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Crypto DeFi

Hyperliquid open interest hits $14.3B as HYPE reaches all-time high

Hyperliquid’s open interest has climbed to $14.3 billion, coinciding with its native token HYPE reaching an all-time high. This marks a significant recovery from October 10, 2025, when OI plunged 56% in a single day, dropping from $14.7 billion to $6.5 billion.

Original source

AI take

The rebound to near-record open interest alongside HYPE's price peak signals a full recovery of market conviction after the October shock, but the scale of leverage returning raises questions about systemic fragility. For traders on Hyperliquid and observers of the broader perp DEX sector, the key metric to watch is whether OI sustains this level or repeats the violent deleveraging pattern seen previously. The concentration of risk in a single venue, now back to prior highs, makes the platform's liquidation engine and collateral stability the focal point for market-wide stress tests.

Generated by AI for reference only.

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