Hyperliquid’s total open interest reached $14.3 billion on Sunday, putting it within 3% of the level recorded before the October 10, 2025 crash, according to The Block. The reading is notable because it nearly restores the platform’s outstanding positions to their pre-wipeout level, while HYPE reached an all-time high of $88, up over 50% this month.
The rebound has also come with a shift in the makeup of positions. HIP-3 open interest set a record of over $4.44 billion in August 2026, while its share of Hyperliquid’s total open interest expanded over the preceding months.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Hyperliquid total open interest | $14.3 billion | $14.7 billion | within 3% of the OI on the day before the infamous 10/10 crash | Sunday; article published September 8, 2026 | September 8, 2026 | The Block |
| Hyperliquid open interest during the October 10, 2025 crash | $6.5 billion | $14.7 billion | fell by around 56% in a single day | October 10, 2025 | October 10, 2025 | The Block |
| HIP-3 open interest | over $4.44 billion | — | set a record | August 2026 | August 2026 | The Block |
| HYPE price | $88 | — | up over 50% this month | At the time of writing | September 8, 2026 | The Block |
| Hyperliquid gross revenue | $202 million | $457 million | fell from a peak of $457 million in the third quarter of 2025 to $202 million by the second quarter of 2026 | Q3 2025 to Q2 2026 | September 8, 2026 | The Block |
Open interest nears the level before the October 10, 2025 crash
Hyperliquid’s total open interest has reached $14.3 billion, compared with $14.7 billion immediately before the October 10, 2025 sell-off; on that date, it fell by around 56% in a single day, from $14.7 billion to $6.5 billion. Open interest measures the value of outstanding derivatives positions still open at a given point in time, rather than trading fees or quarterly revenue. While the latest reading has substantially narrowed the gap with the level immediately before the crash, the comparison does not establish that activity has returned in the same form because a larger share of open interest is now associated with HIP-3.
HIP-3 accounts for a larger share of positions
HIP-3’s share of Hyperliquid’s total open interest rose from 18% in March 2026 to over 34% by August 2026, The Block reported. Its open interest exceeded $4.44 billion in August 2026, a record for the segment.
That growth means the $14.3 billion aggregate figure reflects more than a simple return to the market mix seen before the October 2025 decline. The supplied data does not break out the specific instruments or traders behind the HIP-3 increase.
The Block article image for Hyperliquid open interest and HYPE reaching an all-time high. — Source: The Block
Base App routing and HYPE buybacks coincide with the new high
Coinbase began routing Base App users to Hyperliquid in mid-August 2026, creating what The Block described as a new retail funnel for the platform. The timing overlaps with the expansion in HIP-3 activity and the latest platform open-interest milestone, though the reported figures do not quantify the contribution from Base App users.
HYPE traded at $88 at the time of writing, an all-time high according to The Block. Hyperliquid’s core crypto perpetuals route close to 97% of the fees they generate into HYPE buybacks, linking the token’s buyback mechanism to fees from that part of the platform.
Gross revenue remains below its Q3 2025 peak
The recovery in outstanding positions and HYPE’s record price sit alongside lower reported gross revenue than at the platform’s 2025 peak. Hyperliquid gross revenue fell from $457 million in the third quarter of 2025 to $202 million by the second quarter of 2026.
The two measures cover different periods and concepts: the $14.3 billion figure is a current open-interest reading, while gross revenue is reported across quarterly periods. Still, the revenue figures show that the near-recovery in open interest has not yet matched the gross-revenue peak recorded in Q3 2025.
