Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
HYPE Hyperliquid open interest volume hits nearly 11-month high
Open Interest (OI) on Hyperliquid has reached its highest level in nearly 11 months. DeFiLlama data shows that the platform's OI exceeded the US$14 billion mark on September 4, and the current reading is US$14.669 billion.
In February this year, the platform's OI bottomed out to about US$4.76 billion. This means that OI has increased by approximately 210% in the past seven months. It is worth noting that this growth process has not exploded. Judging from the chart, growth has been relatively flat since March, indicating that this climb is structurally different from the fast-leveraging accumulation of last October.
Coinbase routing, CFTC review and US$820 million token unlocking
In the past month, a series of events have occurred that have benefited the platform. On August 19, Coinbase announced that its Base app will feature a Hyperliquid-powered perpetual contract product, allowing users to access more than 290 perpetual contract markets covering cryptocurrencies, commodities and stocks. This actually opens up a huge distribution channel for the platform. The following day, President Trump brought the regulatory controversy to focus when he said the U.S. Commodity Futures Trading Commission (CFTC) was actively working to bring Hyperliquid to the U.S. domestic market.
Since then, 9.92 million HYPE tokens have been unlocked on September 6, with a value of approximately US$820 million. This was the only factor in the above events that could shake the growth trend of open interest contracts, but the market did not fluctuate because of it, and OI hit a local high the next day.
The first wave of HIP-3 construction, core perpetual contracts build the current rally
As we delved into the factors driving the growth of Hyperliquid open interest contracts, the composition structure has also changed over the past month. At the beginning of the year, the developer-deployed HIP-3 market drove the growth of OI, with its share of the platform's total OI rising from 18% to more than 34% in August and exceeding US$4 billion. However, current trends have changed. Total OI increased by $3.8 billion last month, while data from hyperscreens shows that OI in the HIP-3 market decreased by about $200 million.
This shift changes the nature of growth. The core market uses approximately 99% of the fees to repurchase HYPE tokens, while the developer market allows deployers to retain half of the revenue they generate. Growth on the core side benefits the token itself more directly, and most of the incremental size last month came from the core side.
Hyperliquid now accounts for 76% of open interest on the Perpetual Contract Decentralized Exchange (DEX)
According to Artemis data on September 8, the total open interest volume of Perpetual Contract DEX tracked is US$19.2 billion, of which Hyperliquid exclusive US$14.6 billion. Aster is $2.5 billion, Lighter is $1.1 billion, and edgeX is $598.6 million. All other platforms on the list are under $210 million.
This gap is the real story here. Until the end of 2025, the stacked charts look quite competitive, with challengers occupying meaningful market share at their peak in October. Today, a year later, the market landscape has consolidated, with Hyperliquid accounting for about three-quarters of the market. The scale currently shown is funds that were once concentrated in centralized trading venues.
Everything that the numbers cannot tell
Open interest is the nominal value of open positions. It is not capital flowing into the platform, nor does it indicate the direction. The $14.7 billion position can be constructed from long positions, short positions, or a balanced combination of the two. A higher OI means more positions are at risk of liquidation if prices fluctuate sharply. The situation in October 2025 just proves this.
What it measures is where a trader is willing to let money stay. In this regard, the answer has changed.
