Hyperliquid surpassed the major cryptocurrency exchanges Bybit, Kraken and OKX in open interest during the third quarter, with the decentralized trading platform reaching approximately $16.8 billion in open interest at the end of September as its share of derivatives market activity continued to expand. The platform also recorded an all-time high of $18.1 billion in open interest on September 22, according to a quarterly report from the independent research group Hyperliquid Research Collective (HRC).

The figures highlight Hyperliquid's growing position in the cryptocurrency derivatives market, where open interest serves as a key indicator of outstanding futures and perpetual contract positions. The platform's performance during Q3 placed it ahead of three established centralized exchanges on this particular market metric. Because the comparison sets a decentralized trading platform against established centralized operators, it offers a measurable reference point for how derivatives activity is distributed between the two exchange models.

Open Interest Climbs Nearly 80% Over the Quarter

Hyperliquid's open interest stood at approximately $16.8 billion at the end of September, representing an increase of nearly 80% compared with its level at the end of June.

The quarter also produced a new record. On September 22, open interest on the platform climbed to an all-time high of $18.1 billion, its highest reported level during the period covered by the HRC report.

Open interest measures the total value of 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 that remain active in the market. Hyperliquid's reported expansion therefore reflects an increase in the value of outstanding positions held on the platform. Shifts in how open interest is distributed across venues are tracked for this reason, since they show where active leveraged exposure is held rather than how much trading occurred.

The nearly 80% rise between the end of June and the end of September demonstrates how significantly the platform's standing in the derivatives market changed during the three-month period.

Hyperliquid Expands Its Share of Combined Exchange Open Interest

Beyond the increase in its overall open interest, Hyperliquid also captured a larger share of the combined derivatives market when measured against a group of eight major centralized cryptocurrency exchanges.

According to the HRC quarterly report shared by Wu Blockchain, 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 risen to 11.7%.

The 2.1-percentage-point increase indicates that Hyperliquid expanded its relative share of outstanding derivatives positions during the quarter. The measure is particularly relevant because it benchmarks the platform's performance against a broader group of established centralized trading venues rather than examining its growth in isolation. Even at the higher end-of-September figure, the data indicates that the eight centralized exchanges in the comparison group collectively retained the majority of combined open interest.

The same comparison 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

Taken together, the third-quarter figures provide two key measures of Hyperliquid's performance: the increase in its absolute open interest and its growing proportion of combined open interest across the selected exchange group.

Hyperliquid's approximately $16.8 billion in open interest at the end of September, following the all-time high of $18.1 billion recorded on September 22, marks a significant expansion from its end-of-June level. Over the same period, its share of total open interest among Hyperliquid and the eight major centralized exchanges rose from 9.6% to 11.7%. For a decentralized platform, a double-digit share of combined open interest offers a concrete indication of the scale at which decentralized derivatives venues now operate alongside centralized incumbents. As a quarterly publication, the HRC report also provides a recurring benchmark for tracking how open interest is distributed across major venues in the periods ahead.

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.