Hyperliquid Ends Q3 With $16.8B in Open Interest
Hyperliquid’s open interest rose nearly 80% in Q3, putting it ahead of Bybit, Kraken and OKX in the research report’s exchange comparison.
Key Notes
- Hyperliquid ended Q3 with $16.8 billion in open derivatives positions, up nearly 80% from June.
- Its 11.7% share applies to Hyperliquid and eight major exchanges in the research comparison.
- Open interest tracks outstanding positions and is distinct from trading volume, customer deposits and protocol revenue.
Hyperliquid ended the third quarter with a record $16.8 billion in open derivatives positions, moving ahead of Bybit, Kraken and OKX on the research report’s measure.
Open interest increased nearly 80% from the end of June, The Block reported, citing the Hyperliquid Research Collective’s quarterly review.
Hyperliquid Gains Share in the Tracked Group
Its share across Hyperliquid and eight major exchanges rose to 11.7%, from 9.6% three months earlier. That represents a gain of 2.1 percentage points within the study’s nine-venue comparison.
The figures describe positions outstanding at the end of September. They are a historical snapshot of the third quarter, which ran from July through September, rather than a reading of positions currently open in November. Comparisons require the same observation date and contract coverage across the venues being measured.
The ranking also concerns a specific part of the exchange business. Open interest measures outstanding derivatives exposure. It does not rank platforms by spot turnover, customer numbers, assets in custody or profitability.
Open Interest Measures Positions That Remain Open
CME Group defines open interest as futures contracts held by market participants that have not yet been closed. Trading volume instead measures how many contracts change hands during a period.
A market can therefore record substantial trading without an equivalent increase in outstanding positions. Contracts can be opened, closed or transferred as traders adjust their exposure, while the volume counter continues accumulating executions.
The dollar value of those positions is also distinct from the collateral supporting them. The $16.8 billion figure should not be interpreted as an equal amount of customer deposits or fresh capital entering Hyperliquid.
Nor does aggregate open interest identify a uniformly bullish position. Derivatives connect buyers and sellers, including traders hedging existing holdings. Assessing direction requires information beyond the headline total.
Crypto Trading Recovers as Equity Perpetuals Expand
The HRC summary describes a recovery in native cryptocurrency perpetuals, with volume rising 72% from July to September. The independent research initiative was founded by Four Pillars and GLC Research.
At the same time, equity perpetuals generated $153.8 billion in quarterly turnover on HIP-3, up 161% from Q2. They accounted for 58.8% of the $262 billion traded through its third-party markets.
These instruments provide price exposure to shares through derivatives, without giving traders ownership of the underlying stocks. Their growth extends the expansion into traditional-asset perpetuals examined by MarketSpeaker.
CoinScreamer’s earlier Q3 revenue review covered a separate result: protocol revenue rose 21.7% to $190.9 million, while remaining 36.5% below the previous year.
Taken together, the measures describe different aspects of activity. Open interest captures outstanding positions, turnover records trading flows and protocol revenue reflects what the network earns. Gains in one do not imply an identical increase in the others.
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