Hyperliquid’s open interest climbed to $11.07 billion on July 13, 2026, marking the platform’s highest level of the year. Data cited from DeFiLlama showed traders kept a large amount of derivatives exposure open rather than closing positions. Open interest measures the total value of active contracts that remain unsettled, so it reflects capital committed to the market but does not show whether traders are positioned long or short.
Analysts cited in the source said levels above $11 billion point to strong market participation in decentralized derivatives, even after a modest pullback following the spike. That reading is usually assessed alongside volume and price action, since open interest on its own only captures the scale of active leverage and not the direction of conviction behind it.
HIP-3 adds $3.69 billion to the total
According to Wu Blockchain, HIP-3 markets accounted for about $3.69 billion of Hyperliquid’s total open interest, a record for that segment on the decentralized exchange. The source describes HIP-3 as a category of perpetual futures tied to multiple assets, broadening the product mix available on the platform. The size of that contribution shows how much of the recent expansion is coming from newer derivatives categories rather than legacy trading pairs alone.
RWA markets also set a fresh high. MSB Intel reported that open interest tied to real-world assets on Hyperliquid rose to roughly $3.6 billion. That move drew attention to rising demand for tokenized versions of traditional assets in decentralized trading venues. In the article, RWA refers to blockchain-based representations of assets such as commodities, securities, or credit products.
Rebound from near $5 billion puts focus on key levels
Charts referenced in the source show Hyperliquid open interest rebounding sharply from lows near $5 billion in early 2026, with a pattern of higher highs and higher lows through the year. Analysts highlighted $11 billion to $12 billion as a resistance zone. If that range is cleared, the next areas being watched are $13 billion to $15 billion, while the historical peak region around $15 billion to $16 billion remains a longer-range reference point.
On the downside, initial support was placed between $9 billion and $9.5 billion, with a deeper retreat potentially finding stability near $6 billion to $7 billion. The source says those levels may shape how traders manage leverage across Hyperliquid’s markets. It also notes that as HIP-3 and RWA continue expanding, liquidity monitoring and risk controls remain central issues for the platform’s growing derivatives activity.