The surge in futures activity comes as the platform’s native token, HYPE, rallies to new record highs, attracting increasing attention from traders across the DeFi space.

The sharp rise in open interest suggests a flood of new users and positions, signaling deeper liquidity and growing confidence in Hyperliquid’s on-chain order book model. Analysts say this uptick in futures activity could enhance price discovery and execution efficiency while potentially increasing market volatility as leveraged positions accumulate.

Data from Coinalyze shows that centralized giants like Binance and Bybit are contributing significant volume, with Binance alone accounting for $393 million in open interest tied to Hyperliquid-related markets. However, the majority of the open interest remains concentrated on Hyperliquid itself.

HYPE’s impressive performance has pushed it into the top 12 cryptocurrencies by market cap. With trading volumes and investor interest climbing, some believe the token could soon crack the top 10 if current momentum holds.

The post HYPE Token Soars as Hyperliquid Sets New Open Interest Milestone appeared first on Coindoo.

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Filed under: Bitcoin - @ July 13, 2025 8:00 am