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.
Hyperliquid hit multiple all-time highs today, including:
+ Open interest: $8.9B
+ 24h fees: $5.4M
+ USDC TVL: $3.2B
Onchain, transparent markets are the future. pic.twitter.com/DBUWZZEkgk
— Hyperliquid (@HyperliquidX) May 22, 2025
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.
Source: X/Screenshot
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.
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