Ethereum Flips Bitcoin in Open Interest on Hyperliquid
Ethereum perpetual futures have overtaken Bitcoin in open interest on the decentralized exchange Hyperliquid, marking a shift in speculative positioning on the platform.
Ethereum has surpassed Bitcoin in open interest on Hyperliquid, with ETH perpetual futures contracts reaching approximately $3.02 billion compared to roughly $2.80 billion for BTC. This shift on the decentralized exchange highlights a change in trader sentiment as the two assets have traded the top spot throughout 2026.
Open interest represents the total value of unsettled derivative contracts, serving as a gauge for active positions rather than trading volume. Hyperliquid now accounts for an estimated 8.7% to 10.9% of global perpetual futures open interest, with the platform reaching a record high of approximately $18 billion in total open interest as of late September 2026.
Hyperliquid operates on its own Layer-1 blockchain and utilizes an on-chain central limit order book, which allows for up to 50x leverage. The platform also supports tokenized traditional assets, including commodities and equity indices, following the launch of the HIP-3 framework in October 2025.
While the flip in open interest provides insight into market positioning, it does not serve as a directional signal on its own, as it reflects both long and short bets. The concentration of open interest on a single decentralized venue also introduces risks related to potential smart contract vulnerabilities, oracle failures, or liquidity crises.
