Hyperliquid's HYPE tops $97 in price discovery as open interest hits a record $2.96B
HYPE traded at $97.32, a new all-time high, with the token's open interest at a record $2.96B and Hyperliquid's own total reported above $18B.
Why it matters
Only about 8% of HYPE volume now occurs on Hyperliquid's own platform, so the token's trading activity reflects the wider market rather than one venue, which Crypto News argues makes it a usable sentiment signal. The gap between DeFiLlama's $9B and Hyperliquid's own $18B open interest figures leaves the platform's real derivatives exposure uncertain.
Where the sources disagree
Hyperliquid open interest
above $9B (DeFiLlama, L1 open interest)
Crypto News (CryptoNews.net)
over $18B (Hyperliquid, total open interest)
Crypto News (CryptoNews.net)
Crypto News cites DeFiLlama for Hyperliquid L1 open interest above $9B but also reports Hyperliquid's own total open interest above $18B, without explaining whether the two figures cover different scopes.
Key facts
HYPE broke above $97 and traded at $97.32, rising during Asian trading hours before slipping back to $96.
97.32 USDReported by Crypto News (CryptoNews.net)
HYPE open interest reached a new all-time high of $2.96B.
2,960,000,000 USDReported by Crypto News (CryptoNews.net)
Hyperliquid's L1 open interest broke above $9B, based on DeFiLlama data.
9,000,000,000 USDDisputed figureReported by Crypto News (CryptoNews.net)
Hyperliquid reported total open interest of over $18B, a new all-time record.
18,000,000,000 USDDisputed figureReported by Crypto News (CryptoNews.net)
HYPE recorded a volume spike of $1.15B during daily record trading in September 2026, with 222M tokens in circulation out of a total of 995M.
1,150,000,000 USDReported by Crypto News (CryptoNews.net)
About 8% of HYPE volume takes place on the native Hyperliquid platform.
8 %Reported by Crypto News (CryptoNews.net)
What happened
HYPE broke above $97 and traded at $97.32 during Asian trading hours before easing to $96, putting the token in price discovery at a new all-time high, according to Crypto News. The same report put HYPE open interest at a record $2.96B, and cited DeFiLlama for Hyperliquid's L1 open interest breaking above $9B, while Hyperliquid itself reported total open interest of over $18B, a figure the report does not reconcile with the DeFiLlama number. September 2026 volume records included a $1.15B day on a circulating supply of 222M of 995M tokens, with about 8% of that activity on the native Hyperliquid platform. Bitcoin Insider, writing two days later, described HYPE as sitting just below the record it set that week and said buyers were spreading into the wider market, but its main subject was the INVEST Network presale, which reached Stage 3 having raised $7.13M at a price of $0.00048. Crypto News attributes the move to spot demand and directional derivatives trades, and no second outlet in the set confirms the volume or open interest figures.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
HYPE rally sets the stage for breakout above $100
- Update
HYPE breaks above $97 and sets a new all-time high
The token traded at $97.32 during Asian hours before easing to $96, with the move attributed to spot demand and directional derivatives trades.
- Update
Record open interest reported for HYPE and Hyperliquid
HYPE open interest reached $2.96B, DeFiLlama showed L1 open interest above $9B, and Hyperliquid self-reported total open interest over $18B.
- Update
A second outlet places HYPE just below its weekly record
Bitcoin Insider described HYPE as sitting just below the record set that week and framed the move alongside a sharp weekly gain in Cardano, in a piece focused on the INVEST Network presale.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 23 Sept 2026, 20:59 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 25 Sept 2026, 07:43 UTC: Bitcoin Insider — 2 independent sources, 2 reports
Affected entities
Also mentioned: TRON
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto News (CryptoNews.net) Aggregator | HYPE rally sets the stage for breakout above $100 | Original | |
| Bitcoin Insider Aggregator | Top Cryptos for Big Gains: Cardano and HYPE Rally While INVEST Network (INVST) Climbs to Stage 3 With Over $7M in Presale | Syndicated |
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