Hyperliquid surpassed major cryptocurrency exchanges Bybit, Kraken and OKX in open interest during the third quarter, reaching approximately $16.8 billion by the end of September as its share of derivatives market activity continued to expand. The decentralized trading platform also recorded an all-time high of $18.1 billion in open interest on September 22, according to a quarterly report from independent research group Hyperliquid Research Collective (HRC).
The figures highlight Hyperliquid's growing position in the cryptocurrency derivatives market, where open interest is a key indicator of outstanding futures and perpetual contract positions. Its performance during Q3 placed the platform ahead of three established centralized exchanges in this particular market metric.
Hyperliquid Open Interest Climbs Nearly 80% in Q3
Hyperliquid's open interest reached approximately $16.8 billion by the end of September, representing an increase of nearly 80% compared with its level at the end of June.
The platform's growth also included a new record during the quarter. On September 22, Hyperliquid's open interest climbed to an all-time high of $18.1 billion, marking its highest reported level during the period covered by the HRC report.
Open interest measures the total value of outstanding derivatives contracts that have not yet been settled or closed. Unlike trading volume, which tracks the amount of trading activity over a specific period, open interest provides an indication of the positions remaining active in the market.
Hyperliquid's reported expansion therefore reflects an increase in the value of outstanding positions on its platform. The nearly 80% rise between the end of June and the end of September also demonstrates how significantly its position in the derivatives market changed during the third quarter.
Hyperliquid Increases Its Share of Combined Exchange Open Interest
Beyond the increase in its overall open interest, Hyperliquid also gained a larger share of the combined derivatives market measured against eight major centralized cryptocurrency exchanges.
According to Wu Blockchain the HRC report, Hyperliquid accounted for 9.6% of total open interest across the comparison group at the end of June. By the end of September, that proportion had increased to 11.7%.
The 2.1-percentage-point increase indicates that Hyperliquid expanded its relative share of outstanding derivatives positions during the quarter. This measure is particularly relevant because it compares the platform's performance against a broader group of established centralized trading venues rather than examining its growth in isolation.
The comparison also places Hyperliquid ahead of Bybit, Kraken and OKX in open interest during Q3, according to the quarterly findings shared by Wu Blockchain.
Hyperliquid's Position in the Crypto Derivatives Market
The third-quarter figures provide two important measures of Hyperliquid's performance: its increase in absolute open interest and its growing proportion of combined open interest across the selected exchange group.
Its approximately $16.8 billion in open interest at the end of September, following an all-time high of $18.1 billion on September 22, markets a significant expansion from the end-of-June level. Meanwhile, its share of total open interest among Hyperliquid and eight major centralized exchanges increased from 9.6% to 11.7% over the same period.
The findings were published in a Q3 report by the independent Hyperliquid Research Collective (HRC), documenting Hyperliquid's position ahead of Bybit, Kraken and OKX in open interest during the third quarter.
Writer: Victoria Hale Technology & Blockchain Writer
Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.
She prioritises clarity and accuracy when explaining technical developments to a general audience.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
