Hyperliquid posts $4.5T perp volume and $10.1B open interest as Grayscale launches 0.29% HYPE staking ETF, token hits ATH

Hyperliquid said its platform has reached $4.5 trillion in cumulative perpetual (perp) trading volume and holds roughly $10.1 billion in open interest; protocol changes under HIP-3 have made perp market creation permissionless and the update has seen 187 active builder codes so far ^[1].

Grayscale’s Hyperliquid staking ETF cleared a key regulatory milestone when the SEC’s notice of effectiveness made the product able to launch; Grayscale priced the HYPG staking ETF with a 0.29% gross management fee, the lowest U.S. fee reported for a Hyperliquid staking product ^{[2] [1] [3]}.

Market reaction was swift: HYPE traded at fresh all-time highs amid rising institutional interest and ETF momentum, and reporting attributes part of the price move to a high-profile short squeeze that forced a major bear to abandon an approximately $110 million position ^{[4] [5]}.

Taken together, the on-chain and derivatives metrics, the SEC-cleared staking ETF, and the price surge reflect growing trading activity and investor demand around Hyperliquid’s ecosystem ^{[1] [2] [4]}.