On May 23, decentralized derivatives exchange Hyperliquid reached an all-time high in OI of $9.2 billion, the previous record was $8 billion and was recorded just two days ago.
What does it mean?
The growth of open interest indicates the active participation of traders in futures and options, especially against the backdrop of bitcoin's surge above $111,800 and the total capitalization of the crypto market over $3.6 trillion.
HYPE is growing
Native token HYPE soared 14% in a day to an ATH of $36.88.
Arthur Hayes (ex-CEO of BitMEX): "HYPE can overtake SOL in terms of capitalization."