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HyperLiquid's HYPE Token hits a new all-time high, with OI surpassing 9 billion Dollar.
The native token HYPE of the decentralized perpetual exchange (DEX) Hyperliquid reached an all-time high of $37.24 on May 23. As of last night, it had increased by 14.5% in the past 24 hours, showing a performance of 37.7% over the week and +94% over the month. It then fell back in response to Trump’s tariff comments and is currently trading at $34.
The backdrop of the price surge is that the open interest (OI) across the platform has exceeded 9.3 billion dollars, setting a new all-time high. According to CoinGlass data, this significantly surpasses the previous record of 8 billion dollars.
In terms of cryptocurrencies, Bitcoin’s open interest (OI) is at $4.7 billion, leading the pack, followed by Ethereum at $1.2 billion in second place, and HYPE contracts at around $720 million in third place. Bitcoin rose to nearly $112,000 on the 23rd, leading to an expansion in derivative demand.
In a notable large transaction, a trader known as “moonpig,” James Wynn, built a Bitcoin long position worth $1 billion with 40x leverage. He revealed that he reduced his position on the 23rd and took a profit of $19 million.
On the other hand, Hyperliquid Lab announced on May 23 that it submitted a statement to the U.S. Commodity Futures Trading Commission (CFTC) regarding indefinite derivatives and 24-hour trading. It aims to improve market efficiency and user protection through the establishment of a regulatory framework for decentralized finance (DeFi).