Decentralised exchange Hyperliquid has overtaken centralised exchanges including Bybit, Kraken and OKX in third-quarter open interest, The Block reported on Thursday.
Hyperliquid's derivatives open interest at the end of the third quarter hit a record $16.8 billion, the report said. After a lull in July, it rose by nearly 80 percent from the end of June.
Hyperliquid's share of total open interest across Hyperliquid and eight major exchanges rose to 11.7 percent from 9.6 percent three months earlier.
Crypto trading also increased. Its own perpetual futures trading volume jumped to more than $188.0 billion in September from $109.5 billion in July. The average number of daily traders hit a quarterly high of 65,161.
Third-quarter revenue rose 21.7 percent from the previous quarter to about $191.0 million. Of that, $17.3 million came from a USDC reserve yield agreement with Coinbase. Revenue was 36.5 percent lower than a year earlier.
Stock-linked perpetual futures trading volume rose 161 percent to $153.8 billion. The Block said it became the biggest asset class on “HIP-3”, which allows external operators to list perpetual futures, surpassing commodities.
Chi-gyu Hwang
delight@d-today.co.kr