HYPE, the native token of decentralized trading platform Hyperliquid, has reached a new all-time high of $88, driving its market capitalization close to $20 billion. This price rally marks a more than 50% gain for HYPE over the current month.
Open interest near record highs
Total open interest on the Hyperliquid ecosystem climbed to $14.3 billion, approaching the previous record of $14.7 billion set before the market collapse in October 2025, when open interest dropped 56% to $6.5 billion in a single day.
Hyperliquid, an emerging decentralized derivatives platform, experienced a resurgence in two phases. First, its developer-focused HIP-3 builder framework spurred a rebound between March and August 2026, as HIP-3’s share of open interest expanded from 18% to above 34%, with $4.44 billion locked in these markets.
More recently, momentum shifted back to Hyperliquid’s core perpetual cryptocurrency trading markets. In the last 30 days, aggregate open interest rose by $3.57 billion, while HIP-3 markets saw a decrease of $119 million.
During mid-August, integration with Coinbase’s Base App drew new participants and contributed to open interest growth. President Trump’s announcement regarding CFTC efforts to place Hyperliquid under US regulatory oversight added further momentum.
Mini dictionary: HIP-3 is Hyperliquid’s builder framework, allowing external developers to create and manage trading markets within the platform while sharing in fee revenue. This model adds flexibility for market innovation and attracts third-party builders seeking new trading opportunities.
| Metric | Previous Peak (Oct 2025) | Current (Sep 2026) |
|---|---|---|
| Open Interest | $14.7 billion | $14.3 billion |
| HYPE Price | N/A | $88 (ATH) |
| HIP-3 OI Share | 18% (March 2026) | 34% (August 2026) |
Token burns and fee distribution drive value
The surge toward core perpetual contracts has significant consequences for HYPE’s value. These markets contribute about 97% of trading fees to routine HYPE token buyback and burn programs. In contrast, HIP-3 builders may retain up to 50% of revenues from their custom markets.
In the past 24 hours, Hyperliquid conducted buybacks and burns of 15,350 HYPE tokens worth roughly $1.32 million at an average purchase price of $86.17. Since launch, the protocol has burned over 48.45 million tokens, representing 4.84% of the maximum supply.
Major unlock event absorbed, bullish outlook persists
On September 6, a scheduled release of 9.92 million HYPE tokens, valued at $820 million, took place. Despite speculation that the supply influx would pressure prices, HYPE continued its rally. Analysis indicates that only a minimal share of these unlocked tokens reached centralized exchange order books during similar past events.
Technical analyst MB.hl highlighted via X (formerly Twitter) that the $82 price level has become a key support, aligning with a strong volume shelf and ascending trendline. MB.hl noted that traders are maintaining skewed long positions totaling $74 million against $15 million short, with institutional and prominent investors broadly positioned for more upside.
“The point of control at $82 now aligns perfectly with ascending support and the volume shelf, and every dip into this zone is getting accumulated. Top traders and institutional players continue to show heavy long interest as HYPE repeatedly tests its high.”
On the daily timeframe, HYPE rebounded from an intraday low of $81.82 to $86.05. Resistance is set at $88 to $90. A sustained close above $90 could clear the way to $95, with $100 as the next key target.
