Coinglass figures show that decentralized trading platform Hyperliquid has hit a new high, surpassing $6 billion and above $6 billion.
The surge comes just a day after high lipids reported that open interest on its platform reached an all-time high of $5.6 billion.
Bitcoin holds a dominant high lipid position with open profits of over $2 billion, according to Coinglass data.
While Ethereum brings open profits of over $1 billion, other digital assets such as Solana, XRP, Pepe, Fartcoin and Hyperliquid’s traditional hype tokens also maintain strong trading activities on the platform.
Open Interest tracks the total value of volatile futures contracts and is often seen as a signal of liquidity and market sentiment. However, an increase in open interest also brings additional volatility. Deeper liquidity can support healthier markets, while leveraged positions increase the risk of sudden price fluctuations.
Why Hyperliquid is growing open interest
The increase in high liquids suggests greater market participation and traction among crypto traders seeking alternative trading platforms for centralized exchanges.
Crypto traders are showing increasingly supportive of increasingly decentralized platforms for speed, transparency and unlawful execution. High lipids provided these qualities and helped solidify their market position.
Naturally, high lipids account for more than 60% of the permanent futures market on the chain. In April alone, the platform processed $187 billion in deals.
According to data from Defillama, the platform has already cleared more than $500 billion in trading volume this month, so it has maintained momentum in May.
Meanwhile, Hyperliquid’s open interest increase is consistent with Bitcoin’s price rise above the highest level of $105,000 in three months. The price movement has fueled speculation that Bitcoin could quickly retest its January’s all-time high of $109,000.
The challenge continues
Despite its growth, Hyperliquid faces an increasing number of community scrutiny for some of its activities.
In December, the hype token saw a sharp decline as wallets linked to North Korean groups reportedly lost $500,000 deals on the platform. Market analysts viewed the incident as a potential stress test for the system.
More recently, high lipids have been attacked to arbitrarily list a little-known crypto asset called Jelly after a short squeeze that almost caused major losses to the platform.
However, some traders defended the platform’s actions, citing their performance and reliability.