Decentralized trading platform Hyperliquid achieved a significant milestone on Thursday, as open interest surged to an unprecedented $8.9 billion.
The platform also generated $5.4 million in trading fees over a 24-hour period and reported a total value locked in the USDC of $3.2 billion, indicating increased market activity.
This development coincided with Bitcoin reaching a record high, soaring past $111,000 during early trading hours in Asia before slightly retracting. This upward momentum is attributed to favorable market conditions, including improved sentiment regarding US-China trade relations and a recent 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 macroeconomic shifts are steering investors toward alternatives like Bitcoin, intensifying the weakening of the dollar and enhancing cryptocurrency valuations.
Hyperliquid Sees Record Trades Led by Bitcoin and a $1B Bet from a Top Trader
Over the past 24 hours, Hyperliquid reported a staggering trading volume of $19.15 billion. Bitcoin accounted for $11.5 billion of this total, followed by Ethereum at $4.03 billion and Solana at $1.2 billion.
Meme coins such as HYPE, kPEPE, and FARTCOIN also witnessed considerable trading activity, with HYPE surpassing $454 million in volume.
A highlight of the day was top trader James Wynn Real’s leveraged position on Bitcoin, marking the first time a bet exceeded $1 billion on Hyperliquid.
This position utilized 40x leverage and involved over 10,000 BTC, entering at a price of $108,084 with a liquidation threshold set at $103,640. At the time of reporting, the unrealized profit stood at approximately $17.5 million.
Source: X/Screenshot
Funding Rates Hold Steady as Traders Bet Big on Volatility
As traders gravitate towards volatile memecoins, assets like kPEPE and WIF exceeded daily volumes of $200 million, with funding rates remaining stable across most cryptocurrencies.
Open interest in HYPE and SOL exhibited the most rapid growth, increasing by 18% and 82%, respectively, within a 24-hour timeframe.
This bullish sentiment is further supported by legislative advancements in the US Senate, particularly concerning the progress of a stablecoin bill that has renewed hopes for clearer regulatory frameworks.
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