Hyperliquid surpassed $8.1 billion in total open interest on Sept. 20, 2026, setting an all-time high for the decentralized perpetuals platform, while its 24-hour trading volume exceeded $1.05 billion and its share of global perpetual futures open interest reached approximately 10.9%, according to the cited data. Around the same period, HYPE climbed above $92 to a new all-time high and Hyperliquid’s market capitalization surpassed $20 billion. The platform launched HIP-3 in October 2025 to support tokenized equities, commodities and other real-world assets, which sometimes represented more than 30% of open interest. It also expanded borrowing services, allowing users to borrow stablecoins against HYPE or Bitcoin collateral. HYPE buybacks and burns are funded by trading fees through the on-chain Assistance Fund, while competition, regulation and potential security issues remain risks to the token’s longer-term performance.