Hyperliquid’s native token HYPE has reached $2.06 billion in open interest for futures contracts. This puts HYPE ahead of Dogecoin (DOGE), which stands at $1.83 billion, and just behind XRP, with $4.12 billion. HYPE now ranks fifth globally among cryptocurrencies by futures open interest, trailing only Bitcoin, Ethereum, Solana, and XRP.
Open interest measures the total value of open futures positions. HYPE’s rise to the top five shows growing usage of Hyperliquid’s infrastructure by traders and institutions, despite its lower market capitalization compared to more established cryptocurrencies.
Over the past week, Hyperliquid processed $56.6 billion in perpetual futures trades, representing 60% of the total on-chain volume tracked at $94.3 billion, according to Dune Analytics data compiled by user @uwusanauwu. This makes the protocol as the leading decentralized platform for perpetual derivatives.
Token Buyback Model Supports Market Demand
Hyperliquid’s protocol uses 92.78% of trading fees to buy back HYPE from the open market. This generates over $1 billion in annualized buybacks. These purchases reduce token supply while increasing demand.
The platform has also attracted activity from institutional trading firms and market makers. These participants are contributing to increased trading volumes and deeper order book liquidity across its Layer 1 exchange infrastructure.
Hyperliquid has also seen rapid user adoption since late 2024. Cumulative accounts on the protocol grew from under 120,000 in October 2024 to over 600,000 by mid-June 2025. Some days recorded more than 7,000 new wallets created.
The protocol’s total value locked (TVL) also rose sharply—from under $450 million in April to $1.86 billion by June 16, according to DefiLlama. That represents a 311% increase in two months.
Multiple decentralized finance protocols have launched on Hyperliquid’s HyperEVM chain. Lending platform Felix has surpassed $100 million in cumulative loans. Curve Finance has also deployed liquidity pools on the chain, adding to protocol activity and ecosystem diversity.
These integrations support a growing on-chain economy, further making Hyperliquid as a base layer for decentralized derivatives and DeFi applications.
Hyperliquid Launches On-Chain Equity Index Futures
On June 12, Hyperliquid began public testing of futures products tied to the S&P 500 and NASDAQ mini indices. These contracts are integrated directly into the HyperEVM chain and operate without intermediaries.
This is one of the first times traditional finance instruments have been offered through a decentralized platform. The contracts use live price data and run directly on Hyperliquid’s blockchain.
Hyperliquid is also preparing to decentralize key functions through the upcoming HIP-3 governance proposal. The draft outlines plans to introduce permissionless staking and market creation. If approved, users will be able to launch new markets and earn protocol rewards without needing centralized approval.