Hyperliquid’s open interest has reached a new all time high of $18 billion, surpassing the previous record of $16.36B set just four days ago.

That’s a huge jump from the $13B+ level seen at the end of August, showing how quickly leveraged positioning has returned to the platform.

The growth isn’t coming only from crypto. Hyperliquid has expanded into stocks, commodities, indices and other non crypto perpetual markets, with HIP 3 markets now accounting for roughly 30% of recent trading volume.

$18B in open positions is a massive liquidity signal, but it also means more leverage sitting in the market.