Hyperliquid HIP-3 Open Interest Decreases by $1 Billion

The open interest of Hyperliquid's (HYPE) HIP-3 has decreased by over $1 billion (approximately 1.38 trillion KRW), reaching its lowest level since July 27. As of 12:08 PM KST on the 28th, it was reported that the open interest of HIP-3 had declined. Open interest refers to the total number of outstanding derivative positions that have not been settled, and a decrease in this figure indicates a reduction in the size of positions opened in that market. HIP-3 allows builders to directly deploy and operate perpetual futures markets on Hyperliquid, with the deployer responsible for market definitions, oracle settings, leverage limits, and more. This decrease is interpreted as a trend of reduced short positions in the HIP-3 market; however, a decline in open interest alone cannot definitively determine price direction or investment decisions. Position reduction can occur due to various factors such as profit-taking, risk reduction, and decreased trading demand. Previously, HIP-3's monthly trading volume was reported at $111.75 billion, and this decrease shows that the expansion of scale has not been unilaterally sustained. For Korean investors, changes in leverage within the Hyperliquid derivatives market are a key point of confirmation. A rapid reduction in open interest may alleviate position concentration in specific markets, but it could also indicate a decrease in trading participation.

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