Hyperliquid passes Bybit, Kraken and OKX in open interest as Q3 positions grow 80%

Hyperliquid's share of open interest reached 11.7% across its platform and eight major centralized rivals, leapfrogging Bybit, Kraken and OKX. The decentralized exchange's Q3 positions grew 80%, signaling that traders are increasingly routing derivatives exposure to on-chain venues. A rising share of open interest matters because it points to durable liquidity and volume migrating toward decentralized perpetuals, a tailwind for Hyperliquid and its token.