Key Takeaways
- HYPE token has surged to a new all-time high of $88, marking a 50%+ gain throughout September 2026
- Open interest on the Hyperliquid platform has climbed to an unprecedented $14.3 billion, representing a $3.57 billion monthly increase
- Mid-August integration with Coinbase’s Base App brought new users to the Hyperliquid platform
- The platform successfully absorbed a $820 million token unlock event on September 6 without significant downward pressure
- Token burn totals have exceeded 48.45 million HYPE, accounting for 4.84% of the total maximum supply
The Hyperliquid native token HYPE has climbed to a fresh all-time high of $88, pushing its market capitalization close to the $20 billion threshold. This represents a remarkable surge of more than 50% over the current month.
Total open interest throughout the Hyperliquid ecosystem has reached an all-time peak of $14.3 billion. This level stands just 3% below the $14.7 billion milestone achieved prior to the October 10, 2025 market collapse, when open interest plummeted 56% to $6.5 billion within 24 hours.
The platform’s resurgence occurred in two distinct waves. Initially, HIP-3, Hyperliquid’s builder framework, spearheaded the comeback. Between March 2026 and August, HIP-3’s proportion of aggregate open interest expanded from 18% to beyond 34%, with these markets registering $4.44 billion in OI.
The second phase has seen momentum transfer to Hyperliquid’s primary cryptocurrency perpetual trading markets. During the last 30 days, aggregate open interest increased by $3.57 billion, while HIP-3 markets experienced a $119 million decline.
Core Perpetuals Growth Drives HYPE Value
The transition toward core perpetual markets carries significant implications for HYPE valuation. These primary markets channel approximately 97% of generated fees directly into HYPE token buyback programs. Conversely, HIP-3 builders retain the option to keep as much as 50% of fees generated within their respective markets.
During the most recent 24-hour period, Hyperliquid executed buybacks and burns of 15,350 HYPE tokens valued at roughly $1.32 million, with an average acquisition price of $86.17. Aggregate burns have now reached 48.45 million HYPE tokens, equivalent to 4.84% of the protocol’s maximum supply.
Two significant developments contributed to the recent open interest explosion. Coinbase initiated routing of Base App users toward Hyperliquid during mid-August. Additionally, President Trump announced that the CFTC is actively pursuing a framework to bring Hyperliquid operations onshore under regulatory oversight.
Major Unlock Event Failed to Halt Momentum
A predetermined unlock of 9.92 million HYPE tokens—valued at approximately $820 million—occurred on September 6. Contrary to market apprehensions, the price maintained its upward trajectory toward $89. Analysis of previous unlock events revealed that only minimal quantities of released tokens historically made their way to centralized exchanges.
Market analyst MB.hl provided detailed technical analysis via X, highlighting that the $82 point of control has converged with an ascending support trendline and a substantial volume shelf. The analyst emphasized that sophisticated traders maintain heavily skewed long positions at $74 million compared to just $15 million in shorts, with institutional players and prominent figures uniformly positioned bullishly. MB.hl expressed confidence that HYPE will mount another attempt at surpassing its all-time high.
Examining the daily timeframe, HYPE has rebounded from an intraday low of $81.82 to currently trade at $86.05. Critical resistance levels are positioned at $88–$90. A decisive close above the $90 threshold could establish a pathway toward $95, with $100 representing the subsequent target.
The post Hyperliquid (HYPE) Soars to $88 as Open Interest Surges Past $14 Billion Mark appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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