Hyperliquid’s total open interest rose to $14.3 billion on Sunday, according to The Block, putting the platform close to the level seen before the sharp selloff on Oct. 10, 2025. On that day, open interest fell about 56% in a single session, dropping from $14.7 billion to $6.5 billion.
The recovery has unfolded in two distinct phases. From March through August, HIP-3 expanded its share of total open interest from 18% to more than 34%, with HIP-3 open interest topping $4.44 billion in August. Over the past month, however, the mix shifted. Total open interest increased by $3.57 billion, while HIP-3 open interest fell by $119 million, pulling its share down from 34% to 25%.
The Block said two catalysts helped drive the latest gains: Coinbase began directing Base App users to Hyperliquid in mid-August, and President Donald Trump said the Commodity Futures Trading Commission was working to bring Hyperliquid into the U.S. in a compliant way. The report also said HIP-3 builders can keep up to half of trading fees from markets they deploy, a structure that has weighed on platform economics. Hyperliquid’s total revenue fell from a peak of $457 million in the third quarter of 2025 to $202 million in the second quarter of 2026.
Hyperliquid’s total open interest reached $14.3 billion on Sunday, according to The Block, bringing it close to the level recorded before the sharp selloff on Oct. 10, 2025.
On that day, the platform’s open interest dropped about 56% in a single session, falling from $14.7 billion to $6.5 billion.
A two-stage recovery
The Block described the rebound as unfolding in two phases.
From March to August, HIP-3 increased its share of total open interest from 18% to more than 34%. In August, HIP-3 open interest set a record at more than $4.44 billion.
That mix changed over the past month. Total open interest rose by $3.57 billion, while HIP-3 open interest declined by $119 million. Its share of the total fell from 34% to 25%.
Two catalysts behind the recent increase
The report pointed to two catalysts. Coinbase began directing Base App users to Hyperliquid in mid-August. President Donald Trump also said the Commodity Futures Trading Commission, or CFTC, was working to bring Hyperliquid into the United States in a compliant manner.
Revenue structure and HYPE buybacks
The Block also said HIP-3 builders can retain up to half of the trading fees generated by the markets they deploy, a setup that has affected Hyperliquid’s economics. Total revenue fell from a peak of $457 million in the third quarter of 2025 to $202 million in the second quarter of 2026.
By contrast, core crypto perpetual contracts direct about 97% of fees to HYPE buybacks. That means open interest returning to the core business carries more value for HYPE than open interest brought in through builders.
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