Hyperliquid's derivatives venue set a record $14 billion in aggregate open interest on Sept. 8, with the milestone arriving as HYPE touched a fresh all-time high near $89 and a monthly rally of more than 50 percent lifted its market value toward $20 billion.
HYPE entered fresh price discovery on Sept. 8 as Hyperliquid's aggregate open interest touched a record $14 billion, with the token's climb to an all-time high near $89 lifting its market capitalization toward $20 billion after a monthly gain of more than 50 percent.
Coinglass data shows HYPE traded as high as $88.88 across major venues on Sept. 6 before settling just below the record, after it repeatedly tested the mid-$80 range during the first week of September. The move places Hyperliquid ninth among cryptocurrencies by market value, per Bybit's snapshot.
The advance tracks Hyperliquid's trading economics. Fees flowing into the Assistance Fund are automatically converted into HYPE, with the acquired tokens permanently removed from circulating and total supply, according to the protocol's documentation. Roughly 48.45 million HYPE have now accumulated in the burn address, equivalent to about 4.8 percent of the original one-billion-token maximum supply, with one day's buyback totaling 15,350 HYPE at an average price near $86.17.
Hyperliquid has also generated an annualized fee run rate above $1 billion during periods of elevated activity, creating a direct link between higher exchange usage and open-market HYPE purchases. That mechanism helped the token recover from its late-July slide below $56, when a $150 million unstaking queue raised concerns over potential institutional selling. HYPE perpetual open interest has climbed above $2 billion around the latest breakout, while positive funding indicates leveraged long demand remains elevated.
Large-wallet accumulation has added another layer to the market picture. One tracked address transferred roughly 174,800 HYPE worth about $14.96 million from a Bybit hot wallet, flagged as accumulation by market commentator Ted Pillows, while another wallet reportedly bought about 343,000 HYPE for around $29 million on Sept. 5. An institution associated with a16z was reported to have added roughly $13.05 million of HYPE through a time-weighted average price strategy, lifting its reported holdings to about 5.2 million tokens.
Reported HYPE exchange-traded funds, including BHYP, THYP and HYPG, have drawn net inflows exceeding $350 million through early September, and treasury arm Hyperliquid Strategies expanded its equity purchase facility with Chardan Capital Markets to $2.5 billion from $1 billion. Polymarket opened perpetual futures with up to 20x leverage on Sept. 3 that include HYPE alongside Bitcoin, Ethereum and Solana, giving traders another venue for leveraged exposure.
The immediate technical hurdle sits at $90, with the psychological $100 level the next reference if price discovery continues. The 14-day Relative Strength Index was reported near 80.9, a reading that signals the rally has become stretched and raises the risk of consolidation before another leg higher. Support clusters between roughly $86 and $88, where the 5-day, 20-day and 50-day moving averages converge.
Supply events cut both ways. Hyperliquid unlocked about 9.92 million HYPE worth around $820 million on Sept. 6, adding roughly 1 percent of supply, and traders are focused on a larger unlock toward the end of September estimated at $860 million to $1.2 billion. Whether fresh demand can absorb profit-taking around $90 and the coming supply will determine if HYPE holds its record levels or retraces toward the moving-average band.
This article is for informational purposes only and does not constitute investment advice.
