TheBlock
Hyperliquid's total open interest climbed back to $14.3 billion on Sunday, within 3% of the $14.7 billion it carried the day before the Oct. 10, 2025 crash that wiped out 56% of its book in a single day. HYPE hit an all-time high of $88 alongside the OI recovery, lifting its market cap near $20 billion and pushing month-to-date gains above 50%.
Why it matters
The headline number understates the story. Hyperliquid's recovery from the 10/10 crash has run through two distinct phases, and the latest leg is qualitatively different from the first. From March through August, HIP-3, the framework that lets third-party builders deploy their own perpetual markets, carried most of the OI expansion. HIP-3's share of total OI grew from 18% in March to 34% by August, with HIP-3 OI alone hitting a record of more than $4.44 billion. That share has now rolled over sharply. Over the past month, Hyperliquid's total OI rose by $3.57 billion, yet HIP-3 OI actually fell by $119 million. HIP-3's share of total OI has slid from 34% a month ago to about 25% today.
Market impact
The composition shift matters because HIP-3 builders keep up to half of the trading fees on their markets, while Hyperliquid's core crypto perps funnel close to 97% of fees into HYPE buybacks. A dollar of OI on core perps is therefore materially more accretive to HYPE than a dollar on HIP-3. Two catalysts reinforced the latest leg: Coinbase began routing Base App users to Hyperliquid in mid-August, opening a retail funnel, and President Trump said the CFTC is working to bridge Hyperliquid onshore in a compliant way. Hyperliquid's gross revenue still sits well below the Q3 2025 peak of $457 million, having dropped to $202 million by Q2 2026, but the renewed tilt toward core crypto perps points to a buyback cadence closer to that 2025 ceiling than to the recent trough.
Frequently asked questions
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What was the October 10, 2025 Hyperliquid crash?
On Oct 10, 2025, Hyperliquid's total open interest collapsed by about 56% in a single day, from $14.7 billion to just $6.5 billion, an event that became known as the 10/10 crash.
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What is HIP-3 and why does its OI share matter for HYPE?
HIP-3 lets third-party builders deploy perpetual markets on Hyperliquid, with builders keeping up to half the fees. Core crypto perps route close to 97% of fees into HYPE buybacks, so a dollar of OI on core perps is worth materially more to HYPE holders than a dollar on HIP-3 markets.
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Why is the recent shift from HIP-3 back to core crypto perps bullish for HYPE?
HIP-3's share of Hyperliquid's total OI slid from 34% to 25% over the past month even as total OI rose by $3.57 billion. That composition shift concentrates fees into the core crypto perps funnel, which feeds nearly all of its revenue into HYPE buybacks.
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What catalysts drove Hyperliquid's OI recovery past $14.3B?
Coinbase began routing Base App users to Hyperliquid in mid-August, opening a retail funnel, and President Trump said the CFTC is working to bridge Hyperliquid onshore in a compliant way. Together those two flows revived the platform after the 10/10 crash.
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How does Hyperliquid's revenue trajectory compare with its OI recovery?
Hyperliquid's gross revenue peaked at $457M in Q3 2025 and fell to $202M by Q2 2026, while Assistance Fund purchases dropped from $290M to $149M over the same period. The renewed tilt toward core crypto perps now points to a buyback cadence closer to the 2025 peak than the recent trough.
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