HYPE +6.8% to $87: OI +10.8%, Hyperliquid Holds 60%

HYPE climbs with the market-wide squeeze

HYPE is trading at $87.04, up 6.8% over the past 24 hours, riding the same short-covering wave that pushed Bitcoin back above $80,000. The move is broad-based: Binance and OKX both show a 24-hour range roughly from $81.0 to $87.4, so the rally is not an artifact of one thin order book. Volume is heavy too, with HYPE among the top-traded alt perpetuals today.

Open interest jumps 10.8% to $3.43B

Total open interest across HYPE perpetuals has climbed 10.8% in 24 hours to $3.43 billion. The build is happening while price rises, which points to fresh longs opening positions rather than short covering alone. Bybit added 12.3% and Binance 10.4% in the same window, and even the 4-hour slice shows continued growth on most venues. That is the signature of new money coming in, not just old positions being squeezed out.

Hyperliquid keeps a 60% grip on the market

The standout structural fact is venue concentration. Hyperliquid carries $2.06 billion of HYPE open interest, or 60.0% of the total, and it added 11.6% in the last day. Binance is a distant second at $400.7 million (11.7%), with Bybit third at $315.5 million (9.2%). For a coin whose native perpetual market lives on Hyperliquid, this split is the natural order, but it also means anyone watching HYPE positioning has to track that one venue first.

Funding stays near zero despite the rally

Despite the 6.8% move and the open interest build, funding rates remain subdued. Binance funding is 0.005% and OKX 0.01%, with Hyperliquid at 0.00125% per interval. None of the major venues shows the elevated long funding that usually accompanies a crowded squeeze. The read: longs are being added but at moderate leverage, and spot or delta-neutral flows are absorbing part of the demand. That makes the rally look more durable than a pure leverage blow-off, though a repeat test of the $87-88 zone will show whether new longs can hold.

Data as of 15:20 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.