Bitcoin and the broader crypto market is still reeling from the October 10 liquidation cascade last year. The entire sector’s market cap remains roughly 45% down since then. Hyperliquid, on the other hand, has outperformed the entire market with $HYPE up around 34% during the same time. Apart from the token’s price performance, Hyperliquid’s total open interest is now at $11.51 billion, the highest level seen this year, since the 10/10 crash and when BTC was trading around $100,000.
Source: HyperTracker
Bitcoin is currently trading at around $65K and data from Coinglass shows that open interest across the crypto market is at $116.66 billion, which is down 47% from the October 10 level. What we are seeing now is that Hyperliquid is growing into a market that is still in recovery mode.
RWA Perps Now Outrank Bitcoin On The Platform
Real-world asset perpetuals are the biggest reason we’re seeing a growth in overall open interest in Hyperliquid. As of now, daily open interest stands at $3.61 billion under HIP-3, the framework live since October 13, 2025 that lets anyone stake 500,000 $HYPE and deploy a perp market without approval from the core team.
Source: The Block
At $3.61 billion, RWA perps is now the largest single slice of Hyperliquid’s open interest, overtaking Bitcoin, $HYPE and other L1 tokens. The volume metrics also show you how quickly this is growing. Daily HIP-3 volume vs total perp volume market share on the platform is now split evenly at 50-50. For context, at the start of the year, core perps held 97% of it.
A Record Share of a Smaller Pie
Source: Hypeflows
Hyperliquid’s slice of perp open interest measured against major centralized exchanges has reached 9.5%, an all-time high on Hypeflows data, up from 6.9% in late May. Worth reading carefully, though. Hyperliquid’s own open interest remains roughly 23% below the October 2025 peak near $15 billion, and Binance, Bybit and Gate.io all contracted harder through the post-crash deleveraging. The share gain is Hyperliquid bleeding less than its competitors, not pulling their traders across.
Almost all of it runs through one builder
TradeXYZ, built by Hyperliquid’s tokenization arm Hyperunit, holds over 90% of HIP-3 open interest. HIP-3 markets sit outside Hyperliquid’s native liquidity pool, so oracle quality, margin settings and liquidity provisioning fall entirely on the deployer. One venue effectively carries a third of the platform’s open interest.
Binance has noticed the category. It launched pre-IPO perpetuals with a SpaceX contract on May 21 and added seven US equity and ETF perps on July 9 with leverage up to 25x. The products Hyperliquid used to have to itself are now available with CEX liquidity behind them.
