Hyperliquid’s native token HYPE has surged sharply, reflecting renewed momentum across the protocol as activity on its HIP-3 framework accelerates.
HYPE is currently trading around $27.40, up nearly 24% in the last 24 hours and outperforming both Bitcoin (BTC) and Ethereum (ETH).
Open interest tied to HIP-3 explodes
At the centre of the HYPE price surge is the explosive growth in open interest tied to HIP-3, Hyperliquid’s permissionless perpetuals initiative.
Over the past month, open interest on HIP-3 markets has climbed from roughly $260 million to around $790 million, marking a new all-time high.
HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.
HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.
This near-tripling of open interest highlights growing trader confidence and rising capital deployment across builder-deployed markets.
HIP-3 allows third-party developers to launch perpetual futures by staking HYPE tokens, opening the door to a wide range of crypto, commodity, and TradFi-linked contracts.
Since its launch in October, HIP-3 markets have generated more than $25 billion in cumulative trading volume, signalling rapid adoption.
Much of this activity has been driven by commodities trading, particularly gold and silver perpetuals, as traders seek exposure to traditional safe-haven assets on-chain.
The expansion into commodities and equities has helped Hyperliquid differentiate itself from other decentralised perpetual platforms that remain crypto-centric.
TradeXYZ, the largest builder operating under HIP-3, accounts for roughly 90% of HIP-3 trading volume and the majority of open interest.
Its flagship markets, including an index of top public companies, silver, and Nvidia perpetuals, have become liquidity magnets.
This concentration has reinforced Hyperliquid’s reputation for deep order books and tight bid-ask spreads.
Hyperliquid co-founder Jeff Yan has repeatedly emphasised that spreads on some contracts rival or even beat those on major centralised exchanges.
As liquidity improves, traders are increasingly using Hyperliquid not only for speculation but also for price discovery across multiple asset classes.
While HIP-3 open interest is still a fraction of Hyperliquid’s total platform open interest, which sits near $8 billion, its growth rate is drawing attention.
Hyperliquid price prediction
From a technical perspective, HYPE has broken above several key resistance levels following its recent rebound.
The $22–$23 region has emerged as a strong support zone after forming a double-bottom structure earlier this month.
A sustained hold above $25 now signals bullish continuation and reflects improving momentum across higher timeframes.
The next key resistance lies around $28.593, which previously acted as a neckline and rejection area.
A decisive daily close above $28 could open the door toward the $30 psychological level and the 100-day exponential moving average.
Beyond that, traders may look toward the $35 region as a medium-term target if volume and open interest continue to rise.
On the downside, losing $25 could expose HYPE to a deeper retracement toward $23, where buyers are expected to defend aggressively.
Overall, as long as HIP-3 activity continues to expand and open interest remains elevated, the technical and fundamental outlook for Hyperliquid remains constructive, especially following the reduction in supply after the permanent removal of 37.5 million Hype tokens from circulation following a decisive governance vote in December 2025.
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