HYPE climbed to an intraday all-time high of $94.49 on Sept. 19 after moving above $90, trading around $92.3 and gaining 4.5% over 24 hours. Hyperliquid open interest reached a record $16.36 billion, surpassing the previous high set on Sept. 18, 2025, as the platform expanded beyond crypto perpetual futures into stocks, commodities, indexes, private companies and prediction markets. HYPE’s market capitalization was reported at $20.52 billion, ranking eighth among cryptocurrencies excluding stablecoins; earlier figures cited $22.61 billion and a 10th-place global ranking. Previous derivatives data showed $4.09 billion in HYPE futures volume, $3.40 billion in futures open interest, $9.53 million in options volume and $51.71 million in options open interest. A whale held about 1.38 million HYPE tokens in a long position valued near $119.2 million, with more than $65.74 million in unrealized gains after roughly $5.67 million in funding payments over 343 days. The rising open interest and leveraged exposure can amplify volatility and liquidation risks, while HIP-3 cumulative volume exceeded $548 billion by early September, about 30% of Hyperliquid’s preceding 30-day trading volume.