Hyperliquid's Q3 Open Interest Jumps 80% to $16.8 Billion, Passing Bybit, Kraken and OKX

By Kevin · 2026-11-14 · News

Nov. 14 (CandyPulse) — A trading platform with no company headquarters and no sign-up forms is now rivalling some of the biggest names in crypto. Hyperliquid ended the third quarter with a record $16.8 billion in open positions, up nearly 80% in three months, according to a new report.

Key takeaways

Hyperliquid's open interest hit a record $16.8 billion at the end of Q3, up nearly 80% from the end of June
By that measure it passed centralized exchanges Bybit, Kraken and OKX, the report says
Its share of open interest across itself and eight major exchanges rose to 11.7% from 9.6%
Quarterly revenue was about $190.9 million, with a record 65,161 average daily traders
Other research disagrees on the ranking, depending on how it's measured

The quarter in numbers

Metric	Q3 result
Open interest at quarter-end	$16.8 billion (report figure: $16.76 billion)
Quarterly change	+79.9%
Share of open interest vs. eight major exchanges	11.7%, up from 9.6%
Revenue	About $190.9 million
Average daily traders	65,161 (+20%), a third straight record
Trading volume	$730.6 billion (+9.3%)

Source: Hyperliquid Research Collective quarterly report, as covered by The Block and others.

What "open interest" means

Open interest is the total value of bets still open on a platform at a given moment. It's different from trading volume, which counts how much changed hands. High open interest means a lot of money is committed and staying put, so it's a good gauge of how seriously traders use a venue.

Why this is a big deal

Hyperliquid is a decentralized exchange: it runs on its own blockchain, and users trade from their own wallets instead of handing funds to a company. For years, platforms like that were too slow and too thinly traded to challenge the giants. Passing three major centralized exchanges on any measure shows that has changed.

The report also points to new products. Hyperliquid has been expanding beyond crypto into stock-linked markets and prediction markets, a theme across the industry this week (xStocks, Meta's prediction app).

The fine print

The headline deserves care:

It depends on the measure. The $16.8 billion is an end-of-quarter figure. Research from TokenInsight, using average open interest across the quarter, puts Bybit above Hyperliquid, with Binance first. Bitwise puts Hyperliquid's average at $12.7 billion, up 46.4%.
It depends on what's counted. One on-chain-only dataset shows $8.2 billion, a narrower scope.
The source is close to the project. The 80% figure comes from the Hyperliquid Research Collective.

The fair summary: Hyperliquid grew very fast and is now in the same league as the big exchanges. Whether it's "ahead" depends on the yardstick.

A caution on leverage

Record open interest also means record leverage in the system, and this week showed the risk. When Bitcoin broke below $70,000, more than a billion dollars of leveraged bets were wiped out in a day. Derivatives are for experienced traders who can afford the losses. See our crypto glossary for terms like "perpetual" and "liquidation".

What's next

Watch whether Hyperliquid holds its share through the current sell-off, and how its newer stock and prediction markets grow.

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Disclaimer: This article is for information only and is not financial advice. Market figures move quickly and different data providers can show slightly different numbers. Always do your own research before making any investment decision.