Hyperliquid Hits Record $8.9B Open Interest as Bitcoin Surges Past $111K

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

May 22, 2025

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Decentralized trading platform Hyperliquid hit a new milestone Thursday, with open interest climbing to a record $8.9b.

The platform also posted $5.4m in 24-hour trading fees and reported a USDC total value locked of $3.2b, reflecting heightened activity across its markets.

It comes as Bitcoin hit a fresh all-time high, surging past $111,000 in early Asian trading hours before retracing slightly. The rally comes during a series of market tailwinds, including improving US-China trade sentiment and a credit downgrade of US sovereign debt by Moody’s.

These macro shifts have driven investors toward alternatives like Bitcoin, further weakening the dollar and boosting crypto valuations.

Hyperliquid Sees Record Trades Led by Bitcoin and a $1B Bet from Top Trader

Hyperliquid’s trading volume reached $19.15b over the past 24 hours. BTC alone accounted for $11.5b of that, followed by ETH at $4.03b and SOL at $1.2b.

Meme coins such as HYPE, kPEPE, and FARTCOIN also saw substantial activity, with HYPE crossing $454m in volume.

One of the most notable developments was top trader James Wynn Real’s leveraged position on BTC, which became the first to exceed $1b on Hyperliquid.

His position used 40x leverage and involved over 10,000 BTC. The entry price was $108,084, while the liquidation price was $103,640. As a result, the unrealized profit stood at $17.5m at the time of reporting.

Funding Rates Hold Steady as Traders Bet Big on Volatility

As traders flock to volatile memecoins, tokens like kPEPE and WIF posted daily volumes exceeding $200m, with funding rates holding steady across most assets.

Open interest in HYPE and SOL showed the fastest growth, up 18% and 82% respectively in 24 hours.

The bullish sentiment is bolstered by legislative momentum in the US Senate, where the advancement of a stablecoin bill has rekindled hopes for clearer regulation.