Hyperliquid (HYPE) has recorded a significant upsurge in open interest in the last 24 hours as the metrics spike to $1.56 billion. CoinGlass data indicates that a total of 43.35 million has been committed to the futures market by investors in the ecosystem, anticipating a bullish recovery.
Hyperliquid futures open interest surges across major exchanges
The data shows that open interest has soared on select cryptocurrency trading platforms. This development could support Hyperliquid's price recovery in the short term.
Coincidentally, Hyperliquid crypto exchange registered the highest open interest on HYPE with 49.86%. This volume, which is nearly half of all open interest, represents 21.62 million HYPE, equivalent to $777.26 million.
Two other exchanges also boasted of hundreds of millions in open interest, and these include Bybit and Binance, with 13.81% and 11.89%, respectively. While Bybit investors committed 5.99 million HYPE valued at $215.37 million, Binance logged 5.15 million HYPE worth $185.42 million.
Other exchanges, such as Bitget and KuCoin, saw investors commit $99.15 million and $61.38 million to the futures market of Hyperliquid.
The spike in open interest has likely been sparked by the recent integration moves by Ripple Prime to bridge traditional finance exposure with decentralized finance infrastructure. As U.Today reported, Ripple expanded its integration plans to Hyperliquid exchange to include on-chain perpetual contracts for traditional commodities.
The move opens Hyperliquid exchange and its native token, HYPE, to more institutional exposure. With the integration, institutional users can offset their decentralized derivatives exposure against positions in traditional markets supported by Ripple.
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Notably, Hyperliquid has been showing signs of growth, with HYPE jumping by 11% in price as it aims to break into the top 10 elite assets by market cap. The spike is largely driven by traders betting on HYPE as they actively engage the asset on the crypto market.
HYPE price faces volatility despite strong trading activity
As of this writing, Hyperliquid exchanges hands at $36.00, which represents a 5.36% decline in the last 24 hours. The asset dropped from a daily peak of $38.49 to its current level amid volatility. Despite this, trading volume remains high by 33.49% at $274.05 million.
A sustained uptick in volume is likely to support a rebound of HYPE to above $40, where it traded earlier in the month. The open interest figures combined with increased volume suggest that market participants are not giving up on the asset.
It remains to be seen if Hyperliquid can breach the $40 resistance level as it moves into April in less than 24 hours.
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