Hyperliquid hits $6B in open interest as Bitcoin tests $105k near price discovery

Decentralized trading platform Hyperliquid has hit a new high, crossing $6 billion in open interest, according to figures from CoinGlass.

The surge came just a day after Hyperliquid reported that open interest volume on its platform reached an all-time high of $5.6 billion.

According to CoinGlass data, Bitcoin holds the dominant position on Hyperliquid with more than $2 billion in open interest.

Ethereum follows with over $1 billion in open interest, while other digital assets like Solana, XRP, PEPE, Fartcoin, and Hyperliquid’s native HYPE token also maintain strong trading activity on the platform.

Open interest tracks the total value of unsettled futures contracts and is often seen as a signal of liquidity and market sentiment. But the rise in open interest also brings added volatility. While deeper liquidity can support healthier markets, leveraged positions increase the risk of sharp price swings.

Why Hyperliquid’s open interest is rising

The rising numbers on Hyperliquid suggest stronger market participation and increased traction among crypto traders seeking alternative trading platforms to centralized exchanges.

It shows that crypto traders increasingly favor decentralized platforms for speed, transparency, and non-custodial execution. Hyperliquid offers these qualities, which have helped cement its position in the market.

Unsurprisingly, Hyperliquid accounts for over 60% of the on-chain perpetual futures market. In April alone, the platform processed $187 billion in trades.

According to DeFillama data, the platform is sustaining momentum into May as it has already cleared more than $50 billion in trading volume this month.

Meanwhile, Hyperliquid’s rising open interest volume surge aligns with Bitcoin’s price jump to over $105,000, its highest level in three months. The price move has fueled speculation that Bitcoin could soon retest its January all-time high of $109,000.

Challenges persist

Despite its growth, Hyperliquid has faced increased community scrutiny over some of its activities.

In December, its HYPE token saw a steep drop after a wallet linked to a North Korean group reportedly lost $500,000 trading on the platform. Market analysts viewed the incident as a potential stress test of the system.

More recently, Hyperliquid came under fire for arbitrarily delisting a little-known crypto asset called JELLY after a short squeeze that nearly caused substantial losses for the platform.

However, some traders defended the platform’s action, citing its performance and reliability.

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