Hyperliquid’s open interest has surged to $11.51 billion, marking its highest level this year, even as broader crypto leverage remains sharply below levels seen in October 2025. The platform’s growth is driven by HIP-3 markets and real-world asset (RWA) perpetuals, which now dominate activity. Meanwhile, HYPE has fallen below $60 after major unstaking moves by Multicoin Capital and Selini Capital, adding downward pressure during a broader market weakness.
HIP-3 Markets Reshape Hyperliquid Activity
According to Coinglass, total crypto market open interest stands at $116.66 billion, still 47% below the October 10 level. In contrast, Hyperliquid has expanded its open interest to $11.51 billion, the highest since the crash when Bitcoin traded near $100,000. The platform’s HIP-3 framework, launched on October 13, 2025, enables anyone staking 500,000 HYPE to deploy perpetual markets without approval from the core team. This has led to a surge in RWA perpetuals, which now account for $3.61 billion in daily open interest, making them Hyperliquid’s largest single category. RWA perpetuals have overtaken Bitcoin, HYPE, and other layer-one tokens, and now generate half of daily perpetual volume, up from just 3% at the start of the year.
Market Share Grows as Rivals Contract
Hyperliquid’s share of perpetual open interest relative to major centralized exchanges has reached a record 9.5%, according to Hypeflows data, up from 6.9% in late May. However, its open interest remains about 23% below its October 2025 peak of nearly $15 billion. Binance, Bybit, and Gate.io have contracted more sharply during the post-crash deleveraging, so the market-share increase reflects a smaller contraction rather than a direct migration of traders. Notably, TradeXYZ, built by Hyperunit, controls more than 90% of HIP-3 open interest, meaning one venue carries close to one-third of Hyperliquid’s total open interest. HIP-3 markets sit outside Hyperliquid’s native liquidity pool, with deployers controlling oracle quality, margin settings, and liquidity provision. This concentration raises questions about stability as competing exchanges enter the same category.
CEX Competition and Unstaking Pressure on HYPE
Binance has entered the space with a SpaceX pre-IPO perpetual contract on May 21 and added seven U.S. equity and ETF perpetuals on July 9, offering leverage up to 25x. These contracts bring centralized-exchange liquidity into a category Hyperliquid previously dominated. Meanwhile, HYPE fell below $60 to $58, dropping 7.31% in 24 hours, approaching a key support level. On-chain data shows Multicoin Capital unstaked 1.96 million HYPE worth about $120 million from three wallets after nearly two months of staking. The wallets involved are 0x57c6d4bd52f592a265f59b595a905b04c848174b, 0xab319403e72c5e97c65ef70031bab8827efc5297, and 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10. While unstaking does not confirm a sale, it makes tokens transferable and available for exchange deposits or reallocations. Selini Capital also recently unstaked about 504,000 HYPE, worth roughly $31 million, adding another large withdrawal.
Conclusion
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.
Leave a Reply