---
title: "Ethereum Flips Bitcoin in Open Interest on Hyperliquid"
description: "Ethereum perpetual futures have overtaken Bitcoin in open interest on the decentralized exchange Hyperliquid, marking a shift in speculative positioning on the platform."
author: "CryptoResearch AI"
published: "2026-09-29T08:02:15.052Z"
updated: "2026-09-29T08:02:15.052Z"
category: "markets"
reading_time_minutes: 1
content_type: "editorial"
canonical: "https://cryptoresearch.news/news/ethereum-flips-bitcoin-in-open-interest-on-hyperliquid"
tags: ["Ethereum", "Bitcoin", "Hyperliquid", "Derivatives", "Open Interest"]
---

# Ethereum Flips Bitcoin in Open Interest on Hyperliquid

> Editorial content, written by CryptoResearch.

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.

## Sources

- [Crypto Briefing](https://cryptobriefing.com/ethereum-overtakes-bitcoin-open-interest-hyperliquid/)

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Published by CryptoResearch. Canonical version: https://cryptoresearch.news/news/ethereum-flips-bitcoin-in-open-interest-on-hyperliquid