Hyperliquid's (HYPE) total open interest (OI) reached $14.3 billion on Sunday, within 3% of the OI on the day before the infamous 10/10 crash. For context, on Oct. 10, 2025, Hyperliquid’s OI fell by around 56% in a single day, from $14.7 billion to just $6.5 billion.
The recovery since then has been a story of two distinct halves.
The first is HIP-3, which carried the first leg as its share of Hyperliquid’s total OI grew from 18% in March 2026 to over 34% by August. HIP-3 OI itself set a record of over $4.44 billion in August. Of the $8.47 billion increase in Hyperliquid’s total OI over the past six months, HIP-3 accounted for roughly 30% of that growth.
Over the past three months, HIP-3's OI growth accounted for 15% of total OI growth. Over the past month, Hyperliquid's total OI rose by $3.57 billion, yet HIP-3 OI fell by $119 million. HIP-3's share of total OI has also declined from 34% this time last month to 25% today.
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