Key Insights:
- Open positions have risen by almost $5 billion since the end of August.
- There is over $548 billion in the total trading volume for HIP 3 markets.
- Together, the three assets, Bitcoin, Ether and HYPE, have about $9.33 billion in open interest.
The record $18 billion in hyperliquid open interest occurred on Sept. 23, representing the highest level ever for the decentralized derivatives platform. The milestone comes on the heels of rapid growth since the August when there were more outstanding positions in cryptocurrency and non-crypto perpetual markets.
Hyperliquid reported it through its official channels, whereas Lookonchain was looking to the platform’s data. The highest reading came after Sept. when it reached $16.36 billion. 19.
Open interest reached an all-time high of $18B on Hyperliquid pic.twitter.com/rIVNZywI83
— Hyperliquid (@HyperliquidX) September 23, 2026
Record growth accelerates across derivatives
The latest figure represents bilateral open interest, which combines the value of open long and short positions. Therefore, the $18 billion figure measures both sides of active positions rather than one-sided exposure.
The record came only four days after Hyperliquid set its previous high. That increase added about $1.64 billion in outstanding positions within days. Moreover, the platform had more than $13 billion in open interest on Aug. 31, according to DefiLlama Research data .
The change represents nearly $5 billion in additional open positions since the end of August. However, open interest measures outstanding derivatives positions rather than direct capital inflows.
Recent data also indicates that top crypto assets continue to be the focus of activity. Bitcoin was around $4.05 billion while Ether came in at around $3.18 billion. HYPE trailed behind with approximately $2.10 billion of open interest.
Zcash and Solana also had substantial gains, with values of $858.6 million and $763.7 million respectively.
HIP 3 broadens Hyperliquid’s market reach
Hyperliquid open interest has grown alongside the platform’s expansion beyond traditional cryptocurrency perpetuals. The HIP 3 framework has helped introduce perpetual contracts linked to equities, commodities, indices and private companies.
Hyperliquid launched HIP 3 in October 2025. The framework allows third-party developers to stake HYPE and deploy perpetual markets using the platform’s infrastructure. Markets have since included U.S. equities, gold, crude oil and the S&P 500.
By early September, cumulative HIP 3 trading volume had exceeded $548 billion. Those markets also represented about 30% of Hyperliquid’s total trading volume over the previous 30 days.
The expansion has changed the composition of activity on the platform. Bitcoin and Ether still command large positions, but non-crypto contracts now represent a significant share of trading demand.
An S&P 500-linked perpetual held about $418.9 million in open interest on Sept. 23. Gold followed with approximately $301.7 million, highlighting demand for contracts tied to traditional financial assets.
New products add another layer
Hyperliquid has continued adding products as its derivatives business expands. HIP 4 introduced event contracts in May, while third-party deployment became available toward the end of August.
The platform has also introduced native lending and additional order types for its perpetual markets. On Sept. 21, Hyperliquid added trailing stop orders, allowing traders to set triggers that follow favorable price movements before executing an order.
Meanwhile, the company has explored structures for regulated U.S. markets. Payward, the parent company of Kraken, announced plans involving Bitnomial for proposed Hyperliquid perpetual markets serving eligible U.S. clients.
The proposed structure would place Bitnomial Exchange in charge of deployment. Bitnomial Clearinghouse would handle clearing and settlement, while NinjaTrader Clearing would carry approved customer accounts. The plans remain subject to regulatory approval.
The Record Shows a Shift Beyond Crypto
The $18 billion milestone also shows how Hyperliquid has grown beyond its focus on crypto derivatives. Bitcoin, Ether and HYPE still have about $9.33 billion in interest but HIP 3 markets now add important activity across traditional assets.
That change is important because HIP 3 has made perpetual markets available for stocks, commodities and indices along with cryptocurrency contracts. The S&P 500 and gold each had hundreds of millions of dollars in interest on Sept. 23. At the time total HIP 3 volume had already passed $548 billion by early September.
The growth could help Hyperliquid take a role in on-chain derivatives markets if people keep asking for it. However the proposed U.S. Market structure still needs approval, which means following the rules will be very important, for its next stage of development.
What the $18 billion record Signals
Hyperliquid open interest now shows a shift in the platform’s market structure. The growth combines cryptocurrency derivatives activity with expanding contracts linked to traditional assets.
The figures show that Hyperliquid growth no longer depends on Hyperliquid original cryptocurrency perpetual markets. Instead Hyperliquid has continued adding market categories while retaining substantial activity in Hyperliquid core crypto contracts.
Conclusion
Hyperliquid open interest reaching $18 billion marks another record in Hyperliquid platform’s expansion. The increase also comes as HIP 3 broadens access, to contracts tied to stocks, commodities and indices.
For the market the milestone provides a measure of how much derivatives activity remains open across Hyperliquid platform. Further growth will depend on trading demand, product expansion and the regulatory development of Hyperliquid proposed U.S. Market structure.
