Hyperliquid Open Interest Hits $12.5B, Highest Since Oct 10

Open interest reaching its highest level since October 10 signals that leveraged positioning on Hyperliquid is rebuilding rather than fading, which matters less for the headline number than for what it implies about conviction behind existing exposure. The milestone is a derivatives-market story, not a spot-demand one, so the read-through is about how much risk is being carried into the next move. Whether this build-up reflects fresh directional bets or hedging against existing positions is the open question, and how it unwinds will say more about market health than the record itself.