Hyperliquid passes Bybit, Kraken and OKX in open interest as its positions hit a record $16.8 billion in the third quarter

Hyperliquid, the decentralized derivatives exchange, closed the third quarter with a record $16.8 billion in open positions, according to a new report from the Hyperliquid Research Collective cited by The Block. Open interest rose nearly 80% from the end of June after a slowdown in July.

That was enough to pass Bybit, Kraken and OKX. Hyperliquid's share of open interest across itself and eight major exchanges rose to 11.7%, from 9.6% three months earlier, the report said.

Trading picked up through the quarter. Volume in Hyperliquid's own perpetual futures rose from $109.5 billion in July to more than $188 billion in September, and the average number of daily traders reached a quarterly record of 65,161. Volume in stock-linked perpetuals rose 161% to $153.8 billion, overtaking commodities among markets built on its HIP-3 standard.

Protocol revenue rose 21.7% from the previous quarter to nearly $191 million, including $17.3 million of income from USDC reserves. That was still 36.5% below the same quarter a year earlier, The Block reported.