- Hyperliquid’s RWA open interest surged amid growing demand for HIP-3 markets.
- HYPE’s price is testing support close to the 50-day Exponential Moving Average.
- Fundamental drivers indicate sustained HYPE demand led by spot ETF inflows.
According to data from DeFiLlama, the Hyperliquid (HYPE) Open Interest (OI) reached approximately $11.07 billion on July 13, marking a new record since the beginning of 2026, before easing out to $10.88 billion at the time of writing. HIP-3 markets contributed roughly $3.69 billion, with RWA open interest hitting a new all-time high.
For context, HIP-3 is Hyperliquid’s permissionless builder-deployed perpetuals system, launched in 2025 to decentralize the creation of perp markets and enable custom markets on its high-performance chain. Notably, HYPE has experienced a surge in demand since the release of HIP-3, rallying approximately 280% in 2026 after an initial 52% decline in the final quarter of 2025.
HYPE’s Current Situation
Notably, RWA open interest on Hyperliquid reached a record $3.68 billion, nearly matching the full HIP-3 contribution in tokenized stocks, commodities, and equities, including the S&P 500 and SKHX. These, among other factors, contributed to HYPE’s bullish momentum and the positive sentiment across the Hyperliquid community.
Despite the dominant bullish sentiment and surge in open interest, it is crucial to note that HYPE’s price is experiencing a short-term correction. TradingView’s data reveals that the cryptocurrency traded at $64.89 at the time of writing, reflecting a 3.7% decline from its Monday morning opening price. Nonetheless, the token maintains a robust medium-to-long-term bullish structure with a massive $16.4 billion market cap, according to CoinMarketCap’s data.
HYPE From a Technical Perspective
Technical indicators reveal that HYPE is testing a short-term bearish breakout below a crucial ascending support line on the daily chart. Below this level is the 50-day Exponential Moving Average, currently situated at $63.15.
On the flip side, the bulls face resistance at $69.00, near the $70.00 psychological level. A breakthrough would target HYPE’s $76.87 all-time high, set on June 16, 2026. Meanwhile, daily indicators suggest a “Strong Buy” following steady historical volume, even though the cryptocurrency’s overbought condition from the recent rally could lead to a healthy but temporary reset.
Key Fundamental Drivers
In the meantime, HYPE’s fundamental drivers indicate sustained demand led by last week’s $10.36 million net spot ETF inflows. This adds to the surge in open interest across Hyperliquid derivatives and RWA markets. Meanwhile, it is crucial to note that large amounts of HYPE must be staked under upgrades like HIP-3, removing liquid supply from the open market.
Related: Hyperliquid Price Prediction 2026: Can HYPE Hit $100 in 2026
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
