Hyperliquid’s total open interest reached $14.3 billion, about 3% below the $14.7 billion recorded before the October 10, 2025 market collapse, while HYPE rose to a record $88 and its market capitalization approached $20 billion. Open interest increased by $3.57 billion over the latest month as growth shifted from HIP-3 markets toward Hyperliquid’s core cryptocurrency perpetuals, where about 97% of fees fund HYPE buybacks. HIP-3 open interest fell by $119 million during that period after previously expanding from 18% of total open interest in March to more than 34% between March and August. Coinbase’s mid-August routing of Base App users to Hyperliquid and President Trump’s statement that the CFTC is pursuing an onshore regulatory framework were cited as contributors to the increase. HYPE maintained its advance after 9.92 million tokens, valued at about $820 million, unlocked on Sept. 6. Hyperliquid has burned more than 48.45 million HYPE, equal to 4.84% of its maximum supply.