Hyperliquid Hits $14.7B Open Interest, Sets Consecutive OI Records

Hyperliquid has shattered open interest (OI) records, hitting a new all-time high of $14.7 billion on July 23. This marks consecutive daily records, signaling strong capital inflows and rising trader confidence in the decentralized derivatives platform.

A key catalyst for this momentum was Hyperliquid’s early listing of PUMP, becoming the first major venue to offer prelaunch trading, according to its official X post. The platform facilitated over $400 million in open interest and $600 million in 24-hour volume before the token generation event (TGE), establishing itself as the primary venue for onchain price discovery.

Following the TGE, Hyperliquid was also the first to support spot trading of PUMP via Hyperunit, and it remains one of the most liquid venues for the asset. The platform's continued role in capital formation and onchain price discovery is evident in its explosive growth and dominanc, cementing Hyperliquid’s position as a cornerstone of the decentralized derivatives ecosystem.

Hyperliquid Dominates Onchain Derivatives, Surpasses $1.98T in Cumulative Volume

Driven by surging demand for decentralized derivatives trading, Hyperliquid has solidified its position as the leading platform in the space. As of July 22, the platform holds more than 80 percent market share in the onchain perpetual futures market.

According to The Block, USDC supply on Hyperliquid has climbed to $4.9 billion, highlighting the scale of capital flowing into the protocol. The figure has more than doubled since the start of the year, underscoring rapid growth and rising trader confidence.

Cumulatively, the platform has recorded 572,868 users and an eye-popping $1.98 trillion in cumulative trading volume, highlighting sustained trader activity.

In July alone, Hyperliquid processed $218.14 billion in trading volume, which amounts to 11.85% of Binance’s $1.84 trillion total volume for the month, a remarkable figure for an onchain venue. Perpetuals volume on Hyperliquid has already reached $232 billion as of July 23, surpassing June’s $216 billion, and putting the platform on track for another record month.

Strong Earnings and Growing Token Holder Payouts

HYPE, the native token of Hyperliquid, has surged from under $17 in late April to an all-time high of $49.75 on July 14, marking a gain of 125 percent over the past three months. The token’s performance reflects growing investor confidence in Hyperliquid’s market position, fueled by consistent growth in earnings, trading activity, and open interest. At the time of writing, HYPE is trading at $42.17.