Hyperliquid Soars as HYPE Coin Hits Record High

The cryptocurrency market is experiencing dynamic movements, with Hyperliquid’s main network asset, HYPE coin, surpassing $35 and reaching an all-time high of $37.44. At the same time, the open interest (OI) volume of the altcoin on the exchange has exceeded $9.2 billion, setting a new record. This surge is primarily being driven by Bitcoin’s recent rise.

Open Interest Peaks in Hyperliquid

Hyperliquid stands out as a permanent futures trading platform operating on its Layer 1 network. Recently, Bitcoin $104,616 reaching its all-time high has pushed Hyperliquid’s open positions to a record level. According to CoinGlass data, the total open interest volume on the exchange rose to $9.2 billion, surpassing the previous record of $8 billion. This increase highlights the growing interest in futures trading.

Open positions refer to traders’ active futures contracts and typically move upward as prices rise. With Bitcoin surpassing $111,800 and setting a new record, investors have extended the rally from the spot market to derivative products. This trend mostly benefits platforms like Hyperliquid, where solely open position volume for Bitcoin reached $4.2 billion, representing over 40% of the total on the exchange.

HYPE Coin Price Skyrockets Over 800%

The rise of Bitcoin has not only uplifted derivative markets but also significantly boosted the HYPE coin, Hyperliquid’s main network asset. HYPE reached a historical high of $37.44 and was trading at $36.86 at the time of writing, marking an impressive 814% increase since November 2024. This price hike is a clear indication of trust and interest in the platform.

According to DefiLlama data, Hyperliquid’s trading volume reached $11.5 billion, while its daily revenue rose to $3.4 million. This showcases the dominance of the exchange not only through price uplift but also through increased trading activity. Meanwhile, trader James Wynn, known as “moonpig,” attracted attention by opening a $1 billion BTC long position with 40x leverage, later realizing profits from this position.

Ethereum $2,494 ranks second with a $1.3 billion position, while HYPE is in third place with demand worth $748 million. Other cryptocurrencies such as Solana $150 (SOL), XRP, and the humorous memecoin FARTCOIN have also taken part in high-volume transactions.