On September 8, the HYPE token hit a new all-time high of more than $89, while its market capitalization approached $21.3B. The token has gained more than 50% over the past month.
At the same time, Hyperliquid’s OI (open interest) reached $14.3B — just 3% below the level recorded the day before the October 10, 2025, crash, when OI plunged by around 56% in a single day, from $14.7B to $6.5B.
As factors behind the rise in open interest, The Block points to Coinbase’s move in mid-August to direct Base App users to Hyperliquid, bringing more retail traders to the platform, as well as US President Donald Trump’s statement that the CFTC is working on a way to bring Hyperliquid to the US market in line with regulatory requirements.
The structure of OI has also changed. A significant share of the previous growth came from perpetual markets launched by third-party developers using Hyperliquid’s infrastructure. In August, they accounted for more than 34% of total OI, but their share has fallen to 25% over the past month.
At the same time, total OI increased by $3.57B over the month, while open interest on third-party markets fell by $119M. This means that most of the growth came from other markets, primarily Hyperliquid’s standard crypto perpetual contracts.
This is important for HYPE because of how fees are distributed: around 97% of fees from standard crypto perpetual contracts go toward HYPE buybacks. Developers of third-party markets receive up to half of the fees generated by trading on their platforms.