Hyperliquid wrapped up the third quarter with an all-time high of $16.8 billion in outstanding derivatives contracts after experiencing a lull in July.
Total open interest surged by close to 80% compared to the conclusion of June, as stated in a fresh analysis released by the Hyperliquid Research Collective. This expansion enabled Hyperliquid to outpace centralized trading platforms such as Bybit, Kraken, and OKX regarding open interest.
Its proportion of open interest calculated across Hyperliquid alongside eight prominent platforms increased to 11.7%, moving up from the 9.6% recorded three months prior.
This growth coincided with a general increase in digital asset trading activity, with native perpetual contract volume moving up from $109.5 billion in July to surpassing $188 billion by September. Mean daily active traders additionally reached a quarter-long high of 65,161.
Ecosystem earnings grew by 21.7% sequentially to approach roughly $191 million, which factored in $17.3 million generated through its USDC reserve-income partnership linked to Coinbase acting as Hyperliquid’s treasury deployer. Total revenue stayed down by 36.5% relative to the identical timeframe during the previous year.
Volume for equity-based perpetuals likewise climbed by 161% to hit $153.8 billion, surpassing the commodities sector within HIP-3, a mechanism enabling external operators to introduce perpetual futures.
Hyperliquid traders paying for advantages
Wintermute, recognized as a leading digital asset market maker, has turned into a primary participant in Hyperliquid’s bidding system to secure priority access to trading information, Bloomberg reported on Thursday.
An address associated with Wintermute secured 76% of the auctions for the highest-priority data position throughout the prior month, based on evaluation from Loris Tools referenced by Bloomberg.
The mechanism grants participants early visibility into incoming transactions, permitting them to adjust their holdings ahead of other transactions being executed. Detractors argue that the capability grants institutional entities an unequal edge, whereas Wintermute characterized it as an open approach to contend for execution speed.
Originally published at https://www.theblock.co/news/markets/2026-11-13-hyperliquid-leapfrogs-bybit-kraken-okx-open-interest-q3-positions-grow-440053.
