Hyperliquid’s native token HYPE has reached an all-time high of $88, giving it a market cap of nearly $20 billion. The token is up over 50% this month alone.
Open interest across the Hyperliquid platform has hit a record $14.3 billion. That figure is within 3% of the $14.7 billion recorded just before the October 10, 2025 crash, when OI dropped 56% in a single day to $6.5 billion.
The recovery has been driven in two phases. The first was led by HIP-3, Hyperliquid’s builder protocol. HIP-3’s share of total open interest grew from 18% in March 2026 to over 34% by August, with OI in those markets hitting $4.44 billion.
More recently, the growth has shifted to Hyperliquid’s core crypto perpetual markets. Over the past month, total OI rose $3.57 billion while HIP-3 OI actually fell by $119 million.
This shift is important for HYPE’s price. The core perpetual markets route roughly 97% of fees directly into HYPE buybacks. HIP-3 builders, by contrast, can keep up to half the fees from their markets.
In the past 24 hours, Hyperliquid repurchased and burned 15,350 HYPE worth approximately $1.32 million at an average price of $86.17. Total cumulative burns now stand at 48.45 million HYPE, or 4.84% of maximum supply.
Two catalysts helped spark the recent OI surge. Coinbase began routing Base App users to Hyperliquid in mid-August. President Trump also stated that the CFTC is working on bringing Hyperliquid onshore in a regulated manner.
A scheduled unlock of 9.92 million HYPE — worth roughly $820 million — took place on September 6. Despite concerns, the price continued climbing toward $89. Historical data showed only a small portion of previously unlocked tokens were sent to exchanges.
This is the picture we've been waiting for on $HYPE
Point of control at $82 has now lined up perfectly with the ascending support trendline, the volume shelf and the trend are holding as one. Every dip into this zone keeps getting bought.
Price is getting batted down at the… pic.twitter.com/GVK0XkXRRx
— MB.hl (@MBxxvv) September 8, 2026
Analyst MB.hl shared a technical breakdown on X, noting that the $82 point of control has aligned with an ascending support trendline and a volume shelf. He pointed out that smart money is heavily long at $74 million versus $15 million short, with whales and public figures all leaning the same direction. MB.hl said he believes HYPE will take another run at the all-time high.
On the daily chart, HYPE has recovered from a session low of $81.82 back to $86.05. Key resistance sits at $88–$90. A close above $90 could open a path toward $95 and then $100.
The post Hyperliquid (HYPE) Price: Open Interest Hits Record $14.3 Billion as Token Reaches All-Time High appeared first on CoinCentral.
