Hyperliquid posted a 2026-high $11.07 billion in open interest and expanded HIP-3 RWA activity, while HYPE fell 11.7% over the past week despite regulatory outreach to the SEC.
Hyperliquid has continued to deepen its position in crypto derivatives even as its native token HYPE came under pressure. HYPE traded at about $59.16 on Saturday, down 2.4% over 24 hours and 11.7% over the past week, with a market capitalization of $14.96 billion, while remaining well below its mid-June all-time high near $76.85. The platform recorded a 2026-high $11.07 billion in open interest on July 13, extending a rise that previously helped it reach a record 9.4% share of the global perpetual futures market by open interest. Growth was driven in large part by HIP-3 markets tied to tokenized equities and commodities, which contributed roughly $3.69 billion as Real-World Asset trading hit record highs. Open interest was up 9.71% on the week, with 30-day figures reaching $288.294 billion, and open positions hit an all-time high of 305,508 on July 6. Hyperliquid also moved further into policy discussions on July 14, when representatives from the Hyperliquid Policy Center, Highland Labs, XYZ Ltd., and Sullivan & Cromwell met with the U.S. Securities and Exchange Commission's Crypto Task Force to discuss regulatory approaches for digital assets in the United States. The combination of record derivatives activity, expanding RWA markets and engagement with regulators has so far not translated into near-term price strength for HYPE, suggesting broader market conditions continue to weigh on the token.