The new high in coin price indicates that someone is willing to chase after it The exchange has seen two consecutive new OI highs, indicating that users are not just buying coins, they are keeping their positions and liquidity here Today, the HYPE price did not refresh, but the global market share of sustainable OI and HIP-3 OI reached a new high According to on chain data statistics, based on a 14 day rolling average, Hyperliquid's global perpetual OI share within its coverage area has risen to 9%, setting a new historical high Many people may not feel the same when they see this number, but OI and trading volume are actually different. Trading volume can be a wave of market trends that come and go after brushing Is OI closer to whether traders have consistently kept their positions, margin, and liquidity on this platform A blockchain exchange that can achieve a global perpetual OI share of 9% at least indicates that it is no longer trading volume driven by hot topics in just one or two days It is entering the true core area of the exchange Looking at the second new high again The OI of HIP-3 has surged to about 3.71 billion US dollars, setting a new historical high and pushing the total OI of Hyperliquid to over 11 billion US dollars. Moreover, HIP-3 currently accounts for approximately 32.2% of Hyperliquid's perpetual trading volume This line is crucial In the past, when people understood Hyperliquid, they mostly referred to mainstream perpetual currencies such as BTC, ETH, SOL, and HYPE But HIP-3 means that Hyperliquid is not just taking on existing Crypto trading needs, it is taking on more of the market itself Whoever wants to trade a target will want it to be on their commonly used exchange. If the platform doesn't have it, users will go elsewhere If HIP-3 can continue to keep these trading demands on Hyperliquid, users will not only keep one transaction, but also positions, liquidity, and habits From the quarterly data, this change is no longer a small experiment In the first quarter of 2026, the total nominal trading volume of Hyperliquid is approximately $646.2 billion, which is close to 92% of Robinhood's approximately $704 billion during the same period Among them, the perpetual trading volume of HIP-3 is about 133.3 billion US dollars, accounting for about 21% of the total trading volume of Hyperliquid. Now, according to the rolling caliber of the past 7 days, its proportion has reached 32.2% Looking at the revenue side of the agreement itself again The total cost of Hyperliquid on that day was about 877400 US dollars, with the destruction of about 9490 HYPEs worth about 639700 US dollars. The cumulative agreement revenue was about 1.19 billion US dollars, and the cumulative destruction of about 46.99 million HYPEs accounted for about 4.70% of the total supply OI sets a new high and will not directly cause HYPE to rise But only when the position and liquidity are retained, will the trading volume be retained; Only by keeping the trading volume will the cycle of fees, repurchases, and destruction continue to run I hope you understand this logic Of course, the risks are also evident The total OI exceeding $11 billion does not mean the market is safe, but rather implies heavier leverage The expansion of HIP-3 will also bring more challenges to liquidity, risk control, and market quality So this is definitely not something that can be summed up by saying "Hyperliquid has won again" From a sustainable leader in DEX to now entering the competitive arena of global top derivative platforms, Hyperliquid is continuing to erode CEX's core market HYPE Hyperliquid