Hyperliquid’s HYPE Coin Shatters Records—Traders Ride the Wave (Or Bubble?)

Another day, another crypto moonshot—this time it’s Hyperliquid’s HYPE token punching through its all-time high. The perpetuals-focused chain is suddenly the talk of degenerate Telegram channels.

Pump first, ask questions later? The usual suspects are piling in: leverage-hungry degens, VC bagholders pretending they ’always believed,’ and that one anonymous whale who moves markets with a single trade. Meanwhile, Bitcoin maximalists are muttering about ’distractions’ while refreshing their portfolios.

Just remember: what goes up in crypto usually comes down harder. But hey—at least it’s more entertaining than watching traditional finance bots fight over basis points.

Open Interest Peaks in Hyperliquid

Hyperliquid stands out as a permanent futures trading platform operating on its LAYER 1 network. Recently, Bitcoin$108,552 reaching its all-time high has pushed Hyperliquid’s open positions to a record level. According to CoinGlass data, the total open interest volume on the exchange rose to $9.2 billion, surpassing the previous record of $8 billion. This increase highlights the growing interest in futures trading.

Open positions refer to traders’ active futures contracts and typically move upward as prices rise. With Bitcoin surpassing $111,800 and setting a new record, investors have extended the rally from the spot market to derivative products. This trend mostly benefits platforms like Hyperliquid, where solely open position volume for Bitcoin reached $4.2 billion, representing over 40% of the total on the exchange.

HYPE Coin Price Skyrockets Over 800%

The rise of bitcoin has not only uplifted derivative markets but also significantly boosted the HYPE coin, Hyperliquid’s main network asset. HYPE reached a historical high of $37.44 and was trading at $36.86 at the time of writing, marking an impressive 814% increase since November 2024. This price hike is a clear indication of trust and interest in the platform.

According to DefiLlama data, Hyperliquid’s trading volume reached $11.5 billion, while its daily revenue ROSE to $3.4 million. This showcases the dominance of the exchange not only through price uplift but also through increased trading activity. Meanwhile, trader James Wynn, known as “moonpig,” attracted attention by opening a $1 billion BTC long position with 40x leverage, later realizing profits from this position.

Ethereum$2,553 ranks second with a $1.3 billion position, while HYPE is in third place with demand worth $748 million. Other cryptocurrencies such as Solana$177 (SOL), XRP, and the humorous memecoin Fartcoin have also taken part in high-volume transactions.