Hyperliquid Open Interest Jumps 32% as HYPE Price Targets $80

Hyperliquid’s native token HYPE continues to outperform the wider crypto market after rallying 44% in just five days and reaching a record high near $77 before slightly pulling back to around $73.

At the same time, open interest in HYPE futures climbed to nearly $3 billion, marking a 32% increase over the past week. The sharp rise shows growing trader and institutional activity even as the broader crypto market remains under pressure.

Hyperliquid Dominates Perpetual Trading Market

Data from decentralized finance trackers shows Hyperliquid now controls around 53% of the decentralized perpetual futures market, ahead of major competitors including Binance, Bybit, and Bitget.

Hype’s rapid growth has been driven by the launch of traditional finance perpetual products linked to assets such as the S&P 500, Nasdaq 100, crude oil, gold, Google, and even pre-IPO SpaceX trading. Open interest in these TradFi contracts has already crossed $2.9 billion.

Despite concerns about token dilution and Hyperliquid’s high fully diluted valuation of more than $70 billion, investor demand remains strong. Analysts point to rising ETF inflows, growing trading activity, and continued product innovation as major reasons why traders believe HYPE could soon challenge the $80 level