Hyperliquid Surpasses Major Exchanges in Open Interest Share

Hyperliquid open interest — Hyperliquid, a decentralized perpetual futures exchange, has overtaken several major centralized competitors in terms of open interest share, according to recent data.

The platform’s share of open interest across itself and eight major centralized rivals reached 11.7% in the third quarter. This growth was driven by an 80% increase in positions on the platform during the same period.

The surge in activity has positioned Hyperliquid ahead of established names like Bybit, Kraken, and OKX in this key metric. Open interest, which represents the total number of outstanding derivative contracts, is a widely watched indicator of market activity and trader sentiment.

The data highlights the continued growth of decentralized derivatives platforms, which are capturing a larger portion of the market traditionally dominated by centralized exchanges.