At Sept. 30, Hyperliquid accounted for 11.7% of open interest measured across the platform and eight centralized exchanges; its perpetual futures open interest had reached a Q3 high of $18.1 billion on Sept. 22.
Open interest averaged $12.7 billion during the quarter, 46.4% above Q2. At quarter-end, it stood at $16.7 billion, about 80% higher than the $9.31 billion recorded June 30. The peak and quarter-end figures are separate readings: open interest had fallen from its Sept. 22 high by the final day of the quarter.
The 11.7% share compares Hyperliquid’s open interest with a combined total for the platform and eight centralized exchanges. Its portion of that total was 9.6% on June 30. The figure therefore describes a particular group of venues, rather than Hyperliquid’s share of all crypto derivatives activity.
At $730.6 billion, Q3 matched volume exceeded Q2 by 9.3%, though it remained 30.5% below its level a year earlier. The volume and open-interest figures show different movements over the year: open interest was higher at quarter-end than in June, while quarterly trading volume remained below its year-earlier level.
The metric counts both sides of contracts that remain open. It measures outstanding contracts, but does not by itself show which way traders expect prices to move.
The comparison uses a different venue group from EconoTimes’ earlier Q3 report on Hyperliquid’s share among perpetual decentralized exchanges, which put that share at about 53%. The 11.7% figure includes eight centralized exchanges, so the two percentages measure distinct groups of venues.
