Key Highlights
- Hyperliquid’s total open interest climbed to $11.07 billion, its highest level of 2026.
- HIP-3 markets contributed approximately $3.69 billion to the total open interest.
- RWA markets reached a new all-time high, supporting growth in derivatives activity.
Hyperliquid’s total open interest reached approximately $11.07 billion on Monday, marking its highest level in 2026, according to DeFiLlama data. The capital influx is heavily attributed to the platform’s native HIP-3 markets, which encompass tokenized equities and commodities, contributing roughly $3.69 billion to the aggregate total as Real-World Asset (RWA) trading hit a lifetime high.
The data, shared via Hyperliquid’s official X account, shows continued growth in derivatives activity on the Hyperliquid L1 blockchain. The 24-hour open interest stood at $11.071 billion, with the 30-day figure at $288.294 billion. Open interest also posted a weekly increase of 9.71%.
Why traders are piling into the platform
The chart shows a sharp rise in open interest from late 2025 into 2026, with notable volatility and multiple peaks in the second half of 2025, followed by a recovery trend in 2026. The upward movement in recent months has pushed the metric to levels not seen earlier this year.
The rise in open interest typically indicates more capital is committed to open positions, which can signal greater market participation or larger average position sizes. At the same time, elevated open interest can increase the potential for volatility, particularly in leveraged products where liquidation cascades remain a feature of the market structure.
Hyperliquid’s growth comes as other decentralized derivatives platforms continue to compete for liquidity and user activity. The protocol’s focus on high-throughput L1 infrastructure has supported 24/7 trading capabilities, a factor that has contributed to its surge.
The competition isn’t slowing down
Earlier, on July 6, Hyperliquid recorded an all-time high in terms of open positions. According to the data, total open positions reached 305,508.
However, on July 10, Robinhood Chain surpassed Hyperliquid L1 in DEX volume. Robinhood Chain had a DEX volume of $375.15 million for the last 24 hours, ranking fifth among blockchain networks, compared with Hyperliquid L1’s $198.87 million.
At the time of writing, the DEX volume for Hyperliquid in the past 24 hours stands at $652.23 million.
The catch behind the record-breaking OI
While the $11 billion open interest reflects strong activity, it also raises questions about market concentration and risk. A large portion of volume and open interest on a single chain can amplify systemic vulnerabilities, especially in leveraged perps trading, where rapid price moves can trigger widespread liquidations.
RWA open interest hitting record levels also introduces additional complexities, including potential discrepancies in tokenization, underlying asset custody, and correlation risks during periods of TradFi stress.
Although rising open interest signals growing participation, it does not necessarily indicate a broader or more diversified market. Activity may remain concentrated among a relatively small number of participants or trading pairs, making liquidity conditions more fragile during periods of heightened volatility.
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