Ethereum Surpasses Bitcoin in Open Interest on Hyperliquid
Ethereum has taken the lead over Bitcoin in open interest on Hyperliquid, a decentralized perpetual futures exchange. According to data from TradingView, Ethereum's open interest stands at approximately $3.02 billion, surpassing Bitcoin's roughly $2.80 billion.
This milestone marks a significant shift in trader sentiment, with ETH leading BTC by more than $200 million on the platform. Hyperliquid's total open interest has reached a record high of around $18 billion, representing nearly 10% of global perpetual futures open interest.
The HIP-3 framework launched in October 2025 has contributed to this growth, enabling tokenized traditional assets such as equity indices and commodities on the platform. However, experts caution that concentrated open interest on a single decentralized venue poses risks, including smart contract vulnerabilities and liquidity crises.