Hyperliquid open interest surges 32% in a week: Is $80 HYPE next?
HYPE surged 44% in five days to an all-time high of $76.90 before easing to $73, while futures open interest climbed to $3 billion, up 32% week over week. Hyperliquid remains strong despite a weak crypto market: its DEX holds about 53% of perpetual trading volume, and its TradFi perpetuals have attracted more than $2.9 billion in open interest, exceeding Bitcoin futures on the platform. However, leverage looks subdued rather than overheated: the perpetual funding rate stayed below the neutral 6% level, suggesting limited bullish speculation and possible shorting or hedging. Valuation is a concern, with a fully diluted value around $71.3 billion and major future dilution ahead. Even so, strong volume, revenue growth, innovation in new contracts, and $208 million in HYPE ETF inflows point to continued institutional demand and leave an $80 move plausible.
