HYPE Rises to Fifth by Futures Open Interest

Hyperliquid's HYPE token has become the fifth-largest digital asset by futures open interest, overtaking Dogecoin and following only Bitcoin, Ether, Solana, and XRP. The decentralized perpetual futures exchange commands over 60% of on-chain perpetuals trading volume, supported by a tokenomics model that allocates most trading fees to buying back HYPE. While over 180 users have achieved at least $10 million in lifetime profits, these gains are concentrated among a minority of well-capitalized or highly leveraged traders, and only 14% of all traders are profitable. The average daily profit or loss per trader is a negative $5,600, illustrating the high risk of leveraged trading. Some traders have experienced dramatic swings, such as losing the majority of a $10 million unrealized profit due to Bitcoin price volatility. Despite these risks, Hyperliquid’s hybrid decentralization and strong liquidity continue to attract both retail and institutional traders.