Hyperliquid records a record open interest of 8.8 billion USD as trading activity rebounds, while Bitcoin rises above 85,000 USD.
Rising liquidity boosts revenue and the HYPE buyback program, but derivatives data also shows that some institutions are hedging risk by adjusting positions as the token price approaches 100 USD.
MAIN CONTENT
Open interest on Hyperliquid reaches 8.8 billion USD, higher than the peak of the most recent price surge in October.
Average daily revenue increased from about 1.5 million USD in Q2 to 3 million USD in Q3, before exceeding 5 million USD by mid-August.
HYPE is up 88% over two months, while put option buying shows that downside risk in the 85–88 USD zone is being closely monitored.
Open Interest on Hyperliquid reaches a record high
Open Interest on Hyperliquid has risen to 8.8 billion USD, reflecting higher participation by traders on the derivatives and multi-asset trading platform.
DeFiLlama data shows that market liquidity is currently above the level recorded at the peak of the most recent rally in October. Bitcoin has risen above 85,000 USD for the first time since January, helping to boost risk appetite in the market.
Source: DeFiLlama
HYPE revenue and buyback program accelerate
Hyperliquid’s average daily revenue increased from about 1.5 million USD in Q2 to 3 million USD in Q3, and then exceeded 5 million USD by mid-August.
The growth in revenue coincides with the funding for the HYPE buyback program increasing by nearly 4 times in Q3. The weekly revenue allocated to buyback activity rose from about 5 million USD to 20 million USD in August.
Source: ASXN
HYPE first broke above 80 USD during the period when the buyback program was stepped up. However, the link between revenue, buybacks, and the token price does not eliminate the risks stemming from broader market volatility.
Can HYPE break above 100 USD?
HYPE hit an all-time high of 96 USD in September, equivalent to an 88% increase over two months.
HYPE’s uptrend could continue if risk appetite in the market improves. Some upside targets mentioned are 102 USD and 118 USD, but these are trend-based scenarios, not guaranteed prices.
Source: HYPE/USDT, TradingView
Downside adjustment risk still exists
HYPE’s downside adjustment risk increases as the token approaches the 100 USD psychological level, and it has surged strongly in a short period.
The probability of HYPE exceeding 100 USD is assessed by some organizations at 27%–47% in late September and October, before rising to 52% in December. These figures reflect market expectations at different times, not certain forecasts.
Put option buying activity shows that some organizations are hedging against the possibility that HYPE pulls back to the 85–88 USD range.
Source: Deribit
Summary
Hyperliquid hit a record 8.8 billion USD in Open Interest, driving HYPE revenue and buyback activity to surge. HYPE is up 88% over two months, but hedging pressure around the 100 USD zone suggests that a pullback remains a key factor to watch.
Source: https://tintucbitcoin.com/thanh-khoan-hyperliquid-dat-88-ty-usd-hype-co-vuot-100-usd/
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