Hyperliquid open interest reaches $11.5B, a new 2026 high.
DeFi & Yields ·
Hyperliquid's open interest has reached $11.5B, marking a new high for 2026. The protocol's HIP-3 product now represents nearly $4B of that total, with the S&P 500 serving as its largest market. SK Hynix and Micron are driving the most activity among AI-related equities on the platform.
The expansion reflects a shift in Hyperliquid's user base beyond cryptocurrency perpetuals into traditional asset derivatives. The platform's growth now encompasses macro and equity exposure, indicating broader adoption across market segments beyond its original crypto-focused user base.
What remains uncertain is whether this momentum will sustain as macro volatility evolves and whether regulatory clarity on decentralized derivatives trading will affect future growth trajectories.