Hyperliquid open interest overtakes Bybit, Kraken and OKX as Q3 positions surge
Crypto derivatives activity accelerates on Hyperliquid in the third quarter, lifting the platform to a record $16.8 billion in open positions after a July slowdown. The gain is paired with stronger trader participation, rising protocol revenue and a sharp increase in stock-linked perpetuals trading.
Highlights
- Hyperliquid's open derivatives positions reached $16.8 billion in Q3, rising nearly 80% since June and surpassing Bybit, Kraken, and OKX.
- Native perpetuals volume increased from $109.5 billion in July to over $188 billion in September, while average daily traders hit a quarterly record of 65,161.
- Protocol revenue grew 21.7% quarter over quarter to nearly $191 million, including $17.3 million from USDC reserves, but remains 36.5% below last year.
Quarterly trading growth and revenue expansion
As reported by The Block, citing Hyperliquid Research Collective, Hyperliquid finishes the third quarter with $16.8 billion in open derivatives positions, up nearly 80% from the end of June and enough to move ahead of Bybit, Kraken and OKX on that measure.The platform's share of open interest across Hyperliquid and eight major exchanges rises to 11.7% from 9.6% three months earlier. Native perpetuals volume also climbs from $109.5 billion in July to more than $188 billion in September, while average daily traders reach a quarterly record of 65,161.
Protocol revenue increases 21.7% quarter over quarter to nearly $191 million. That total includes $17.3 million from its USDC reserve-income arrangement linked to Coinbase's role as Hyperliquid's treasury deployer, although revenue remains 36.5% below the same period last year.
Market share gains in crypto derivatives
Hyperliquid's latest quarter points to stronger competitive momentum in crypto derivatives as trading activity rebounds after the mid-quarter slowdown. The increase in open interest suggests the platform is capturing a larger share of trader positioning relative to major centralized rivals.Stock-linked perpetuals are a notable driver of that expansion, with volume jumping 161% to $153.8 billion. The segment overtakes commodities in HIP-3, the framework that allows third-party operators to launch perpetual futures, indicating broader demand for non-crypto exposure within the exchange's derivatives ecosystem.
We recently wrote about Hyperliquid data auctions, where traders bid for early access to incoming orders.
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