Ethereum Overtakes Bitcoin in Open Interest on Decentralized Exchange Hyperliquid
Ethereum has surpassed Bitcoin in open interest on the decentralized perpetual futures exchange Hyperliquid. On this platform, which accounts for an estimated 8.7% to 10.9% of global perpetual futures open interest, Ethereum's open interest has reached approximately $3.02 billion compared to Bitcoin's roughly $2.80 billion.
This change suggests a rotation in trader sentiment that is worth watching. Open interest measures the total value of outstanding derivative contracts that haven't been settled, which is different from volume, which tracks how much changes hands in a given period.
Hyperliquid's rise to prominence is notable. The platform launched around 2023 with a simple pitch: deliver centralized-exchange speed and features on a fully decentralized platform. Its architecture lets it offer up to 50x leverage across its markets, which has helped attract significant volumes.