Hyperliquid Open Interest Surges to $14.7B, Captures 76% of Perpetual DEX Market
Hyperliquid's Open Interest has reached a new milestone, exceeding $14.7 billion for the first time since October 2025. This significant growth represents a 210% increase in open interest over the past seven months, with no sharp spikes like those seen last year.
The gradual climb in Hyperliquid's Open Interest is attributed to several factors. Coinbase announced that its Base app would use Hyperliquid-powered perpetual futures, opening a massive distribution channel for the platform. Additionally, President Trump stated that the CFTC is actively working on bringing Hyperliquid onshore.
Despite the $820 million unlock event on September 6, which could have potentially disrupted the market, Hyperliquid's Open Interest continued to climb. The core perps are now driving growth, with a significant shift in composition over the past month. Core markets route about 99% of fees into HYPE buybacks.
Hyperliquid currently holds approximately 76% of perpetual DEX open interest across tracked platforms, surpassing other competitors like Aster and Lighter. This consolidation demonstrates that Hyperliquid has become a dominant force in the market.