title: Hyperliquid's Native Token, HYPE, Surged to a New All-Time High Following a Significant Increase in Trading Activity and Open Interest

Hyperliquid's native token, HYPE, surged to a new record high following a significant increase in trading activity and open interest on the platform.

Hyperliquid’s native token, HYPE, hit a new all-time high following a strong increase in trading activity and open interest on the decentralized trading platform.

Hyperliquid’s native token, HYPE, hit a new all-time high following a strong increase in trading activity and open interest on the decentralized trading platform.

This momentum coincides with Hyperliquid’s public response to the Commodity Futures Trading Commission’s (CFTC) regulatory discussions.

According to data from CoinGlass, Hyperliquid’s open interest is rapidly approaching the $12 billion mark, reaching $9.4 billion on May 23.

This represents a 53% increase from the platform’s previous peak of around $6 billion, which was attained earlier in the month.

Open interest measures the total number of active futures and perpetual contracts, and it tends to rise when market sentiment is strong.

As Bitcoin price climbed to a new all-time high above $111,000 on May 22, investors’ appetite for derivatives grew, leading to a surge in trading activity on platforms like Hyperliquid.

CFTC engagements

Meanwhile, Hyperliquid Labs submitted two comment letters to the CFTC in response to the agency’s calls for feedback on two topics:

Perpetual derivatives

24/7 crypto trading

In its letters, the company highlighted how its decentralized infrastructure supports transparency, self-custody, and composability—key benefits of on-chain perpetual contracts.

It also highlighted that Hyperliquid’s platform provides continuous liquidity, real-time collateral management with pre-funded accounts, automated liquidations, and round-the-clock trading. It also features decentralized infrastructure and immutable audit trails, which foster resilience and compliance readiness.

The company added:

“We believe that Hyperliquid exemplifies how core defi principles can be put into practice to enhance market efficiency, market integrity and user protection. Supporting DeFi in the US with open dialogue and a clear regulatory framework is an opportunity to ensure the US remains a leader in financial innovation while robustly protecting users.”

HYPE hits new ATH

These regulatory engagements and advancements on the decentralized trading platforms may have aided HYPE’s climb to a new all-time high.

According to CryptoSlate’s data, the token joined the broader market rally, surging more than 12% in the last 24 hours to reach a new high of over $37. The digital asset has also gained over 95% in the previous 30 days.

However, not all traders have benefited from this price momentum.

Blockchain analysis platform SpotOnChain reports that a large whale shorted 1.875 million HYPE tokens at 5x leverage, which was valued at over $57 million.

As the price of HYPE surged, the whale was liquidated at a price of $30.56, resulting in a total loss of $23.5 million.

As the price of HYPE surged, the whale was liquidated at a price of $30.56, resulting in a total loss of $23.5 million.

Despite the liquidation, the whale managed to withdraw a significant amount of USDC. They deposited 30.5 million USDC to open the short position and closed it with a loss of 23.5 million USDC, leaving them with 7 million USDC.