Hyperliquid (HYPE) has recently seen a sharp increase in trading activity, with trading volume surging over 680%, pushing its price above $91. According to CoinGlass data, HYPE is currently trading at approximately $91.41, up 15.22% in 24 hours. Futures trading volume has reached $13.47 billion, while spot trading volume is about $1 billion. Of this, Binance's daily trading volume is $3.89 billion, an increase of 789.13%; Hyperliquid's native exchange volume is $3.06 billion, an increase of 738.72%. Open interest stands at $4.02 billion, indicating high participation in the derivatives market, but liquidations reached $32.57 million in 24 hours, and futures saw a net outflow of $50.28 million in 12 hours, suggesting potential liquidation risks if prices suddenly reverse.