Hyperliquid’s HYPE Becomes Fifth-Largest Futures Asset With $2.06B in Open Interest

HYPE, the native token of decentralized derivatives platform Hyperliquid, has surged to become the fifth-largest digital asset by futures open interest, signaling a sharp uptick in institutional and trader demand.

According to data from Coinglass, total open interest — the value of active futures contracts — in HYPE-based perpetual and standard futures now stands at $2.06 billion. This puts HYPE ahead of Dogecoin (DOGE), which has $1.83 billion in futures open interest. Only Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple’s XRP currently rank higher.

While XRP remains ahead in futures positioning, HYPE’s rise is notable given its smaller market cap. The surge reflects broader interest in specialized DeFi primitives, especially those offering on-chain perpetuals.

Hyperliquid, built on its own high-performance Layer 1 blockchain, has emerged as a dominant player in decentralized derivatives. The protocol captured 60% of last week’s total on-chain perpetuals volume, according to a Dune Analytics dashboard curated by analyst @uwusanauwu, with $94.3 billion in trading volume across decentralized futures markets.

HYPE’s utility spans trading fee payments, governance participation, and economic incentives. A key bullish dynamic is the platform’s aggressive buyback model: over 97% of trading fees are used to repurchase HYPE on the open market, creating a steady stream of demand.

“92.78% of protocol (HyperCore) revenue goes toward HYPE buybacks — more than $1 billion annually,” Hyperliquid Hub said in a recent post on X. “Top funds and major TradFi market makers are building positions and trading on HyperCore’s central limit order books (CLOBs), driving some of the deepest liquidity in the industry.”

As institutional engagement ramps up and demand for purpose-built DeFi infrastructure grows, HYPE appears poised to further entrench itself in the upper tier of crypto futures markets.