Hyperliquid's open interest climbed to a record $8.8 billion, and its Q3 revenue doubled as buybacks rose nearly fourfold. HYPE has rallied 88% since August to a new all-time high near $96, with institutional players giving it 52% odds of crossing $100 in December.
Hyperliquid's open interest hit $8.8 billion, a record that outpaces the level seen at the peak of last October's bull market, according to DeFiLlama data. The surge follows Bitcoin's recovery above $85,000 for the first time since January, which drew speculative traders back to the cross-asset platform.
Revenue doubles, buyback pace nearly quadruples
Hyperliquid's total daily average revenue hovered around $1.5 million in Q2. It then doubled to $3 million in Q3. In mid-August alone, revenue tripled to over $5 million. Because Hyperliquid directs most of that revenue to HYPE buybacks, the pace of purchases jumped too.
Weekly revenue dedicated to assistance-fund buybacks surged from about $5 million to $20 million in August, nearly a fourfold increase. It was during this same stretch that HYPE pushed to $80 for the first time.
HYPE nears $100 after 88% rally
In September, HYPE hit a new all-time high of $96. That marks a gain of 88% over the previous two months. If crude oil prices slip below $90 and calm inflation fears, risk appetite could deepen further, and the immediate bullish targets for HYPE would be $102 and $118.
Institutional players, however, expect the $100 level to be crossed later in the year, assigning 52% odds in December. For late September and October, the odds were 27%-47%. Some of these players expect the rally to cool after the 88% run, a view reflected in greater put-buying against a pullback to $85-$88.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
