Hyperliquid (HYPE) has seen a large increase in trading activity over the past day, with open interest reaching $1.56 billion. According to CoinGlass data, investors have committed a total of $43.35 million to futures contracts, suggesting they expect the price to rise.
Hyperliquid futures open interest surges across major exchanges
Recent data indicates a significant increase in trading activity on some cryptocurrency platforms. This rise in activity might help Hyperliquid’s price bounce back soon.
Interestingly, Hyperliquid saw the most activity on its HYPE cryptocurrency, with nearly half (49.86%) of all open interest concentrated there. This represents 21.62 million HYPE tokens, totaling $777.26 million.
Bybit and Binance also showed strong trading activity, with a combined open interest reaching hundreds of millions of dollars. Bybit users traded 5.99 million HYPE, valued at $215.37 million, representing 13.81% of the total. Binance saw 5.15 million HYPE traded, worth $185.42 million, or 11.89%.
Investors also put money into Hyperliquid futures on other platforms: $99.15 million on Bitget and $61.38 million on KuCoin.
The recent increase in market interest is probably due to Ripple Prime’s efforts to connect traditional financial systems with the world of decentralized finance. As U.Today noted, Ripple has broadened its plans to include on-chain perpetual contracts for commodities on the Hyperliquid exchange.
This update allows larger financial institutions to access the Hyperliquid exchange and its HYPE token. Now, these institutions can balance out their trading in decentralized derivatives with positions they hold in traditional markets, using Ripple’s support.
Hyperliquid is experiencing growth, and its token, HYPE, has increased in price by 11%. This surge is likely due to increased trading activity, with many traders betting on HYPE as it attempts to become one of the top 10 cryptocurrencies by market capitalization.
HYPE price faces volatility despite strong trading activity
Currently, Hyperliquid is trading at $36.00, down 5.36% over the past 24 hours. The price fell from a high of $38.49 due to market fluctuations. However, trading activity remains strong, with volume up 33.49% at $274.05 million.
If trading volume continues to rise, HYPE is likely to recover and move back above $40, a price it reached earlier this month. The combination of higher volume and open interest indicates that investors are still interested in holding the asset.
It’s unclear whether Hyperliquid will surpass the $40 mark as April begins in under a day.
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2026-03-31 17:25