Hyperliquid's Open Interest Hits Record $18 Billion

Hypeliquid's open interest has reached an all-time high of $18 billion, marking a record milestone for the decentralized perpetuals exchange. This figure represents two-sided open interest, calculated as the combined sum of all long and short positions currently open on the platform.

This calculation method counts both sides of every trade, meaning the raw single-sided OI figure would be approximately half that amount. Hyperliquid clarified this methodology in its announcement to ensure transparency in how the metric is reported.

A higher open interest reading indicates greater participation and deeper liquidity across the platform's perpetual futures markets, which can translate to tighter spreads and more efficient price discovery for active traders on both the long and short sides.