Hyperliquid's open interest topped $18 billion for the first time on Sept. 23, beating the previous record of $16.36 billion set four days earlier. Bitcoin, Ether and HYPE still hold some of the platform's largest positions, but HIP 3 markets covering stocks, commodities and indices keep pulling in more activity.
Hyperliquid's open interest reached $18 billion on Sept. 23, according to official platform data cited by Lookonchain. The reading sits roughly $1.64 billion above the previous record of $16.36 billion, which was set on Sept. 19.
The figure represents bilateral open interest — the combined value of long and short positions still open on the platform. Open interest stood above $13 billion at the end of August, so outstanding positions have grown by close to $5 billion within weeks.
Crypto perpetuals still hold the largest positions
Bitcoin, Ether and HYPE together accounted for roughly $9.33 billion in open interest. HyperIntel data from Sept. 23 put Bitcoin open interest at roughly $4.05 billion, followed by Ether at $3.18 billion and HYPE at $2.10 billion.
Zcash and Solana trail further behind. Zcash carried around $858.6 million in open interest. Solana stood at approximately $763.7 million.
HIP 3 keeps drawing non-crypto activity
HIP 3, launched in October 2025, lets third-party developers stake HYPE and deploy their own perpetual markets on Hyperliquid's infrastructure. Deployers pick the price oracle and set parameters such as leverage for each market they launch.
Markets built through HIP 3 now span U.S. equities, stock indices, gold, crude oil and even pre-IPO private companies such as SpaceX. An S&P 500-linked perpetual had roughly $418.9 million in open interest. Gold stood near $301.7 million.
Cumulative trading volume across HIP 3 markets had passed $548 billion by early September, according to data cited by Lookonchain. The framework accounted for roughly 30% of Hyperliquid's total trading volume during the preceding 30 days.
New order types and a push toward regulated U.S. markets
Hyperliquid launched trailing stops across its perpetual markets on Sept. 21, an order type that follows the best price reached after activation by a set percentage distance. The platform has also rolled out native lending, letting users borrow USDC and USDT against supported collateral.
Payward, Kraken's parent company, announced this month that Bitnomial would deploy and administer proposed Hyperliquid perpetual markets for eligible U.S. clients, subject to regulatory approval. Under the planned structure, Bitnomial Exchange would act as the HIP 3 deployer while Bitnomial Clearinghouse handles clearing and settlement.
Source: crypto.news
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