Hyperliquid open interest hits $5.25B as burns sustain HYPE rally

Hyperliquid's open interest reached $5.25 billion, overtaking Bybit's $5.07 billion, as the perpetual-futures venue processed $196 billion in monthly volume.

According to DefiLlama data, Hyperliquid traded roughly $13 billion in perpetual volume over the past 24 hours, with monthly perpetual volume at $196 billion.

Hyperliquid burned approximately $643,140 worth of HYPE tokens in the last 24 hours, transferring $513,800 of protocol revenue to the Assistance Fund and token holders. Cumulative burns reached 46.18 million HYPE, worth roughly $2.43 billion, or 4.62 percent of the token's maximum supply.

Priority fees have added $5.07 million since April, with $2.75 million in the last month alone, complementing trading fees. Whether burns can sustain HYPE's rally depends on keeping elevated volume and open interest, with HYPE trading at $54.64, up 1.5 percent intraday.

The open-interest milestone extends Hyperliquid's gains over HTX, Bitfinex, Kraken, and Coinbase, leaving only OKX ahead at $6.37 billion, according to Onchain Lens. The ranking reflects sustained growth across the perpetual-futures market, where traders continue opening and holding positions rather than exiting quickly.

Record open interest alone cannot distinguish fresh participation from heavier leverage. Strong volume alongside rising open interest shows conviction remains healthy even as leverage grows, though maintaining deep liquidity and orderly liquidations will determine whether Hyperliquid retains its derivatives lead against competitors.

Revenue and burns

Hyperliquid pairs token burns with recurring protocol revenue rather than relying solely on a deflationary mechanism. Priority fees have emerged as a meaningful contributor, generating $5.07 million since April with $2.75 million in the last month alone. Those proceeds complement trading fees, while buybacks through the Assistance Fund and priority-fee burns reinforce value capture.

Whale flows test the thesis

The burn mechanism faces a test from on-chain flows. A wallet unstaked 1.02 million HYPE after a 17-month lock-up, and a related wallet transferred 1.89 million HYPE, worth close to $105.9 million, to institutional brokers, according to on-chain trackers. Transfers of this size to brokerage desks are often associated with over-the-counter sales, though similar unstaking waves from Multicoin Capital and Selini Capital have partly been reinvested into fresh staking positions rather than sold outright.

Hyperliquid's protocol-level numbers have held up despite the outflows. The exchange posted $1.18 million in daily fees and burned 18,180 HYPE valued at roughly $1.01 million in a single day, with total protocol revenue past $1.21 billion and 47.5 million HYPE permanently removed since launch.

HYPE traded at $54.64 at press time, up 1.5 percent intraday, with a market capitalization of $13.82 billion and 24-hour volume of $402.20 million. The token sits 29.24 percent below its all-time high and 1,599.34 percent above its all-time low, with a circulating supply of 252.51 million HYPE against a total supply of 952.92 million.

If trading activity stays high, the combination of burns, buybacks, and recurring protocol fees could enhance long-term value capture by reducing supply while rewarding participants through sustained cash flows. Confirmed liquidation from the broker wallets, however, could weigh on price in the near term, making on-chain flows the metric to watch over coming days.

This article is for informational purposes only and does not constitute investment advice.