The platform reached its highest open interest level of 2026 on July 13 before easing slightly, with HIP-3 markets accounting for a sizable share of activity, according to DeFiLlama.
Hyperliquid’s total open interest climbed to about $11.07 billion on July 13, marking its highest level of 2026 before slipping to roughly $10.88 billion, according to DeFiLlama. HIP-3 markets made up around $3.69 billion of that activity. Open interest measures the total value of outstanding derivatives positions and is commonly used to gauge trading participation and risk appetite on crypto venues.