Hyperliquid (HYPE) Surges 260% from April Lows as Open Interest Nears $1B

Hyperliquid (HYPE) has exhibited a substantial resurgence in recent weeks after plummeting to a low of $10.34 in April. The token has since experienced a remarkable recovery, rebounding by 260%.

Currently trading at $26.73, HYPE is only 23% below its all-time high of $34.96. This rebound signals strong investor confidence and renewed market interest.

HYPE Jumps 13% in Open Interest

On-chain metrics confirm this bullish sentiment, revealing a significant surge in trading activity. Data from Coinglass indicates a 36% increase in 24-hour derivatives volume, accompanied by a 13% rise in open interest, which now stands at a substantial $936 million. 

Hyperliquid has notably surpassed established centralized firms such as Deribit in Bitcoin (BTC) perpetual open interest, along with open interest for several other tokens. This achievement underscores Hyperliquid’s rapid ascent as a major contender in the competitive perpetual trading landscape. The platform boasts a lifetime trading volume exceeding $1 trillion, indicative of its growing prominence and market share.

Furthermore, DefiLlama data further highlights the protocol’s financial performance, with daily revenue currently hovering around $2 million. Its perpetuals volume over the last day alone reached an impressive $7.64 billion, demonstrating the platform’s capacity to attract significant trading volume.

Investors Increasing Interest

On May 15, 2025, an analyst named Flood recently wrote on X that Hyperliquid makes over $700 million each year. This could make it one of the most profitable companies in the United States. Flood believes the platform uses a substantial portion of this money to buy back HYPE, which could raise the price and lower the amount available.

Looking at the numbers, HYPE is trading at $26.73, which is higher than its lowest point in April. This shows it’s doing well with a surge in investor interest. But the RSI is at 71, which means it might be bought too much right now. This could cause the price to stay the same for a while or go down a little.

Moreover, there is support at $24.76 and $22.32, and even stronger support at $20. Resistance is at $28.13. If things keep going as they are, the price could reach $30 and return to its highest price of $34.96.

If the price dips below $22, it could plummet to $20. Despite its continued strong performance, the market’s reaction to overbuying will likely determine HYPE’s price trajectory shortly.

RedStone Integrates Hyperliquid Lending Platform

A CoinTab report in April 2025 reported that RedStone Oracles, a blockchain data provider, integrated with HyperLend, the first lending platform on Hyperliquid EVM (HYPE). Following this partnership, Hyperliquid’s token value increased by over 30% in the past day.

Furthermore, this partnership gives HyperLend the strong and dependable price information it needs to run its lending platform safely and competently.

HyperLend is a new part of the Hyperliquid system and a big step forward for decentralized finance (DeFi). It uses the well-known Aave system, bringing tested lending methods to Hyperliquid. This platform is carefully made for traders and market makers, providing quick leverage, changing interest rates, and plenty of liquidity.

After much work and improvement, HyperLend’s leading network was launched on March 24, 2025. This launch on Hyperliquid EVM means quicker speeds, better efficiency, and strong security.