Some recent data on HYPE and Hyperliquid open interest: Historically, total OI and HYPE price have been highly correlated. Throughout the past ~2 months, however, this is no longer the case. Since the price bottomed 2 weeks ago, HYPE is up 60% while OI has decreased from $8.4b to $5.39b (as a result of the market wide selloff). Nonetheless, mcap/OI doesn't seem too heated in the grand scheme of things and is back to a multiple it traded around most of last year. Daily fees/OI is up a lot recently which might be surprising as HIP3 pairs now take up a larger market share and have significantly lower trading fees. The recent uptick here is most likely due to a lot of liquidations however which tends to drive significant fees & revenue.