Hyperliquid Rallies 58% in 3 days as HIP-3 Open Interest Hits Record $790M

Hyperliquid‘s native token HYPE has surged 57.19% over the past week, pushing its market capitalization to $9.95 billion. The token currently trades at $32.89, with trading volume up 63.95% in 24 hours.

HIP-3 open interest reached an all-time high of $790 million, driven by a surge in commodities trading. Just one month ago, HIP-3 open interest stood at $260 million.

HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.

HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.

— Hyperliquid (@HyperliquidX) January 26, 2026

The platform has now overtaken OKX in futures open interest. Hyperliquid ranks as the third-largest perpetuals exchange in crypto.

Commodities trading led the boom. Silver perpetuals alone hit over $1 billion in volume last month. Daily HIP-3 volume has topped $1.5 billion.

Hyperliquid Claims Deepest BTC Liquidity

Hyperliquid founder Jeff posted his first tweet of 2026, claiming the platform has become the most liquid venue for crypto price discovery globally. He shared screenshots comparing BTC perpetual liquidity on Binance and Hyperliquid.

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).

With HIP-3 teams leading the way, Hyperliquid has also… https://t.co/xu41eTqPfI pic.twitter.com/aJCFYjMoxV

— jeff.hl (@chameleon_jeff) January 26, 2026

The platform’s BTC perpetuals now show deeper liquidity than Binance, per Jeff’s order book comparisons. He credited the HIP-3 team for making Hyperliquid one of the most liquid platforms for TradFi-asset perpetuals.

Meanwhile, Kraken announced that HYPE will be listed on its platform soon. The exchange described HyperliquidX as a blockchain designed to support all aspects of finance.

Coming soon to Kraken ⚡$HYPE powers @HyperliquidX, the blockchain to house all finance.

Build projects, create value, and exchange assets on the same hyper-performant chain.

Trading starts Jan 28 at 15:00 UTC

Get ready → https://t.co/5pYVJ4kNLi pic.twitter.com/e7aeEVxkBN

— Kraken (@krakenfx) January 27, 2026

According to Lookonchain, a newly created wallet withdrew 45 million USDC from Binance to Hyperliquid to purchase HYPE. So far, 289,120 HYPE worth $9.77 million has been acquired. The buying activity remains ongoing.

Analysts Explain HYPE Recovery After Sell-Off

Analyst Ericonomics explained that HYPE’s recent price weakness stemmed from misunderstood team unlocks, excessive leverage, and heavy selling from large entities. Fundamentals remained intact throughout the decline.

https://t.co/4F5Ha88yg7

— Ericonomic (@ericonomic) January 26, 2026

Team unlocks were widely mispriced. Only 7-10% of unlocked tokens created real sell pressure. Most supply was either staked, sold OTC, or not sold at all.

Derivatives leverage was flushed out. Aggressive longs were liquidated across venues, resetting the market structure. This removed reflexive downside pressure that had weighed on price.

A Tornado Cash-funded cluster sold roughly $80 million worth of HYPE. Continue Capital and other holders also sold. However, a persistent anonymous buyer absorbed this supply via Wintermute arbitrage.

Fundstrat Capital sent a client update expressing a bullish outlook on Hyperliquid. The firm argued that HIP-3 builder-deployed perpetuals are structurally expanding Hyperliquid’s addressable market.

Fundstrat noted that recent price action likely reflects a re-rating. Investors are reassessing HYPE as exposure to cross-asset speculation, not just a high-beta crypto proxy.

A weakening dollar could act as a medium-term tailwind, similar to Bitcoin‘s digital-gold narrative. Fundstrat maintains exposure to HYPE in their model portfolios.

HYPE Price Breaks Above Key Resistance Levels

HYPE trades at $33.088 on the daily timeframe, up 7.28%. The long-term trend remains bearish from the $60 peak in September 2025. However, the short-term structure shows a bullish breakout attempt.

Price has broken above the upper Bollinger Band at $30.339. Band width is expanding after prolonged compression. The 9-period EMA sits at $26.467, with price trading well above this level.

Key support levels include $30-31 as immediate support and $26-27 as secondary support. The critical floor remains at $24.50-25.00. A break below would invalidate the bullish thesis.

Resistance levels stand at $34.50-36.00 as immediate overhead resistance. The major supply zone sits at $38-42, corresponding to the 0.382-0.5 Fibonacci cluster.

Volume has spiked significantly on the breakout candle. This is above average compared to recent weeks. Increasing volume during price rise confirms healthy bullish momentum.

The price trajectory leans bullish with a 65% probability. Holding above $30 on any pullback, with sustained volume, would target $34-36 short-term and $38-42 medium-term.