The HYPE futures contract had an open interest of $2.06 billion, ranking fifth

Gate News bot message, Coinglass data shows that as of the time of writing this article, the total value of active or open contracts for global HYPE futures (Perptual Futures and standard contracts) has reached 2.06 billion USD, ranking fifth among crypto assets.

HYPE leads the futures market ahead of Dogecoin and many other higher market cap crypto assets, which may indicate the increasing popularity of specialized blockchain products.

Hyperliquid is a decentralized exchange focused on providing on-chain Perptual Futures markets, built on its own Layer 1 blockchain. According to data source @uwusanauwu's tracker based on Dune, last week Hyperliquid accounted for 60% of the total on-chain Perptual Futures trading volume of $94.3 billion.

HYPE tokens are used for economic incentives, fee payments, and decentralized governance, allowing holders to participate in the decision-making process. The protocol will use 97% of the transaction fees collected from users to repurchase HYPE, thereby continuously bringing bullish momentum to the market.

Hyperliquid Hub stated on platform X: "Protocol (HyperCore) uses 92.78% of its revenue to repurchase HYPE on the open market—amounting to over 1 billion dollars annually. Major companies and funds are actively adding HYPE to their portfolios, and top market makers in traditional finance are also trading on HyperCore's CLOB, creating the deepest liquidity in the crypto assets space."

Source: CoinDesk