Hyperliquid reported total open interest above $18 billion on September 23, a record for the decentralized derivatives platform, while its HYPE token reached a new all-time high of $97.32. HYPE’s own derivatives open interest climbed to $2.96 billion as more than 62% of traders held long positions, and the rally triggered about $2.15 million in short liquidations over 24 hours. Daily HYPE trading volume reached $1.15 billion, while Hyperliquid’s L1 open interest exceeded $9 billion, according to DeFi Llama data. The token’s demand has broadened beyond the native exchange, supported by fee burns, staking and requirements for launching perpetual futures and prediction markets. Hyperliquid reported $694 million in annualized revenue and positive earnings for six consecutive quarters, while HYPE traded at roughly 30 times annualized platform revenue.