Bitcoin’s rally to $111K fuels Hyperliquid’s open interest to a record $9.2B. BTC leads with $4.2B OI as traders flock to the DEX amid market euphoria.
Hyperliquid, the perpetual decentralized exchange (DEX) running on its own custom Layer 1 blockchain, just smashed its open interest record, fueled by bitcoin’s latest breakout to all-time highs.
According to CoinGlass, Hyperliquid’s open interest (OI) — the total value of active derivatives positions on the platform — surged past $9.2 billion on Friday, eclipsing its previous high of $8 billion set just days earlier on May 21.
Open interest is often seen as a pulse check for market activity, climbing as asset prices rise and traders open more positions. That was exactly the case this week, as BTC soared to a new all-time high of over $111,800 and the overall crypto market cap topped $3.6 trillion, based on data from The Block.
The bullish momentum spilled over into derivatives markets, and Hyperliquid led the charge.
Bitcoin dominated the DEX, accounting for around $4.2 billion in open interest — nearly half of the platform’s total OI. One trader in particular made waves: James Wynn, known as “moonpig” on the platform, built a massive $1 billion BTC long position using 40x leverage during the rally. He reportedly locked in profits on Thursday as BTC cooled off.
Ether followed with $1.3 billion in open interest, while demand for HYPE contracts — the exchange’s native asset — hit $748 million, putting it third on the board. Other hot tokens included Solana, XRP, and even meme favorite FARTCOIN, all of which saw meaningful trading action.
The DEX’s overall performance metrics reflected the frenzy. According to DefiLlama, trading volume surged to $11.5 billion, while daily revenue hit $3.4 million, showing a sharp uptick in user activity and platform usage.
As the broader crypto market continues to flirt with new highs, Hyperliquid’s explosive growth is a testament to the rising appetite for on-chain derivatives — and the high-stakes traders riding this bull wave.
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