Hyperliquid HYPE Token Surges to $20 Billion as Open Interest Hits $14.3 Billion
The HYPE token reached an all-time high of $88-$90, driven by a $14.3 billion increase in open interest and fee-funded buybacks.
Hyperliquid's HYPE token approached an all-time high of approximately $88 to $90 this month. The rally coincided with the platform's total open interest recovering to roughly $14.3 billion. This figure is near levels recorded before October 2025 deleveraging events. Total open interest rose by about $3.57 billion over a single month, though permissionless HIP-3 market share decreased during that period. Most new volume originated from core crypto perpetual contracts. Industry data indicates that nearly 97 percent of core-market fees fund token purchases through the protocol's Assistance Fund. The market value of HYPE reached close to $20 billion at the peak. Since then, prices have exhibited volatility as traders evaluate momentum and positioning levels. Bitwise chief investment officer Matt Hougan separately argued that tokenised real-world assets could eventually reach $200 trillion in volume.
