Key takeaways
Hyperliquid’s Open Interest (OI) reached a record $18.2 billion in September.
Hyperliquid recorded $730.6 billion in matched trading volume, while average daily traders increased 20% to a record 65,161.
HYPE trades around $72.19, facing resistance near $75.12 and $75.69.
Hyperliquid strengthened its position in the cryptocurrency derivatives market during the third quarter, with Open Interest reaching a record $18.1 billion as traders increasingly used the decentralized exchange alongside established centralized platforms.
According to its Q3 report released Thursday, the exchange’s share of combined Open Interest across eight leading centralized exchanges and Hyperliquid climbed to 11.7% by the end of September, compared with 9.6% in June.
The expansion was driven primarily by renewed activity in Hyperliquid’s native cryptocurrency derivatives markets, even as its HIP-3 platform continued attracting demand for perpetual futures linked to traditional financial assets.
Hyperliquid Open Interest surges 80% as exchange gains market share
Hyperliquid recorded substantial growth in derivatives activity during the third quarter, strengthening its position against some of the cryptocurrency industry’s largest centralized exchanges.
The platform’s Open Interest reached an all-time high of $18.1 billion on September 22, reflecting increased trader participation and larger outstanding derivatives positions.
By September 30, Open Interest stood at $16.7 billion, representing a 79.9% increase from $9.31 billion at the end of June.
Average Open Interest also climbed 46.4% quarter over quarter to $12.7 billion. The growth helped Hyperliquid capture a larger share of outstanding derivatives positions across major trading venues.
Its market share increased from 9.6% at the end of June to 11.7% at the end of September.
The exchange surpassed Kraken and Bybit in Open Interest on August 12 before moving ahead of OKX on September 17.
Despite these gains, the platform remains smaller than the largest centralized derivatives exchanges.
At the end of September, Hyperliquid’s Open Interest represented approximately 93% of Bitget’s and 27% of Binance’s.
A significant development during the quarter was the shift in trading activity from HIP-3 markets toward Hyperliquid’s native cryptocurrency derivatives.
According to the report, native trading volume rose 72% from its July low, helping drive the platform’s record Open Interest.
HIP-3 generated $262 billion in perpetual futures trading volume during Q3, representing a 23% increase from the previous quarter.
The segment accounted for 35.9% of Hyperliquid’s total matched volume during the period. However, its monthly share of perpetual futures activity declined from 51.1% in July to 24.5% in September.
Equity-linked perpetual futures generated $153.8 billion in trading volume during the third quarter, representing a 160.8% increase from Q2. Commodities trading volume declined 47.7% quarter over quarter to $45.6 billion.
HYPE faces resistance near $75
Despite Hyperliquid’s strong quarterly performance, its native token remains under pressure.
On the daily chart, HYPE trades around $72.19, maintaining a bearish near-term structure as it remains below several important technical indicators.
The cryptocurrency is trading below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), which are clustered between approximately $77.44 and $80.26.
These moving averages represent potential resistance levels that could limit recovery attempts.
HYPE also remains below a descending resistance trendline, with the immediate breakout reference positioned near $75.12. The nearby horizontal resistance at $75.69 creates another obstacle for buyers.
A sustained recovery above these levels would suggest that short-term selling pressure is beginning to ease.
However, momentum indicators continue to reflect weakness. The daily Relative Strength Index (RSI) stands near 35, indicating that bearish momentum remains dominant.
Meanwhile, the Stochastic Oscillator has fallen to approximately 9, placing the cryptocurrency in deeply oversold territory.
HYPE’s immediate downside support stands at $67.63. This horizontal level represents an important area where buyers could attempt to stabilize the cryptocurrency following its recent decline.
A successful defense of $67.63 could support a temporary recovery toward the descending resistance trendline.
However, a decisive breakdown below this level would expose HYPE to further downside risk. The next significant support stands at $61.16, followed by another horizontal level near $51.57.
If selling pressure intensifies, the broader structural support around $33.20 could become relevant, although reaching that level would require a substantially deeper correction.
On the upside, HYPE must first reclaim the $75.12 descending trendline and the nearby $75.69 horizontal resistance.
A sustained breakout above these barriers could encourage buyers to target the EMA cluster between $77.44 and $80.26.
Further resistance stands at $85.04, followed by $97.84. However, reaching these higher levels would require stronger buying momentum and an improvement in broader cryptocurrency market sentiment.
