Market heat continues to rise. #Hyperliquid The platform’s liquidity directly hits a new all-time high—surpassing last October’s peak levels of the bull market in one fell swoop! According to DeFiLlama data, the platform’s open interest (OI) has already surged to $8.8 billion, completely igniting trading enthusiasm.

The fuse for this rally was Bitcoin breaking through $85,000 and setting a new high since January this year. Overall risk appetite has fully rebounded; a large amount of speculative capital has poured in, pushing Hyperliquid’s order book scale to a new level. What’s more, the platform will use most of its revenue to repurchase HYPE. Many people believe that the platform’s explosive growth will transmit to the token itself.

Revenue doubles! The buyback momentum is on full throttle 💸

Hyperliquid’s revenue data is quite astonishing. In Q2, average daily revenue was about $1.5 million; in Q3 it doubled directly, stabilizing at $3 million. In mid-August, it surged by another 2x—daily revenue broke $5 million!

A surge in revenue also means the corresponding #hype buyback scale has grown accordingly, with buyback intensity in Q3 nearly quadrupling. The weekly funds used for buybacks jumped from $5 million at the beginning of August to $20 million. And it was during this period that HYPE broke through the $80 level in one leap, kicking off a strong market run.

Breaking the $100 mark! Institutional views diverge 📊

With the broader market recovering, HYPE has been continuously setting new highs recently. In September, it even touched $96. Over just two months, the gain was as high as 88%. From an optimistic perspective, if crude oil continues to fall and inflation pressure eases, market sentiment could strengthen further—HYPE’s near-term targets are $102 and $118, and it has a good chance of standing above $100 for the first time.

However, the institutions on this side are relatively cautious. Statistics show that the probability of breaking through $100 from late September to October is only 27%-47%, while the probability of breaking through by the end of Q4 is 52%. Many institutions believe that after a massive 88% surge, the rally is likely to cool off; they have already started adding positions in put options to hedge the risk of a pullback, supporting a range of $85–$88.

Market summary

Overall, Hyperliquid has set a record for open interest of $8.8 billion. In Q3, revenue surged significantly, driving HYPE to soar 88% in just two months, with buyback tailwinds boosting the bulls. But before the $100 level, institutions have increased hedging and risk-off strategies—so the risk of a pullback cannot be ignored.#比特币突破8.7万美元创八个月新高