Open interest has risen 130% from early February lows, with Delphi Digital saying activity was concentrated in HIP-3 markets and S&P 500 perpetuals on the decentralized derivatives platform.
Hyperliquid's open interest has climbed 130% from its early February lows to $11.5 billion, according to cited market data, reaching its highest level since the October 2025 market sell-off. Open interest, the total value of outstanding derivatives positions, is a common gauge of trader participation and leverage. Delphi Digital said much of the increase was concentrated in the HIP-3 market framework and S&P 500 perpetuals, indicating stronger demand for tokenized traditional-asset exposure alongside broader renewed activity on the platform.