounts to roughly 210% over seven months. The source report argues the shape of the move matters as much as the size: rather than a sudden burst of leverage, the chart shows a more gradual build beginning in March, in contrast with the faster run-up seen in October last year.
A steady rise from the February low
DefiLlama data in the source article shows Hyperliquid’s open interest bottomed around $4.76 billion in February before trending higher through the following months. By September 4 it had crossed the $14 billion threshold, and the latest reading in the report stood at $14.669 billion.
The article highlights that there was no single period of unusually rapid expansion during this stretch. Instead, open interest appears to have climbed in a more measured way since March, which the report contrasts with the quicker leverage buildup recorded in October 2025.
Recent events around the platform
The source article points to several developments in the past month that may have supported activity on Hyperliquid. On August 19, Coinbase said its Base app would use Hyperliquid-powered perpetual futures, giving users access to more than 290 perpetual markets spanning crypto, commodities and equities.
A day later, President Trump, according to the report, said the CFTC is actively working on bringing Hyperliquid onshore, adding a regulatory angle to the discussion around the platform.
The article also notes a September 6 token unlock involving 9.92 million HYPE, valued at roughly $820 million. That event was presented as a possible test for market positioning, yet the reported open interest did not weaken and instead reached a local high the following day.
Growth has shifted toward core markets
The composition of Hyperliquid’s open interest has also changed over the past month, according to the report. Earlier in the year, builder-deployed HIP-3 markets had led the expansion, rising from 18% of platform open interest to more than 34% in August and surpassing $4 billion.
More recently, however, the source says the mix moved back toward core markets. Total open interest added $3.80 billion over the past month, while data from hyperscreener showed HIP-3 declining by about $200 million over the same period.
That distinction matters because, as described in the article, core markets direct about 99% of fees into HYPE buybacks, while builder markets can allow deployers to keep up to half of the fees they generate. The latest growth, the report says, has come mainly from the core side.
Hyperliquid’s share of the perp DEX market
Artemis data from September 8, as cited in the source report, put total open interest across tracked perpetual DEXs at $19.2 billion. Hyperliquid accounted for roughly $14.6 billion of that amount, or about 76% of the tracked market.
The same dataset listed Aster at $2.5 billion, Lighter at $1.1 billion and edgeX at $598.6 million, with all other platforms below $210 million. The report frames that gap as evidence of a more concentrated market than in late 2025, when rival venues held a larger share of activity.
The article also stresses what open interest does and does not show. OI reflects the notional value of open positions, not net capital inflows, and it does not reveal whether traders are predominantly long or short. What it does indicate is how much size market participants are willing to keep on the platform. The next confirmed reference point will be whether that elevated level holds after the recent breakout above $14 billion.
Source: Cryptopolitan