Hyperliquid Surpasses Centralized Exchanges with Record-Breaking Open Interest

Decentralized perpetual futures platform Hyperliquid has reached a significant milestone in its growth trajectory. The platform's share of global aggregate perpetual open interest has risen to a record 9.3%, surpassing centralized exchanges.

This represents a notable increase from 6.9% in late May, with the total perpetual open interest on the platform peaking at approximately $11.14B in mid-2026.

The growth can be attributed, in part, to HIP-3, Hyperliquid's permissionless market framework launched on October 13, 2025. This feature allows anyone to spin up a perpetual market without needing approval from a central team, resulting in an explosion of tradable assets beyond crypto, including equities, commodities, indices, and pre-IPO assets.

Hyperliquid runs on its own Layer-1 blockchain, supporting over 300 markets with high transaction throughput and fully on-chain settlement. The platform's non-custodial nature means users retain control of their funds at all times.