HYPE reached a new all-time high near $88 as open interest surged to $14.3 billion. Core perpetual activity now drives growth, strengthening HYPE buybacks and token burn pressure. A breakout
Hyperliquid — HYPE, entered September with strong momentum. The token recently reached a record high near $88. HYPE has gained more than 50% during the month. Meanwhile, platform-wide open interest has climbed to $14.3 billion. Rising trading activity now supports stronger demand for HYPE buybacks. Traders also expect further gains after the latest breakout. However, resistance near $90 could determine the next major move for HYPE.
https://twitter.com/MBxxvv/status/2097362177950912932Hyperliquid's native token HYPE now carries a market value near $20 billion. The token has climbed sharply alongside growing activity across the platform. Open interest has reached a record $14.3 billion. That figure sits within 3% of the previous $14.7 billion record. The earlier record came shortly before the October 10, 2025 market crash. Open interest plunged 56% during that session.
Total OI fell from $14.7 billion to $6.5 billion. The latest recovery therefore marks a major return of market participation. Hyperliquid's OI growth developed through two distinct phases. The first phase centered around the HIP-3 builder protocol. HIP-3 markets increased their share of total OI significantly. HIP-3 accounted for 18% of total OI in March 2026. That share climbed above 34% by August.
Open interest across those markets reached $4.44 billion. Recent growth, however, has shifted toward core crypto perpetual markets. Core perpetual OI increased strongly during the past month. Total platform OI rose by $3.57 billion during that period. Meanwhile, HIP-3 OI declined by $119 million. The change highlights stronger demand across Hyperliquid's core trading products. That shift could have major implications for HYPE holders.
A major token unlock failed to derail the recent rally. Hyperliquid unlocked 9.92 million HYPE tokens on September 6. The unlocked supply carried a value near $820 million. Despite those concerns, HYPE continued climbing toward $89. Historical data also offered some reassurance to investors. Only a small portion of earlier unlocked tokens reached exchanges.
That reduced immediate fears surrounding heavy selling pressure. Buyers instead maintained control as HYPE approached record territory. Analyst MB.hl recently highlighted several important technical levels. The analyst identified $82 as a major point of control. That level also aligns with ascending trendline support. A volume shelf further strengthens the importance of the zone.
The analyst also highlighted strong positioning among larger market participants. Smart money reportedly holds $74 million in long positions. Short positions account for roughly $15 million. Such positioning suggests considerable confidence around another HYPE rally. On the daily chart, HYPE recently recovered from $81.82. The token climbed back toward $86.05 afterward.
