TheBlock
Hyperliquid ended the third quarter with a record $16.8 billion in open derivatives positions, a near-80% jump from the end of June that pushed the decentralised venue past centralized rivals Bybit, Kraken and OKX in open interest. Its share of combined open interest across nine major exchanges climbed to 11.7%, up from 9.6% three months earlier, according to a new report from the Hyperliquid Research Collective. The surge tracked a sharp rise in activity: native perpetuals volume grew from $109.5 billion in July to more than $188 billion in September, while average daily traders hit a quarterly record of 65,161.
Why it matters
A decentralised order book overtaking three of the largest centralized exchanges in open interest is a structural marker for on-chain perps, not a one-week volume spike. Protocol revenue rose 21.7% quarter over quarter to nearly $191 million, including $17.3 million from a USDC reserve-income arrangement tied to Coinbase's role as Hyperliquid's treasury deployer, though revenue remains 36.5% below the same period last year.
The fastest-growing corner is also the newest. Stock-linked perpetuals volume rose 161% to $153.8 billion, overtaking the commodities asset class on HIP-3, the framework that lets third-party operators launch their own perp futures markets.
Market impact
Speed is becoming a paid product on the venue. Bloomberg reported that Wintermute, one of crypto's largest market makers, won 76% of Hyperliquid's auctions for the top-priority data slot over the preceding month, per Loris Tools analysis. The slot gives winners an early look at incoming orders, letting them reposition before other orders process. Critics call that an unfair advantage for large firms; Wintermute defends the auctions as a transparent way to compete for speed.
The next test is whether Hyperliquid converts record open interest into sustained market share, and whether regulator or user scrutiny of the auction system forces changes to how early data access is sold.
Frequently asked questions
-
How much open interest does Hyperliquid hold after Q3?
Hyperliquid ended the third quarter with a record $16.8 billion in open derivatives positions, up nearly 80% from the end of June following a July slowdown.
-
Which exchanges did Hyperliquid surpass in open interest?
Hyperliquid moved past centralized exchange rivals Bybit, Kraken and OKX in open interest. Its share of combined open interest across nine major venues climbed to 11.7%, up from 9.6% three months earlier.
-
What are stock-linked perpetuals on HIP-3?
HIP-3 is Hyperliquid's framework that lets third-party operators launch perp futures markets. Stock-linked perps volume rose 161% to $153.8 billion in Q3, overtaking the commodities asset class on the framework.
-
Why are Hyperliquid's data auctions controversial?
The auctions sell early access to incoming order flow, letting winners reposition before other orders process. A Wintermute-linked wallet won 76% of top-priority slots over the past month, and critics argue this gives large firms an unfair advantage.
-
How much revenue did Hyperliquid earn in the third quarter?
Protocol revenue rose 21.7% quarter over quarter to nearly $191 million, including $17.3 million from its USDC reserve-income arrangement tied to Coinbase's role as treasury deployer. Revenue remained 36.5% below the same period last year.
Crypto News
Lookonchain
Whale Alert
WuBlockchain
Crypto Rank News
CoinDesk