Hyperliquid (HYPE) Price: Token Up 7% as Open Interest Hits Record $1.74 Billion

TLDR

• HYPE rose 7.06% to $40.21, trading above all key moving averages in a bullish structure.
• HIP-3 open interest hit a record $1.74 billion on March 24, 2026, up 25% from the prior week.
• Tokenized commodities like WTI crude oil and silver are driving volume, with Trade.xyz holding 91.3% market share.
• Grayscale filed an S-1 to list a HYPE ETF on Nasdaq, adding institutional momentum.
• The projected five-day trading range is $38.06–$41.11, with upside probability above 80%.

Hyperliquid’s HYPE token climbed 7.06% to $40.21 on March 24, 2026, its biggest single-day move in recent weeks. The token is now up more than 50% year-to-date, even as Bitcoin has fallen roughly 15% over the same period.

Hyperliquid (HYPE) Price

The rally comes as the platform’s HIP-3 open interest hit a record $1.74 billion, a 25% jump from $1.39 billion just one week earlier. That growth is not being led by crypto-native assets.

Instead, traders are piling into tokenized commodities. WTI crude oil, Brent crude oil, and silver are now among the top-traded markets on the platform.

On March 23, HIP-3 recorded $5.4 billion in total trading volume. WTI crude alone generated $1.3 billion, silver $1.2 billion, Brent crude $1.04 billion, and gold $558 million.

According to Artemis data, Hyperliquid HIP-3 reached a record $5.4 billion in trading volume on March 23, with $1.3 billion in silver, $1.2 billion in WTI crude oil, $940 million in Brent crude oil, and $558 million in gold. HIP-3 is emerging as a PMF fit for commodity and macro… pic.twitter.com/A983E9aHUi

— Wu Blockchain (@WuBlockchain) March 25, 2026

Trade.xyz, built by Hyperliquid’s tokenization arm Hyperunit, processed $5.6 billion in 24-hour volume with over 45,300 unique daily traders. It now controls 91.3% of total HIP-3 open interest with $1.58 billion.

Why Commodities Are Driving Volume

Traders are using Hyperliquid to get 24/7 exposure to energy markets during geopolitical uncertainty in the Middle East. Traditional brokerages close Friday evening and do not reopen until Sunday night.

Hyperliquid never closes. When news breaks over a weekend, traders on the platform can hedge immediately while legacy platforms sit idle.

Weekly trading volumes across the platform exceeded $15 billion, with active trader participation topping 229,000. The platform also generated roughly $14 million in weekly fees.

Institutional Push and Protocol Upgrades

Grayscale filed an S-1 with the SEC to list a HYPE ETF on Nasdaq. The filing is a clear sign of growing institutional interest in the token and the platform.

Hyperliquid also has planned HIP-4 protocol upgrades currently in testnet. HIP-4 will enable permissionless prediction market listings, which could expand the platform beyond commodities into event contracts.

$HYPE still the best coin on the market. This goes to $48-$50 imo. HyperLiquid pic.twitter.com/a1LQi0nTq1

— Altcoin Sherpa (@AltcoinSherpa) March 18, 2026

Analyst Viktoras Karapetjanc of Traders Union noted that HYPE trades in a bullish structure, with MACD signaling a strong buy and ADX showing stable momentum. RSI sits at 55, leaning bullish, while Stoch RSI on the daily chart is oversold, pointing to potential short-term exhaustion.

The projected five-day range is $38.06 to $41.11. Over 80% of weekly indicators show a buy signal.

Karapetjanc said: “I see continued bullish momentum in HYPE, and as long as buyers defend support near $38, the odds favor new highs in the coming week.”

HYPE currently sits above its MA-20 ($36.32), MA-50 ($32.87), and MA-200 ($35.44), with Ichimoku Kijun at $34.94 acting as near-term support.