According to the Hyperliquid Research Collective, open interest on Hyperliquid grew by approximately 80% in the third quarter, from $9.31 billion on June 30 to $16.7 billion on September 30. The record, $18.1 billion, was set on September 22.
The platform overtook Kraken and Bybit on August 12, and OKX on September 17. Hyperliquid's share of the combined open interest of the platform and eight centralized exchanges rose from 9.6% to 11.7%.
Binance remains ahead: at the end of September, Hyperliquid's open interest was around 27% of Binance's.
Open Interest is the total value of all open futures or perpetual contracts.
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