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Hyperliquid OI tops $14.3 billion as HYPE hits a new high
The data points to shifting open interest toward HIP-3, even as Hyperliquid gross revenue dropped from $457 million in Q3 2025 to $202 million in Q2 2026.
Hyperliquid open interest reached $14.3 billion, near the prior day’s levels and within 3% of the figures seen before the Oct. 10, 2025 “10/10 crash,” according to The Block’s Data and Insights newsletter excerpt.
The newsletter said total open interest is being shaped by HIP-3, whose share of Hyperliquid’s total OI rose from 18% in March 2026 to over 34% by August. It also cited an HIP-3 open interest record above $4.44 billion in August, and said HIP-3 accounted for roughly 30% of the $8.47 billion increase in total open interest over the prior six months.
The Block also highlighted that growth drivers included Coinbase routing Base App users to Hyperliquid starting in mid-August, and President Trump’s remarks that the CFTC is working on bridging Hyperliquid onshore in a compliant way.
Even with HIP-3’s growing role, the excerpt tied the shift to weaker Hyperliquid economics, noting gross revenue fell from $457 million in Q3 2025 to $202 million in Q2 2026. It said Assistance Fund purchases dropped from $290 million in Q3 2025 to $149 million in Q2 2026, and that Hyperliquid’s core crypto perps route close to 97% of generated fees into HYPE buybacks.