Hyperliquid hits $9,2 billion in contracts and HYPE hits $35 billion

• HYPE Token Surpasses $35K With 12% Rise
• Hyperliquid hits record $9,2 billion in OI
• Trader makes $1 billion bet on BTC with 40x

Decentralized exchange Hyperliquid hit a new milestone this week by recording more than $9,2 billion in open derivatives contracts, signaling strong market movement amid bitcoin’s all-time high. This metric, known as open interest (OI), tracks the number of futures and options contracts that remain active, and is a barometer of institutional interest and trading volume on the platform.

Interest in derivatives products intensified as BTC surged past $111.800, with the global crypto market cap surpassing $3,6 trillion. Within Hyperliquid, the majority of OI was attributed to bitcoin, which alone accumulated around $4,2 billion — roughly 40% of the total on the DEX.

Among the standouts is trader James Wynn, known as “moonpig,” who built a $1 billion long bitcoin position with 40x leverage. He confirmed that he took some of his profits when the price of BTC began to decline, taking advantage of the market peak.

Update on my little $ BTC long position.

Reduced position size today, took some profits around $110k -$111k.

Seemed like a nice spot to TP, and seems others are doing the same right now.

In my opinion bitcoin is dying to breakout higher. My target remains the same of… pic.twitter.com/BUfWTuqpoU

— James Wynn 🐳 (@JamesWynnReal) May 22, 2025

In addition to Bitcoin, Ether appears as the second most traded asset on the platform, with US$1,3 billion in open contracts. Next, the HYPE token consolidated its position by reaching an OI volume of US$748 million. The memecoin FARTCOIN, along with Solana and XRP, also showed significant movements.

Daily trading volume on Hyperliquid reached $11,5 billion, with revenues of $3,4 million. This increase coincides with the rise of the native token HYPE, which reached a new all-time high of $35,93 — a 12% increase in the last 24 hours. The token is up over 814% since November 2024, signaling the growing investor interest in crypto assets tied to high-performance DEXs.