Decentralized exchange Hyperliquid has reached new heights, surpassing $10.6 billion in open interest, indicating a growth in activity among traders and increased interest in the platform.
Record Open Interest of Hyperliquid
Hyperliquid reported a record of $10.6 billion in open interest. This figure reflects a significant increase in platform activity and trader confidence. The exchange utilizes an order-book-based system, attracting high-volume participants in the decentralized derivatives sector.
HYPE Token Hits New High
Alongside the increase in open interest, the price of HYPE, Hyperliquid’s native token, reached a new all-time high of $47. Data from CoinMarketCap shows that HYPE gained over 3% in a single day and has increased over 30% over the past week. The token’s market capitalization has also seen a steady rise of around 3% during the same period.
New Listings and Their Impact
The recent listing of HYPE on Bybit's spot market has further enhanced its market performance. This move has allowed broader access to the token and contributed to rising interest from both retail and institutional players. Increased exposure has positioned HYPE among the top 12 cryptocurrencies by market cap.
The continued rise of HYPE's price and the platform’s growing open interest show a clear uptick in investor engagement. Analysts are closely watching the token, with discussions around future price levels gaining traction in trading communities.
