Hyperliquid (HYPE) Rallies 10% as Whale Activity and Open Interest Spike

Key Takeaways

Table of Contents

HYPE surged approximately 10% to reach $40, outperforming all other top 20 cryptocurrencies by market capitalization
Open Interest surged to $1.67 billion, marking the highest reading since early February and indicating fresh liquidity flowing into the market
Funding rates shifted into positive territory, climbing to 0.008%, which indicates longs are compensating shorts
The 4-hour RSI reached 70, approaching overbought levels, while the MACD indicator displays a bullish crossover pattern
Tokenized assets comprised 33% of Hyperliquid’s weekly trading activity, establishing a new platform record

Hyperliquid (HYPE) has climbed to $40 following a nearly 10% price increase recorded on Monday. This upward momentum propelled HYPE ahead of Cardano’s ADA, securing its position as the 10th-largest digital asset by total market capitalization.

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Hyperliquid (HYPE) Price

The price surge is supported by robust on-chain metrics and derivatives indicators. According to CryptoQuant analytics, significant whale accumulation patterns, buy-side pressure, and stabilizing conditions across both spot and futures markets have emerged.

In the derivatives market, Open Interest (OI) climbed to $1.67 billion as of Tuesday. This represents the highest reading observed since early February, with steady growth recorded throughout March.

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Source: Coinglass

An increase in OI generally indicates fresh capital deployment into the market. This influx of new liquidity could provide additional support for the current bullish price trajectory.

Additionally, Hyperliquid’s funding rates reversed into positive territory on Sunday, reaching 0.008% by Tuesday. This shift from negative to positive funding indicates that traders holding long positions are now paying a premium to short sellers — a clear indicator of heightened bullish sentiment.

Chart Analysis Suggests Further Upside

Examining the 4-hour timeframe, HYPE successfully broke through a critical resistance zone at $36.51 last Thursday. The token then consolidated near this level the next day before posting approximately 10% gains through Monday’s session.

Are you ready for $HYPE summer? pic.twitter.com/LMdpi9MtkV
— Rand Group (@cryptorand) March 13, 2026

The 4-hour RSI currently reads 70, positioning just beneath overbought conditions. Meanwhile, the MACD has produced a bullish crossover signal, accompanied by expanding green histogram bars that strengthen the positive technical outlook.

Should the uptrend persist, bulls are eyeing the psychologically significant $50 level. That said, the October 29 peak of $49.88 could act as near-term resistance given the concentration of potential sell orders clustered in that zone.

Within the context of the broader uptrend, a temporary retracement remains possible. In such a scenario, traders should monitor $36.51 as the initial support threshold, with $33.60 serving as secondary support — a level that was most recently tested on March 10.

Tokenized Assets Reach Milestone Volume Share

Beyond price movements, tokenized assets represented 33% of Hyperliquid’s aggregate weekly trading volume. This marks an unprecedented peak for this asset category on the platform, based on data compiled by Blockworks.

Tokenized assets accounted for 33% of last week’s volume on Hyperliquid, a new all time high
These assets also make up 21% of open interest on the platform pic.twitter.com/SZIbJa6Sfb
— Blockworks (@Blockworks) March 16, 2026

Furthermore, tokenized assets currently comprise approximately 21% of total open interest on Hyperliquid. Open interest measures the aggregate value of all active derivative contracts.

The expanding proportion of tokenized assets indicates that an increasing number of market participants are maintaining positions in these instruments over extended timeframes.

Tokenized assets represent conventional financial instruments or tangible real-world assets that have been digitized and issued on blockchain infrastructure, enabling them to be exchanged within decentralized trading environments.

As of Tuesday’s session, HYPE is changing hands at $40, with bullish traders setting their sights on $50 as the next significant milestone.