A post by @WuBlockchain on X.
Hyperliquid Surpassed Bybit, Kraken and OKX in Open Interest in Q3
@WuBlockchain on X
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Hyperliquid's open interest in Q3 exceeded that of Bybit, Kraken and OKX, according to a report from the independent Hyperliquid Research Collective. The decentralized perpetuals exchange's OI climbed to a level that placed it ahead of the three centralized venues, marking a notable shift in derivatives market share toward on-chain trading. The milestone matters because open interest is a key gauge of liquidity and trader commitment, and Hyperliquid's rise signals growing institutional and retail appetite for decentralized perpetual futures. Watchers will focus next on whether Hyperliquid can hold its OI lead through the fourth quarter and how the centralized exchanges respond on fees and incentives.
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Named in this story
Hyperliquid (HYPE), OKX, Kraken, Bybit, Hyperliquid Research Collective
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