Hyperliquid (HYPE) has risen to fourth place in cryptocurrency futures open interest, overtaking XRP.

U.Today, a blockchain media outlet, reported on July 19 that CoinGlass data showed HYPE futures open interest at $1.45 billion, surpassing XRP at $1.12 billion.

Open interest refers to the total value of futures contracts that have not yet been settled. HYPE ranking fourth on the metric behind bitcoin (BTC), ether (ETH) and solana (SOL) shows that futures market participants' funds and bets are flowing more strongly into HYPE than XRP. The outlet said, "HYPE took the spot that XRP held."

The ranking shift diverged somewhat from spot price moves. HYPE fell 1.28 percent over the past 24 hours and traded around $59.24. XRP rose 1.26 percent to about $1.09. In the spot market alone, XRP showed the better move, but the derivatives market was different.

Participation around HYPE is growing quickly in the futures market. The outlet pointed out that "crypto futures traders are strongly participating in Hyperliquid." It also said HYPE's derivatives market size is building its presence faster than XRP.

The metric does not mean the overall market pecking order has flipped. XRP is still ahead of HYPE by market capitalisation and is holding fourth place in the overall cryptocurrency market. U.Today also noted that "XRP is still ahead of HYPE in the broader cryptocurrency market."

The trend also shows that spot and derivatives market interest does not necessarily move in the same direction. XRP failed to hold its futures open interest ranking despite a price rebound, while HYPE maintained derivatives inflows even amid a short-term price pullback. As a result, market attention is expected to focus for now on whether demand for HYPE futures is a temporary concentration or whether it will establish itself as a major derivatives trading asset after bitcoin, ether and solana.