Hyperliquid has reached a milestone in market liquidity, with open interest surging to $8.8 billion according to DeFiLlama data. The record represents a significant increase from levels seen during the previous bull market peak in October.
The platform's growth coincided with renewed trading activity driven by broader market recovery, including Bitcoin's move above $85,000 for the first time since January. Speculative traders flocked to the cross-asset trading platform, pushing liquidity to unprecedented levels.
Revenue Acceleration Fuels Token Buybacks
Hyperliquid's financial metrics accelerated sharply in the third quarter. Daily average revenue jumped from approximately $1.5 million in Q2 to $3 million in Q3, before reaching over $5 million in mid-August alone.
Since Hyperliquid directs most generated revenue toward token buybacks, the revenue surge triggered a near fourfold increase in buyback activity. Weekly revenue allocated to buybacks rose from roughly $5 million to $20 million in August, according to available data.
Token Performance and Market Sentiment
The HYPE token gained 88 percent over a two-month period, reaching an all-time high of $96 in September. The rally reflects both the platform's operational momentum and broader market sentiment favoring alternative assets.
Despite the strong uptrend, institutional traders show mixed signals as the token approaches the $100 level. Data from derivatives markets indicates greater hedging activity through put options, suggesting some market participants expect a potential pullback toward $85 to $88. Institutional players surveyed estimated a 52 percent probability that the token would cross $100 by December, compared to 27 to 47 percent odds for late September and October.
