Hyperliquid Hits All-Time High, Nearing $100…Open Interest Reaches Record $18.1 Billion

▲ Hyperliquid (HYPE)/AI generated image ©

Hyperliquid (HYPE) recorded an all-time high of $98.03, putting it on the verge of breaking $100. The surge is supported by the open interest in the perpetual futures market swelling to a record $18.13 billion, coupled with its notable profitability among decentralized finance (DeFi) protocols.

According to investment media FXStreet on September 23 (local time), Hyperliquid rose 3% the previous day, then hit an all-time high of $98.03 during Wednesday's trading before slightly retreating to the $96 range. Open interest, which represents the notional value of all active perpetual futures contracts on the Hyperliquid exchange, set a new record of $18.13 billion on Tuesday. This was analyzed as an indicator of capital inflow and increased trading activity due to the recovery in demand for virtual asset perpetual futures.

New features supporting perpetual futures demand have also emerged. Near Protocol (NEAR) recently launched Confidential Perps, utilizing Hyperliquid as its underlying exchange, and a Trailing Stop order feature was also added. According to DeFiLlama, Hyperliquid recorded $16.52 million in revenue over the past 7 days, marking the highest profit among DeFi protocols excluding stablecoin issuers.

Institutional demand also showed a solid trend. While HYPE-centric Exchange Traded Funds (ETFs) saw no new inflows on Tuesday, $2.82 million flowed in on Monday. Last week, a net inflow of $3.06 million was recorded, rebounding from a net outflow of $26.42 million in the previous period. This suggests that institutional demand for HYPE is being maintained amidst the broader recovery of the virtual asset market.

Technically, the bullish structure continues even after a 20% surge last week. HYPE traded around $96.90 on Wednesday, significantly above its 50-period Exponential Moving Average (EMA) of $90.07, 100-period EMA of $86.60, and 200-period EMA of $81.75 on the 4-hour chart. Based on the recent rally from $75.21 to $94.55, Fibonacci extension levels suggest $99.81 (127.2%) and $106.50 (161.8%) as the next major resistance levels.

The Relative Strength Index (RSI) is around 68, just before the overbought zone, indicating strong upward momentum but not yet reaching extreme levels. Conversely, the Moving Average Convergence Divergence (MACD) has been consolidating just below the signal line, suggesting the uptrend might take a short breather. In case of a correction, $94.55 is the first support level, followed by the $90 area, where the 78.6% Fibonacci retracement level of $90.41 and the 50-period EMA of $90.07 converge, presented as a key demand zone.

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