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4 months ago
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The dollar value of HYPE futures open interest is $2.06 billion, still lower than XRP futures.
Jun 16, 2025, 10:14 a.m.
HYPE, the token of leading decentralized perpetual exchange Hyperliquid, is now the fifth-largest digital asset by futures open interest.
At the time of writing, the dollar value of the number of active or open bets in HYPE futures (perpetual and standard) traded worldwide was $2.06 billion, according to data source Coinglass.
That placed HYPE ahead of dogecoin
as futures tied to the meme token had an open interest of $1.83 billion. The payments-focused XRP cryptocurrency held ahead of HYPE with bitcoin
, ether
and solana's SOL
leading the pack.
HYPE's futures market leadership over DOGE and many other cryptocurrencies with bigger market values likely represents the growing popularity of purpose-built blockchain products.
Hyperliquid is a decentralized exchange that focuses squarely on providing an on-chain perpetual futures market and is built on its own Layer 1 blockchain. Last week, Hyperliquid accounted for 60% of the total onchain perpetuals trading volume of $94.3 billion, according to data source @uwusanauwu's Dune-based tracker.
The HYPE token is used for economic incentives, fee payments and decentralized governance, allowing holders to participate in the decision-making process. The protocol utilizes 97% of the trading fees collected from users to buy back HYPE, thereby constantly adding bullish pressure to the market.
"92.78% of protocol (HyperCore) revenue goes to buying back HYPE on the open market — over $1B annually in buybacks," Hyperliquid Hub said on X. "Major firms and funds are actively adding HYPE to their portfolios and top-tier market makers from traditional finance are trading on HyperCore’s CLOBs, creating the deepest liquidity in crypto."
HYPE futures open interest. (Coinglass)
HYPE has chalked out over a four-gold rally to a record price of $44 in three months. The rally happened alongside a booming open interest and positive annualized funding rates, which surged to over 100% at one point, signaling strong demand for bullish leveraged bets.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
