Hyperliquid OI Is Approaching Its July 2025 Peak .@HyperliquidX open interest is climbing back toward the levels seen during its July 2025 peak, signaling that leverage and trading activity are returning strongly. - Total OI has recovered to roughly $8.5B - July 2025 peak was around $10B - That puts current OI at roughly 85% of the previous peak - The recovery has accelerated after OI bottomed around the $3 - 4B range - BTC and ETH remain the largest contributors, while HYPE and other assets are also rebuilding The bigger picture: capital and leverage are flowing back into Hyperliquid, bringing its derivatives market closer to the highs of the previous cycle. If OI continues expanding, the key question is whether Hyperliquid can break its previous OI high and establish a new record.