Hyperliquid Open Interest Climbs Nearly 80% in Q3

Hyperliquid’s open interest rose nearly 80% in the third quarter of 2026, reaching $16.7 billion on September 30, as its share of open interest across the platform and eight centralized exchanges increased to 11.7%, according to a quarterly report from the Hyperliquid Research Collective.

The quarter-end figure was up from $9.31 billion on June 30. Hyperliquid’s share of open interest across the defined group of venues had been 9.6% at the end of June. Open interest measures outstanding derivatives contracts and does not indicate whether traders expect prices to rise or fall.

The platform’s open interest reached a reported quarterly peak of $18.1 billion on September 22 before declining to the quarter-end level. One article summarized the peak as $18.2 billion, while the report’s detailed figures cited by other accounts put it at $18.1 billion. A separate account described $16.8 billion as the quarter-end amount, but the more detailed reporting gives $16.7 billion on September 30.

Average daily traders reached a quarterly record of 65,161, according to the report. Matched trading volume totaled $730.6 billion, 9.3% higher than in the second quarter but 30.5% below the...